Ford Financial buys back $1 billion unsecured debt, ABS in quarter

By Melissa Kory

Cleveland, Nov. 8 - Ford Motor Co.'s financial services sector repurchased $1 billion of unsecured debt and asset-backed notes during the third quarter and $3 billion in the nine months ended Sept. 30, according to a 10-Q filed Monday with the Securities and Exchange Commission.

As a result of the debt and notes purchases, the sector recorded pre-tax losses of $26 million and $86 million in the third quarter and first nine months of 2010, respectively.

Ford is a Dearborn, Mich.-based manufacturer and distributor of automobiles.

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