Ford Credit has made a second, and this time commercial, arrangement to refinance its lending portfolio and thus progress toward the wind down of its business in Australia.Macquarie Bank yesterday said it had completed the acquisition of a $1 billion portfolio of car loans and leases from  "a lead Australian automotive financier".While Macquarie were not saying, and Ford Credit did not return a call, others in the vehicle finance space believe Ford was the vendor.Macquarie Leasing will take over the servicing of the Ford loans by January 2010. The portfolio covers around 200,000 vehicles and adds to the bank's existing leasing portfolio of 140,000 vehicles.Macquarie did not disclose terms, but given Ford Credit was a needy vendor they must have been pretty favourable.Ford has already refinanced its dealer finance loans through the OzCar Trust. Ford Credit is the only user of that trust so far, which is managed by Credit Suisse and funded by the four major banks, but with the subordinated debt guaranteed by the Australian government. Ford probably refinanced more than $500 million through this trust, given figures disclosed in the Australian National Audit Office investigation into the political controversies around the trust.At December 2008 FCA Holdings, as Ford Credit is now formally known, had $2.1 billion in receivables. Taking into account the run down in its loan and lease book (since it stopped providing retail finance in early 2009) the financier will substantially (and perhaps completely) refinanced its loans through Macquarie.