Okay and on Ford Credit, what is the ROA or net income level they need to achieve to be comfortable with resuming the dividend slow up? I know it’s not based on profits, it’s based on shrinkage, but how are you thinking about managing their liquidity versus the needs of Ford auto?

Peter Daniel

There are a couple of pieces that go with this. We’re going to make the cash payments to do the reduction in the receivable portfolio as it declines and there are a couple of pieces that are driving the decline, including Jaguar Land Rover moving away, Mazda moving away, and then the industry decline as well. And we will balance the return of capital with our successful execution of the funding plan as well to make sure we continue to support Ford in the financing of the products.

Operator

Your next question comes from the line of Itay Michaeli representing Citigroup. Please proceed.

Itay Michaeli – Citigroup

Hi thanks good morning. Just on the $14.0 billion to $17.0 billion, can you quantify what part of the Ford Credit piece is the capital contribution and what the timing on that might be?

Lewis Booth

It’s about $3.0 billion and it’s some in next year and some in the following year. And I think it’s about half-and-half.

Itay Michaeli – Citigroup

That’s helpful, thanks and then a question for Alan but this might be early, but as you think about potential bridge loans from the government, to what extent does the highly encumbered asset base from the revolver and term loan potentially pose a hurdle, or do you not see that as a real hurdle at this point?

Neil Schloss

I think from the perspective of the revolver and the term loan, which did pledge most of the assets and I think as far as we know at this point, we haven’t had discussions specifically on what the government would want as support, or as Alan said earlier what tails come with it.

Itay Michaeli – Citigroup

Yeah and then just finally I notice you didn’t break down the payment timing differences separately from working capital on the slides. Were those negative as well? If you could quantify that would be helpful and also should we expect that to also be an outflow in Q4 with production remaining sequentially flat?

Lewis Booth

There will be some impact in the fourth quarter and in terms of the difference it is warranty and marketing and it’s not a huge amount. The big piece out of that item was payables.

Itay Michaeli – Citigroup

Yeah thank you.

Lewis Booth