They are pushing some leasing on new, and most new vehicles (even 2007's) have low APR options so the new isn't as much of a problem. However, there are more used vehicles sold than new (3-4 used for 1 new at our dealership) and this is where they are loosing big money since next to no one will pay Ford's rate's. The very few we send are in two groups, the first is very Ford loyal, and the second is the one's that are likely to get repo'd and are refused by other banks (tier of people just above the special finance level).
For example Ford's rates on used.
2004-5 MY best rate 8.5%, but if you have a 660-719 credit score and are tier 1 you pay 9.25%
2003 MY best rate 9%, but again if 660-719 credit score and are tier 1 you pay 9.75%
2002 MY best rate 11.5%, 660-719 credit score tier 1 is 12.25%
Now we can also get loand through the local credit union. Their rate on a 60 month loan is 6.09% on any 2002-2005. And this rate is offered by several other places in the area so it isn't some special.
Compare 6.09% to 12.25% and you can see why Ford Credit is loosing lots of buisiness.