DEARBORN, Mich. — In 1960, Ford Motor Credit Co. financed its first vehicle, a 1960 Mercury Monterey located in Indianapolis. Back then, the company only had around 12 employees with one mission — to support Ford, its dealers and customers.

Today, the company celebrates its 50th anniversary with 9,000 employees and a loan and lease portfolio of $100 billion (as of June 30). This portfolio includes contracts from its longest, continually run operating finance unit at Ford Bank Germany, which opened in 1926, to its most recent financing operation launched in China in 2005.

"When Ford Motor Company formed Ford Credit in 1959, we created a global partner dedicated to the sale of Ford cars and trucks — a very smart move," explained Alan Mulally, president and chief executive officer of Ford.

"Today, Ford Credit is more than ever a strategic asset for Ford," he continued. "As we move forward together to achieve profitable growth for all, it is wonderful to know that our dealers and customers are in their capable hands."

While the industry has seen its share of ups and downs, Ford Credit's original mission has remained the same. It's this philosophy that Mike Bannister, chairman and CEO of Ford Credit and executive vice president of Ford, attributes the company's steady success to.

"Through 50 years of changing economic, political and business conditions, Ford Credit has provided consistent profits and dividends that support Ford's product development and a reliable source of financing for dealers and customers," he said.

The automaker's entrance into financing began in 1923 with its U.S. Weekly Purchase Plan. Five years later, Universal Credit Co. was born to help sell the Model A, but that entity was sold in 1933.

With financing arrangements around the world since the 1920s, officials ultimately decided to create Ford Credit to consolidate these operations and expand into new markets. The goal was and continues to be to ensure dealers and customers can obtain affordable financing.

When entering the marketplace, officials said they faced formidable competition; however, the captive believed it held the advantage by designing "a modern finance company with the latest technology and best industry practices" including what they call the industry's first centralized, computerized management information system. By using the latest technology available, it allowed the company to maintain cost savings and efficient monitoring, executives noted.

Three U.S. branches were established by the new company in its first year. From there, Ford Credit took over the related automaker's financing operations in South America, the Middle East, Asia and Europe, all the while hiring people who could continue to support the company's main goal.

"The employees of Ford Credit have been the heart of our business for 50 years, producing our strong processes, outstanding risk management and superior servicing," Bannister said.

"Ford Credit's focus today is the same as in 1959 — putting people around the world into new Ford cars and trucks," he added. "We are proud of our past and building for the future."