Encyclopedia Dubuque
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
UNIVERSAL CIT CREDIT CORPORATION
UNIVERSAL CIT CREDIT CORPORATION. The Universal Credit Corporation (UCC) was a car financing company for Ford cars. It existed in the United States in the 1930s.
The credit union was established in 1928 and capitalized by Ford in conjunction with the Union Guardian Trust Company of Detroit. It was set up in response to GMAC (now Ally Financial) through the efforts of Edsel Ford and Ernest Kanzler at Ford to allow customers to buy Ford cars on credit. In 1932, Henry Ford sold the corporation for $50 million in order to finance his manufacturing operations during the 1932 Bank Moratorium. Ford's share of the company was sold to Commercial Investment Trust (CIT) Corporation and UCC continued to serve Ford dealers and customers.
The 1957 Dubuque City Directory listed 601 American Trust Building.
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Source:
"Universal Credit Corporation," Wikipedia, Online: https://en.wikipedia.org/wiki/Universal_Credit_Corporation