$ASFZ: Privately held Entity of Citigroup
$0.0012 going now !
Run like $ADNY baby !!!!!!!!!!!!!!!!
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Associates First Capital Corporation (First Capital) is a diversified financial services organization providing finance, leasing, insurance and related services to individual consumers and businesses in the United States and internationally. As successor to Associates Investment Company, founded in 1918, First Capital had 2,771 offices worldwide at December 31, 1999. At December 31, 1999, the Company's managed finance receivables were $84.4 billion and total managed assets were $95.1 billion. The Company significantly expanded its consumer finance operations with the acquisition of the assets of Avco Financial Services, Inc. The Company is organized into five primary business units: U.S. credit card, U.S. consumer branch, U.S. home equity, commercial and international finance. The U.S. consumer branch and U.S. home equity business units are aggregated into one reportable U.S. consumer finance segment due to their similar operating characteristics.
U.S. Credit Card Segment
The U.S. credit card segment offers private label retail credit card and revolving programs (Private Label Cards) and VISA and Mastercard retail bankcard credit card products (Retail Bankcards) to customers throughout the United States. Various credit-related and other insurance products also are provided, including credit life, credit accident and health, accidental death and dismemberment, involuntary unemployment and personal property insurance. In addition, the U.S. credit card segment provides emergency roadside assistance and auto club services.
The Company's credit card related revenues are derived from finance charges on revolving accounts, the interchange fees resulting from merchant discounts, annual membership and other account fees, as well as fees earned from the sale of insurance and other fee-based products. The Company's credit card receivables typically bear variable interest rates tied to movements in the prime lending rate.
The Private Label Card business consists of customized revolving credit programs for oil and retail companies. The Company's retail Private Label Card program includes Radio Shack, Gateway, Goodyear, Staples, Office Depot and Office Max, among others. The Company's oil Private Label program includes Texaco, Amoco, Shell Oil and British Petroleum. The Shell Oil and British Petroleum credit card programs were acquired during 1999, establishing the Company as the leading provider of oil company credit cards in the United States. In August 1999, the Company announced an agreement to acquire and manage the proprietary credit card program of CITGO Petroleum Corporation. This transaction closed in March 2000.
Retail Bankcards are issued across a wide spectrum of customers with interest rates based on customer credit profiles. In January 2000 the Company acquired the bankcard portfolio from KeyCorp and entered into an ongoing agent bank partnership.
U.S. Consumer Finance Segment
The Company's U.S. consumer finance segment offers a variety of consumer finance and insurance products and services to customers throughout the United States (excluding Hawaii and Puerto Rico, which are included in the international finance segment). Finance products and services offered by this segment include home equity loans, personal loans, automobile financing, and retail sales finance. In addition, the Company, through certain subsidiaries and third parties, makes available various credit-related and other insurance products to its U.S. consumer finance customers, including credit life, credit accident and health, involuntary unemployment, personal property insurance and other non-credit products.
Commercial Segment
The Company's commercial segment offers a variety of commercial finance and insurance products to customers in the United States and Canada.Finance products and services offered by this segment in the United States and Canada include retail and wholesale financing and leasing products and services for heavy-duty (Class 8) and medium-duty (Classes 3 through 7) trucks and truck trailers and construction, material handling and other industrial and communications equipment. The Company engages in a number of other commercial activities, including auto fleet leasing and fleet management services, government guaranteed lending, employee relocation services, truck trailer rental services, warehouse lending and public finance.
The Company, through certain subsidiaries and third parties, also makes available various credit-related and other insurance products to its commercial segment customers and other customers, including commercial auto and dealers' open lot physical damage, credit life and motor truck cargo insurance, and commercial and public auto liability insurance.The Company also offers specialty lines including general liability, directors and officers and errors and omission insurance, and personal lines including homeowner and recreational vehicle insurance.
The Company has a centralized warehouse lending operation, which is conducted through First Collateral Services, Inc. (FCS). FCS provides short-term financing, secured by real estate mortgages, to mortgage companies and other mortgage lenders.
International Finance Segment
The Company's international finance segment offers a variety of consumer finance products and services to customers in Japan, Canada, the United Kingdom, Puerto Rico, Sweden, Hong Kong, Spain, India, Mexico, Taiwan, Ireland and Costa Rica. Commercial financing products also are offered in the United Kingdom, Hong Kong, Puerto Rico, France, Mexico, Japan, India and Spain. Commercial finance products offered in Canada are managed by the Company's commercial segment,and are included in the commercial segment results. The Company, through certain subsidiaries and other third parties, also offers various credit-related and other insurance products to its customers, including credit life, credit accident and health, accidental death and dismemberment, involuntary unemployment and personal property insurance. The characteristics of the international finance segment's customers are similar to those of their counterparts in the U.S. consumer finance, U.S. credit card and commercial segments.
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