OzCar yet to leave the workshop

Ford may finally be able to tap into big-bank-provided and Australian government-guaranteed funding for its Australian vendor finance arm now that the sideshow of the Utegate affair has reached the milestone of a report from the Australian National Audit Office into the overblown affair.

FCAL, and its network of mainly Ford dealers, is, or was, the one financier most in need of alternative finance, with Ford Credit in the US agitating for more than nine months to reduce the funding for its Australian offshoot.

Most if not all the dealers previously funded by GE Money and GMAC - whose withdrawal in late 2008 triggered government assistance to the sector - have presumably found new sources of finance, or sold or folded their dealerships.

A surge in vehicle sales in recent months - assisted by accelerated tax breaks for business buyers and tax rebates for households - will also have improved the trading position of many car dealers.

When, and maybe even whether, the special funding vehicle authorised by parliament two months ago will get going is not clear.

The Auditor-General's report includes the observation - from Credit Suisse as arranger of the SPV - that it was "asked to cease progressing OzCar in late June".

Credit Suisse and other service providers (such as Liberty Financial as trust manager, and lawyers, accountants and ratings agencies) won't be paid until the OzCar trust is activated. If it is activated, the fixed fee payable to Credit Suisse for its work will be $5 million.