DETROIT – Ford Motor Credit will shutter its subprime lending subsidiary Fairlane Credit, which is located in Dearborn, home to Ford Motor Co. The move comes as Ford Credit tries to work its way back to profitability after heavy losses, many of them incurred from bad loans to subprime customers with credit problems. The credit arm lost an unprecedented $297 million in 2001's fourth quarter. Ford officials say Ford Credit will stay in the subprime business but not through the Fairlane ...
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