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
Dobkin, Eric S.
c/o Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
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
03/31/1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
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>
Class A Common Stock | | | | | | |2,000 |D | |
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Class A Common Stock |3/6/98|P | |100 |A |$81.625 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |4,400 |A |$82.0625 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |300 |A |$82.375 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |1,100 |A |$81.75 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |2,800 |A |$82.125 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |200 |A |$82.5625 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |1,500 |A |$82.3125 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |300 |A |$81.6875 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |1,200 |A |$81.8125 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |1,100 |A |$82.625 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |700 |A |$80.5625 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |800 |A |$82.4375 | |I |01,02 |
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Class A Common Stock |3/6/98|P | |1,500 |A |$81.4375 | |I |01,02 |
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Class A Common Stock |3/10/9|P | |12,000 |A |$81.25 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/10/9|S | |12,000 |D |$80.75 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/12/9|X | |16,600 |D |$50.00 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/13/9|X | |5,000 |D |$50.00 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/16/9|X | |5,600 |D |$45.00 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/16/9|X | |7,500 |D |$50.00 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/20/9|P | |500 |A |$79.9375 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/20/9|X | |4,400 |D |$45.00 | |I |01 |
|8 | | | | | | | | |
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Class A Common Stock |3/20/9|X | |194,500 |D |$50.00 |-0- |I |01 |
|8 | | | | | | | | |
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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>
Call Options (obligati|$50.00 |3/12/|X | |166 |D |Immed|3/21/|Class A Comm|16,600 | | |I |01 |
on to sell) | |98 | | | | |. |98 |on Stock | | | | | |
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Call Options (obligati|$50.00 |3/13/|X | |50 |D |Immed|3/21/|Class A Comm|5,000 | | |I |01 |
on to sell) | |98 | | | | |. |98 |on Stock | | | | | |
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Call Options (obligati|$50.00 |3/16/|X | |75 |D |Immed|3/21/|Class A Comm|7,500 | | |I |01 |
on to sell) | |98 | | | | |. |98 |on Stock | | | | | |
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Call Options (obligati|$50.00 |3/20/|X | |1,945 |D |Immed|3/21/|Class A Comm|194,500| |-0- |I |01 |
on to sell) | |98 | | | | |. |98 |on Stock | | | | | |
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Call Options (obligati|$45.00 |3/16/|X | |56 |D |Immed|3/21/|Class A Comm|5,600 | | |I |01 |
on to sell) | |98 | | | | |. |98 |on Stock | | | | | |
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Call Options (obligati|$45.00 |3/20/|X | |44 |D |Immed|3/21/|Class A Comm|4,400 | |-0- |I |01 |
on to sell) | |98 | | | | |. |98 |on Stock | | | | | |
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Equity Swap (obligatio|$69.6896| | | | | |5/11/|5/11/|Class A Comm|19,314 | |1 |I |03 |
n to buy) (04) |9407 | | | | | |98 |98 |on Stock | | | | | |
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Stock Option (right to|$76.9375| | | | | |05 |2/12/|Class A Comm|10,000 | |10,000 |D | |
buy) | | | | | | | |2008 |on Stock | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
01: The Reporting Person is a managing director of Goldman, Sachs & Co.
("GS"). The securities reported
herein as indirectly acquired and disposed of were acquired and disposed of and
may be deemed to have been
beneficially owned directly by GS. Without admitting any legal obligation, GS
will remit appropriate profits, if any,
to the Company. The Reporting Person disclaims beneficial ownership of the
securities reported herein as
indirectly owned except to the extent of his pecuniary interest
therein.
02: The transactions reported herein were part of baskets which did not meet
the requirements for exemption
as outlined by the Securities and Exchange Commission. The subsequent sale was
part of an approved basket
and therefore not reported.
03: The Reporting Person is a managing director of GS. The Goldman Sachs
Group, L.P. ("GSG") is the general
partner of and owns a 99% interest in GS. An affiliate of GSG is the
investment adviser to Goldman Sachs
Global Alpha Fund, L.P. ("GS Global Alpha"), and an indirect wholly owned
subsidiary of GSG is the general
partner of GS Global Alpha. GS Global Alpha is the party to the equity swap
reported herein. GSG and the
Reporting Person each disclaim beneficial ownership with respect to the equity
swap except to the extent of
their pecuniary interest
therein.
04: The equity swap relates to a non-standardized basket of stocks. However,
the following description relates
solely to the effects of the Issuer Class A Common Stock ("Common Stock")
component of the basket (as if such
component were a stand-alone equity swap) and disregards the effects of all
other components of the basket.
The 19,314 shares of Issuer Common Stock reported herein represents GSG's
pecuniary interest in the shares
of Issuer Common Stock included in the basket. Under the equity swap, on May
11, 1998, GS Global Alpha will
be entitled to receive a cash payment from the counterparty to the equity swap
in an amount equal to the
excess, if any, of (i) the product of the market value of 19,314 shares of the
Common Stock on May 6, 1998
multipled by .999 (such amount being the "End Amount") over (ii) the product of
the exercise price set forth
above multipled by 19,314 (such amount being the "Initial Price"). If the
Initial Price exceeds the End Amount, GS
Global Alpha will be required to pay an amount equal to such excess to the
counterparty. In addition, on May 11,
1998, the counterparty will pay to GS Global Alpha an amount equal to the total
cash dividends with respect to
19,314 shares of Common Stock for which the ex-dividend date has occurred
during the period from (but
excluding) the trade date for the equity swap (February 6, 1998) to (and
including) May 6, 1998. During the term
of the swap, GS Global Alpha will pay to the counterparty "interest" on the
Initial Price at a rate equal to
three-month LIBOR minus a
spread.
05: These options were granted without payment by the Reporting Person
pursuant to the Company's Deferred
Compensation Plan for Non-Employee Directors. The options are exercisable to
the extent of 33 1/3% of such
shares after one year from the date of grant, which was February 13, 1998, 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
By: s/ Hans L. Reich Attorney-in-fact
DATE
April 9, 1998
