I think the effect has already been felt on Ford's earnings because Ford and the other automakers book themselves in profits when they produce and ship the cars to the dealers.

I think the effect has already been felt on Ford's earnings because Ford and the other automakers book themselves in profits when they produce and ship the cars to the dealers,

You have an earnings penalty and a cash benefit, neither of which is overwhelming.

Ford is in the intolerable position of having too many plants and too many people, ... Cost cutting needs to come before the end of the year -- layoffs, plant closings, that sort of ugly stuff.

Hertz is no longer an outlet for the tens of thousands of Ford vehicles that it used to be, and it doesn't relate to Ford's core business. I don't think the absence of Hertz will hurt Ford overall.

Ford would welcome the cash for liquidity purposes, to help provide for large unfunded pension liabilities and for research and development.