AUTOS

Ford to Sell Leases to BankAmerica, Partnership: The Dearborn, Mich.-based auto maker will sell $1.8 billion in leases to BankAmerica Corp. and an additional $1.7 billion to a partnership formed by Ford Motor Co. and BankAmerica, the companies said. The firms didn’t disclose how much the San Francisco-based bank is contributing to the partnership. The sales are part of the auto maker’s effort to reduce its nonautomotive finance operations. Ford said it will use the proceeds to pay down the debt of its financial services group, which includes Ford Motor Credit and San Francisco-based USL Capital Corp. As part of the portfolio sale, USL will transfer to BankAmerica control of Airlease Ltd., a publicly traded, San Francisco-based limited partnership that buys and leases planes and aviation equipment.