<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event) April 7, 1998
ASSOCIATES FIRST CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 06-0876639
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
2-44197
(Commission File Number)
250 E. Carpenter Freeway, Irving, Texas 75062-2729
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 652-4000
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Item 5. Other Events.
On April 7,1998, Associates First Capital Corporation
(NYSE: AFS) became fully independent as Ford Motor Company
(NYSE: F) completed the spin-off of its ownership of The Associates
to existing Ford shareholders. A copy of the news release dated
April 7, 1998 issued by Associates First Capital Corporation is
attached as Exhibit 20.1 and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20.1 - News Release by Associates First Capital Corporation
dated April 7, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ASSOCIATES FIRST CAPITAL CORPORATION
By:
-------------------
Timothy M. Hayes
Assistant Secretary
Date: April 8, 1998
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[LOGO] THE ASSOCIATES
NEWS
Media:Joe Stroop Securities Analysts: (972) 652-7294
972-652-4743 [email protected]
[email protected] Shareholders: 1-888-NYSE-AFS
THE ASSOCIATES BEGINS NEW ERA
AS FULLY INDEPENDENT COMPANY
DALLAS, April 7, 1998 Associates First Capital Corporation
(NYSE: AFS) today entered a new era, becoming fully independent
for the first time in 30 years as Ford Motor Company (NYSE: F)
completed the spin-off of its ownership of The Associates to
existing Ford shareholders.
"This is an exciting day for us," said Keith W. Hughes,
chairman and chief executive officer of The Associates. "As
much as we have enjoyed being part of the Ford team, we are eager
to pursue our future as an independent company."
Ford purchased The Associates in October 1989 for $3.35
billion. Today, The Associates market value is $29.2 billion,
ranking it in the top 100 companies in America.
Since 1989, the company's growth has been steady in all
areas (see table), culminating in a 23rd consecutive year of
profit improvement in 1997.
<TABLE>
<CAPTION>
<S> <C> <C>
(Dollars in billions) Oct. 31, 1989 Dec. 31, 1997
Managed Assets $14.7 $60.1
Net Earnings $ 0.3 $1.03
Offices 750 2,265
Employees 7,500 22,600
</TABLE>
"Our growth under Ford's ownership was an extension of the
track record we have been creating for more than two decades,"
Mr. Hughes added. "It is a record we intend to build upon for
the future, and being independent will give us greater
flexibility as we pursue additional growth opportunities."
The Associates was founded in 1918 and was initially listed
on the New York Stock Exchange in 1937. The company was publicly
owned until its 1968 purchase by Gulf+Western, which subsequently
sold the company to Ford. The company returned to the public
arena with a May 1996 initial public offering of 19.3% of its
shares and, since then, has been the largest finance company on
the New York Stock Exchange.
Associates First Capital Corporation is a leading
diversified finance company providing consumer and commercial
finance, leasing and related services through 2,265 offices
around the world. Based in Dallas, it has managed assets of more
than $60 billion.
250 East Carpenter Freeway, P.O. Box 660237,
Dallas, Texas 75266-0237, 972-652-4000
