UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Hegarty, Kevin P.
250 E. Carpenter Freeway
Irving, TX 75062
2. Date of Event Requiring Statement (Month/Day/Year)
04/10/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
06-0876639
4. Issuer Name and Ticker or Trading Symbol
Associates First Capital Corporation
AFS
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President, Comptroller and Principal Accounting Officer
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Class A Common Stock |2,853.196 |D | |
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Class A Common Stock |24.079 |I (1) |By 401(k) plan |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Option with Stock Apprec|(2) |5/7/2006 |Class A Common Stock |6,900.000|$29.00 |D | |
iation Rights | | | | | | | |
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Stock Options |(3) |1/2/2007 |Class A Common Stock |10,000.00|$43.25 |D | |
| | | |0 | | | |
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Explanation of Responses:
1. These shares are included within the 95.168 Units acquired under the
exemption provided by Rule 16b-3(c).
2. These options with tandem stock appreciation rights were granted without
payment by me. Stock appreciation
rights were granted in tandem with all of these options. The options and
tandem stock appreciation rights are
exercisable, as to 6,900 shares, to the extent of 33 1/3% of such shares after
one year from the date of grant,
66 2/3% after two years and in full after three years. The options and tandem
stock appreciation rights include
the right, subject to approval by the issuer, to have shares withheld to
satisfy income tax obligations.
3. These options were granted without payment by me. The options are
exercisable to the extent of 33 1/3% of
such shares after one year from the date of grant, 66 2/3% after two years and
in full after three years. The
options include the right, subject to approval by the issuer, to have shares
withheld to satisfy income tax
obligations.
SIGNATURE OF REPORTING PERSON
Frederic C. Liskow on behalf of Kevin P. Hegarty
DATE
April 17, 1997
