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
Bellows, Timothy W.
250 Carpenter Freeway
Irving, TX 75062
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
01/1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other
(specify below)
President of Subsidiary
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 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>
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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>
Stock Options |$70.625 |1/2/1|A (1|V|11,000 |A |(1) |1/1/2|Class A Comm|11,000 |(1) |11,000 |D | |
| |998 |) | | | | |008 |on Stock | | | | | |
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Phantom Stock Units |1-for-1 |1/2/1|I |V|1,369.548 |D |(2) |(2) |Class A Comm|1,369.5|$72.187|0 |D | |
| |998 | | | | | | |on Stock |480 |5 | | | |
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Phantom Stock Units |1-for-1 |1/2/1|I |V|2,208.292 |D |(3) |(3) |Class A Comm|2,208.2|$72.187|0 |D | |
| |998 | | | | | | |on |92 |5 | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
1. 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.
2. These Phantom Stock units were liquidated into non stock phantom units in
another Company Plan pursuant to the exemption provided by 16b-3(c)
and are to be settled in cash upon the reporting person's retirement at the
time and in the manner elected by the reporting person at the time of the
deferral
election.
3. These Phantom Stock UnitsThese Phantom Stock units were liquidated into
non stock phantom units in another Company Plan pursuant to the
exemption provided by 16b-3(c) and are to be settled in cash at the time and in
the manner elected by the reporting person at the time of the deferral
election.
SIGNATURE OF REPORTING PERSON
/s/ Frederic C. Liskow on behalf of Timothy W. Bellows
DATE
February 9, 1998
