Ford Credit India has been granted a license by the Reserve Bank of India to operate as a non-banking financial company in India and plans to begin dealer wholesale inventory financing in the first quarter of 2015. Consumer retail financing will follow later in the year 2015.
“We are very pleased to be launching Ford Credit India early in 2015,” said Mark Constable, managing director of Ford Credit India. “Ford Credit has 55 years of global experience in automotive financing. Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”
India is a key market in Ford Motor Company’s Asia Pacific strategy. As part of its overall commitment to India, Ford is on course to invest $2 billion, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat, that will nearly double the company’s installed production capacity in the country to 610,000 engines and 440,000 vehicles a year.
“Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans,” said Nigel Harris, president and managing director of Ford India. “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”
Ford Credit India Private Limited is a subsidiary of Ford Motor Credit Company, Ford Motor Company’s global financing subsidiary.