Ford 2014 Annual Report Download - page 72

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
2013 Compared with 2012
Ford Credit. The chart below details the change in 2013 pre-tax results compared with 2012 by causal factor.
The improvement of $59 million is more than explained by higher volume, primarily in North America, driven by an
increase in leasing reflecting changes in Ford’s marketing programs, as well as higher non-consumer finance receivables
due to higher dealer stocks.
Partial offsets are higher credit losses due to lower credit loss reserve reductions in all operations, and unfavorable
residual performance related to lower than expected auction values in North America.
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