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Ford to cut back vehicle leasing

August 09, 2008|From Times Wire Services

Ford Motor Co. said its finance unit planned to reduce vehicle leasing because of declining resale values for large pickups trucks and SUVs.

The drop in those values "has made leasing vehicles less economical than in the past," Ford said in a regulatory filing. The Dearborn, Mich., company joins competitors such as General Motors Corp. and BMW in cutting back on such contracts. Chrysler's finance arm stopped offering them Aug. 1.

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