The Universal Credit Corporation (UCC) was a
car financing entity for
Ford
Ford commonly refers to:
* Ford Motor Company, an automobile manufacturer founded by Henry Ford
* Ford (crossing), a shallow crossing on a river
Ford may also refer to:
Ford Motor Company
* Henry Ford, founder of the Ford Motor Company
* Ford F ...
cars that existed in the US in the 1930s. It was established in 1928 and was capitalised by Ford in conjunction with the Union Guardian Trust Company of Detroit. It was set up in response to GMAC (now
Ally Financial
Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mor ...
) through the efforts of
Edsel Ford
Edsel Bryant Ford (November 6, 1893 – May 26, 1943) was an American business executive and philanthropist who was the son of pioneering industrialist Henry Ford and his wife, Clara Jane Bryant Ford. He was the president of Ford Motor Company f ...
and Ernest Kanzler at Ford to allow customers to buy Ford cars on credit. In 1932,
Henry Ford
Henry Ford (July 30, 1863 – April 7, 1947) was an American industrialist, business magnate, founder of the Ford Motor Company, and chief developer of the assembly line technique of mass production. By creating the first automobile that ...
sold the corporation for $US 50 million in order to finance his manufacturing operations during the 1932
Bank Moratorium. Ford's share of the company was sold to Commercial Investment Trust (CIT) Corporation and UCC continued to serve Ford dealers and customers.
References
Ford Motor Company
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