Thanks to a one-time non-cash boost, Ford Motor Credit Co. posted net income of $355 million in the third quarter, up 1.4% from $350 million in the prior-year period.

On a pre-tax basis, the Ford Motor Co. captive earned $393 million in the quarter, down 32.4% from 3Q11. “The decrease in pre-tax earnings is more than explained by fewer lease terminations, which resulted in fewer vehicles sold at a gain, lower financing margin, and the non-recurrence of credit loss reserve reductions,” according to the company’s earnings release.

Still, Ford Credit is “on track for solid full-year results, and credit-loss performance continues to be in line with historical lows,” said Chairman and Chief Executive Mike Bannister.

As of Sept. 30, Ford Credit had $87 billion of managed receivables, compared with $85 billion at yearend 2011. The captive’s managed leverage was 8.0 to 1, compared with 8.3 to 1 at December 31, 2011.

For the year, Ford Credit expects pre-tax profit of about $1.6 billion and total distributions to its parent of about $600 million. Managed receivables at yearend are expected to hover in the $85-billion-to-$90-billion range.