UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Hughes, Keith W.
250 E. Carpenter Freeway
Irving, TX 75062-2729
2. Issuer Name and Ticker or Trading Symbol
Associates First Capital Corporation
AFS
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
02/28/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman and Chief Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Class A Common Stock |2/14/1|P | |14.286 (1) |A |$49.00 | |D | |
|997 | | | | | | | | |
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Class A Common Stock |2/28/1|P | | 14.433 (1) |A |$48.50 |56,758.719 |D | |
|997 | | | | | | | | |
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Class A Common Stock |2/28/1|J (2|V|33 (2) |A |$48.56 |2,593 |I |By 401(k) plan |
|997 |) | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Phantom Stock Units |1-for-1 |2/28/|J (3|V|61 |A |(3) |(3) |Class A Comm|61 | |61 |D | |
| |1997 |) | | | | | |on Stock | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
1. These shares were purchased through payroll deduction pursuant to the
company's employee stock purchase plan.
2. These shares are included within the 129.973 AFS Units acquired pursuant to
the company stock fund under its 401(k) plan. The acquisition of
these units were made under the exemption provided by Rule
16b-3(c).
3. The reported phantom stock units are included within the 241.694 AFS Units
acquired pursuant to the company's excess benefit plan and will be
settled upon the reporting person's retirement or other termination of
service. The acquisition of these units were made under the exemption
provided by Rule
16b-3(c).
SIGNATURE OF REPORTING PERSON
Frederic C. Liskow on behalf of Keith W. Hughes
DATE
3/7/1997
