Last Monday Ford Motor Credit closed the first-ever extendable ABCP program, backed exclusively by revolving wholesale floorplan loans, in tandem with a short-term note issuance vehicle dubbed "Motown", which refers to the issuer's Detroit location. The structure was developed by Lehman Brothers, which is a dealer on the program, acting jointly with Morgan Stanley, and is being actively shopped to other captive auto finance companies, according to several issuers.

Ford's program is similar to the Emerald and Dakota credit card programs from MBNA and Citibank, respectively, in that it allows for the issuer to extend the maturity of its borrowings in order to minimize potential liquidity backstop, sources added. Also, this has been compared to home-equity warehousing facilities Bishop's Gate and Principal Residential Mortgage, both set up by Lehman.

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