You are welcome.

Operator

Your next question comes from the line of Douglas Carson representing Banc of America. Please proceed.

Douglas Carson - Banc of America

Hey guys good morning.

Lewis Booth

Good morning.

Douglas Carson - Banc of America

I had a question regarding Ford credit, GMAC announced its intentions to try to gain bank-holding status, which I think surprised a lot of people. I know the ownership structure is very different at Ford Motor Credit, but do you see any strategic advantages for such actions at Ford Credit? Is that something that you could potentially even consider? It would help the cost of capital a lot. Clearly there are advantages to wanting such status.

Lewis Booth

The strategic advantage we see is having Ford Credit as an owned, captive financing company. That’s the strategic asset. Given that’s our view we couldn’t apply for a bank holding company because of that ownership structure. So our structure is unchanged. We see Ford Credit as a key part of the way we do business.

Douglas Carson - Banc of America

Okay great. I guess a secondary question regarding Ford Credit, with the availability for credit down, across the market, and volumes slowing, a lot of dealers that I spoke to are challenged to get financing, not just at Ford but across the industry. Do you envision any specific help for those dealers? How does it feel out there when you are talking to your dealers?

Neil Schloss

As far as wholesale financing goes, right now in the U.S. we are doing about 77% of our dealers and the other 23% obviously have been done through other banks and other finance companies. And in Europe right now we are financing 98% of the dealers. So, so far, as we’ve been able to continue to fund ourselves, we have been very supportive of our dealers, from the funding aspects.

Lewis Booth

And if I can just close out the bank holding company question. I think you know we do have an application pending for industrial loan bank and obviously we would welcome that because that would put us on parity with some of our competitors who already have ILCs approved.

Douglas Carson - Banc of America

Okay guys, thanks very much.

Lewis Booth