<PAGE>   1
                                                                 EXHIBIT 10.22

ASSOCIATES FIRST CAPITAL CORPORATION
INCENTIVE COMPENSATION PLAN
STOCK OPTION AWARD AGREEMENT - 1998


You have been selected to become a Participant in the Associates First Capital
Corporation Incentive Compensation Plan (the "Plan") for 1998, through this
grant of a nonqualified stock option (the "Stock Option" or "Option") as
specified below:


PARTICIPANT:                                                                    
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ADDRESS:                                                                        
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OPTION NO.:                                                           
           ----------------------------------------------------------

DATE OF GRANT:                                                       
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NUMBER OF SHARES COVERED BY THIS AGREEMENT:
                                           -------------------------------------

OPTION PRICE:                                                        
             --------------------------------------------------------

DATE OF EXPIRATION:                                              
                   ----------------------------------------------

Except as hereinafter provided, you may exercise this Option in accordance with
the following vesting schedule:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                     Percentage       Number of Shares Available for      Cumulative Number of Shares
      Date           Exercisable      Purchase as of this Date(*)         Available for Purchase(*)
----------------------------------------------------------------------------------------------------------------
                       <S>            <C>                                 <C>                        <C>
                       33 1/3%                              Shares                                   Shares
                                      ----------------------             ---------------------------       
----------------------------------------------------------------------------------------------------------------
                       66 2/3%                              Shares                                   Shares(**)
                                      ----------------------             ---------------------------       
----------------------------------------------------------------------------------------------------------------
                        100%                                Shares                                   Shares(**)
                                      ----------------------             ---------------------------         
----------------------------------------------------------------------------------------------------------------
</TABLE>


       THIS AGREEMENT, effective as of the Date of Grant set forth above,
represents the grant of an Option to purchase shares of the Class A Common
Stock ("Shares") of Associates First Capital Corporation, a Delaware
corporation (the "Company"), to the Participant named above, pursuant to the
provisions of the Plan.  


-----------------------------------

     (*)  Number of Shares may reflect rounding to extent necessary to avoid
          fractional Shares.

     (**) Numbers listed assume no exercise has yet occurred under this Option.
<PAGE>   2
       The Plan provides a description of certain terms and conditions
governing the Option. In the event of any inconsistency between the terms of
this Agreement and the terms of the Plan, the Plan's terms shall completely
supersede and replace the conflicting terms of this Agreement. All capitalized
terms shall have the meanings ascribed to them in the Plan, unless specifically
set forth otherwise herein. The parties hereto agree as follows:

1.     GRANT OF STOCK OPTION. The Participant is hereby granted an Option to
       purchase the number of Shares set forth above, at the stated Option
       Price (as set forth on page 1 of this Agreement), which is 100 percent
       of the Fair Market Value of a Share on the Date of Grant, in the manner
       and subject to the applicable terms and conditions of the Plan and this
       Agreement.

2.     EXERCISE OF STOCK OPTION. Except as otherwise provided in this
       Agreement, the Participant may exercise this Option as provided in
       Section 3 of this Agreement and according to the vesting schedule set
       forth on page 1 of this Agreement, provided that no exercise may occur
       prior to the end of one (1) year following the Date of Grant or
       subsequent to the close of business on the Date of Expiration (as set
       forth on page 1 of this Agreement).

       This Option may be exercised in whole or in part, but not for less than
       25 Shares at any one time, unless fewer than 25 Shares then remain
       subject to the Option, and the Option is then being exercised as to all
       such remaining Shares.  The Option may be exercised only for full
       Shares; no Option is exercisable for fractional Shares.

3.     PROCEDURE FOR EXERCISE OF OPTION. Exercise of this Option may be
       initiated on any business day by delivery of a notice of exercise (on
       such form as may be specified and provided by the Company or its
       designee) (the "Notice of Exercise") to the Company or its designee, or
       by such other method as the Company specifies.  The Company may at any
       time change the time and/or manner in which the Option may be exercised.


       (a)    Payment of Option Price:  The Option Price shall be payable (i)
              in cash in the form of currency or check or other cash equivalent
              acceptable to the Company; (ii) by tendering previously acquired,
              nonforfeitable, nonrestricted Shares (provided that any Shares so
              tendered must have been owned by the Participant for at least six
              months prior to their tender); or (iii) by a combination of the
              foregoing methods.  The requirement of payment in cash may be
              satisfied through a "cashless exercise" as described in Section
              3(b).

       (b)    Cashless Exercise:    A Participant may direct, through the
              Company's designee or in such other manner as the Company may
              specify from time to time, a broker that is a member of the
              National Association of Securities Dealers, Inc. to sell a
              sufficient number of the Shares being purchased pursuant to the
              exercise so that the net proceeds of the sale transaction will at
              least equal the aggregate Option Price, plus interest (if any) at
              the applicable federal rate (as "applicable federal rate" is
              defined in Section 1274 of the Code) for the period from the date
              of exercise to the date of payment, and to deliver the aggregate
              Option Price, plus such interest (if any), to the Company not
              later than the date on which the sale




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<PAGE>   3
              transaction will settle in the ordinary course of business (such
              a broker-assisted transaction to be referred to herein as a
              "cashless exercise").

       (c)    Share Price: Any Share purchased (and sold, in the case of a
              cashless exercise) pursuant to exercise of the Option shall be
              valued on the basis of such Share's fair market value as of the
              date on which exercise of the Option is completed (or, if
              exercise of the Option is completed over a period of more than
              one day, on the basis of the average fair market value during
              such period). Any Share tendered by the Participant in payment of
              all or any part of the Option Price shall be valued on the basis
              of such Share's fair market value as of the date on which such
              Share is exchanged in order to effectuate exercise of the Option.

       (d)    Delivery to Participant:  As soon as practicable following the
              date on which the purchase (and sale, in the case of a cashless
              exercise) of Shares pursuant to the Option will settle in the
              ordinary course of business, the Company shall cause, in
              accordance with the Participant's election and in any case net of
              transaction fees (if any) and tax withholding (if applicable
              pursuant to Section 3(e)), the following to occur:

              (i)    Certificates for the Shares purchased to be delivered to
                     the Participant;

              (ii)   The number of Shares purchased to be credited to a
                     brokerage account specified by the Participant on the
                     Notice of Exercise; or

              (iii)  In the event of a cashless exercise, any proceeds of the
                     sale transaction remaining after delivery to the Company
                     of the aggregate Option Price (plus any interest, as
                     described in Section 3(b)) to be delivered to the
                     Participant in the manner specified by the Participant on
                     the Notice of Exercise.

              If a Participant elects either (i) or (ii), to the extent such
              Participant has elected a cashless exercise of the Option, the
              number of Shares subject to this Section 3(d) shall be only the
              number of Shares remaining after the sale transaction described
              in Section 3(b).

       (e)    Withholding:  If the Company is required by law to withhold any
              federal, state, local or foreign taxes in connection with
              exercise of an Option, the Participant shall either (i) pay such
              taxes, in addition to the Option Price, in conjunction with
              electing exercise of the Option or (ii) elect either (A) to have
              such taxes withheld from any cash payment of proceeds pursuant to
              a cashless exercise or (B) to satisfy all or any part of any such
              withholding obligation by surrendering to the Company (either
              directly or through its designee) a portion of the Shares issued
              or transferred to the Participant pursuant to exercise of the
              Option.  To the extent that a Participant elects to meet any
              withholding obligation by surrendering Shares, the Shares so
              surrendered shall be credited against any such withholding
              obligation at the fair market value per Share on the date of such
              surrender; provided, however, if the Participant is subject to
              Section 16 of the Exchange Act, such election shall be subject to
              approval by the Committee if such approval is then





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<PAGE>   4
              required by Rule 16b-3 of the General Rules and Regulations
              promulgated under the Exchange Act.  All withholding elections
              shall be irrevocable.

4.     TERMINATION OF EMPLOYMENT.

       (a)    By Retirement, Disability or death:  In the event of a
              Participant's termination of employment due to Retirement,
              Disability or death ("Retirement" and "Disability" as hereinafter
              defined), the Option shall continue in effect and shall become
              fully vested and exercisable during the applicable periods in
              accordance with the provisions hereof.  For purposes of this
              Agreement, termination of a Participant's employment due to
              "Retirement" shall mean a termination of employment with the
              Company on or after such date as the Participant is eligible for
              a pension under the Company's defined benefit pension plan as
              then in effect.  The term "Disability" when used herein shall
              mean complete and total disability as determined under the
              Company's long-term disability plan as in effect at the time of
              such determination.  In the event of the Participant's death
              prior to exercise of this Option in whole, the beneficiary
              designated or deemed to be designated pursuant to Section 8
              hereof or, if such beneficiary is an estate, the executor or
              administrator of the estate or the person or persons to whom the
              Option shall have been validly transferred by the executor or the
              administrator pursuant to will or the laws of descent and
              distribution, shall have the right to exercise the Option, when
              vested, in accordance with the provisions hereof.

       (b)    By transfer to Ford or Ford Subsidiaries:  In the event the
              Participant transfers to Ford Motor Company ("Ford") or a Ford
              Subsidiary (as hereinafter defined) the Option shall continue in
              effect and shall become fully vested and exercisable during the
              applicable periods in accordance with the provisions hereof as
              though the Participant had remained employed by the Company.  The
              term "Ford Subsidiary" when used herein shall mean any
              corporation a majority of the voting stock of which is owned
              directly or indirectly by Ford.  Notwithstanding the foregoing,
              if at any time the Company ceases to be a Ford Subsidiary, the
              preceding sentence shall no longer be given effect, and any
              Participant who previously had transferred to Ford or a Ford
              Subsidiary and remains employed by Ford or a Ford Subsidiary as
              of the date on which the Company ceases to be a Ford Subsidiary
              shall be subject to the provisions of Section 4(e) as though such
              Participant had terminated employment (without regard to the
              reasons for termination of employment) as of the date on which
              the Company ceases to be a Ford Subsidiary.

       (c)    By termination for Cause or resignation:  In the event of the
              resignation of employment by the Participant or termination of
              the Participant's employment by the Company for Cause (as
              hereinafter defined), the Option shall be forfeited effective as
              of the date of such resignation or termination, and the
              Participant's right to exercise this Option shall cease.  For
              purposes of this Agreement, a termination by the Company for
              "Cause" shall mean a termination resulting from (a) action by the
              Participant involving willful malfeasance, (b) the Participant's
              unreasonable neglect or refusal to perform such Participant's
              duties for the Company, (c) the Participant being convicted of a
              felony, (d) the Participant engaging in any activity that is
              directly or indirectly in competition with the Company or any
              affiliate or in any activity that is inimical to the best
              interests of the Company or any affiliate, or (e) the
              Participant's violation of Company policy





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<PAGE>   5
              covering standards of corporate conduct.  If the Company
              terminates the Participant's employment for Cause, all of the
              Company's obligations under this Agreement shall thereupon cease
              and terminate.

       (d)    By termination other than for Cause and under employment
              agreement:  In the event that the Participant's employment is
              terminated by the Company other than for Cause, including by
              Constructive Termination in connection with a Change in Control
              (if and to the extent applicable under the Participant's
              employment agreement with the Company, if any and as described
              below), the Option shall become vested if so, and to the extent,
              provided under the Participant's employment agreement with the
              Company, if any, as such agreement may be amended from time to
              time.  If the Option becomes vested pursuant to the foregoing,
              the Option shall be exercisable to the extent permitted under the
              provisions hereof until the Date of Expiration (as set forth on
              page 1 of this Agreement).  For purposes of this Section 4(d),
              "Change in Control" and "Constructive Termination" shall have the
              same meanings as provided under the Participant's employment
              agreement with the Company, if any, as such agreement may be
              amended from time to time.  Notwithstanding the foregoing, in the
              event that (i) the Participant's employment is terminated by the
              Company and (ii) no employment agreement between the Participant
              and the Company is in effect as of the date of such termination
              of employment, this Section 4(d) shall not apply, and the
              Participant's rights under this Agreement shall be governed by
              the provisions of this Agreement without regard to this Section
              4(d).

       (e)    By termination other than for Cause and not under employment 
              agreement:  In the event of a termination of the Participant's
              employment for reasons other than Retirement, Disability, death,
              transfer to Ford or a Ford Subsidiary, termination by the Company
              for Cause or resignation, the portion of the Option that is vested
              as of the date of termination of active employment may be
              exercised to the extent permitted under the provisions hereof
              until the earlier of (i) the Date of Expiration (as set forth on
              page 1 of this Agreement) or (ii) the close of business on the
              90th day following the date of termination of employment.  No
              other rights under this Agreement shall continue in effect or
              continue to accrue from the date of termination forward. 
              Notwithstanding the foregoing, in the event that (i) the
              Participant's employment is terminated by the Company under
              circumstances described in Section 4(d) and (ii) an employment
              agreement between the Participant and the Company is in effect as
              of the date of such termination of employment, this Section 4(e)
              shall not apply, and the Participant's right under this Agreement
              shall be governed by the provisions of Section 4(d) and not by
              this Section 4(e).
        
5.     EFFECT OF COMPETITIVE ACTIVITY OR INIMICAL CONDUCT.

       (a)    Anything contained herein to the contrary notwithstanding, the
              right of the Participant to exercise the Option shall remain
              effective only if, during the entire period from the Date of
              Grant (as set forth on page 1 of this Agreement) to the date of
              such exercise, the Participant shall have earned  the Option by
              refraining from engaging in any activity that is directly or
              indirectly in competition with any activity of the Company or any
              Company Subsidiary (as hereinafter defined) or affiliate thereof.
              The term "Company Subsidiary" when used herein shall mean any





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<PAGE>   6
              corporation a majority of the voting stock of which is owned
              directly or indirectly by the Company.

       (b)    In the event of the Participant's nonfulfillment of the condition
              set forth in Section 5(a), the Participant's right to exercise
              such Option shall cease; provided, however, that the
              nonfulfillment of such condition may at any time be waived by the
              Committee upon its determination, in its sole judgment, that
              there shall not have been and will not be any substantial adverse
              effect upon the Company or any Company Subsidiary or affiliate
              thereof by reason of the nonfulfillment of such condition.

       (c)    The right of the Participant to exercise the Option shall cease
              on and as of the date on which it has been determined by the
              Committee that the Participant at any time acted in a manner
              inimical to the best interests of the Company or any Company
              Subsidiary or affiliate thereof.  Conduct that constitutes
              engaging in an activity that is directly or indirectly in
              competition with any activity of the Company or any Company
              Subsidiary or affiliate thereof shall be governed by Sections
              5(a) and 5(b) and shall not be subject to any determination under
              this Section 5(c).

6.     RESTRICTIONS ON EXERCISE AND TRANSFER.  This Option (a) shall be
       exercisable during the Participant's lifetime only by the Participant
       or, in the event of the Participant's legal incapacity, by the
       Participant's legal guardian or representative acting in a fiduciary
       capacity on behalf of the Participant under state law and court
       supervision, and (b) may not be sold, transferred, pledged, assigned or
       otherwise alienated or hypothecated, other than by will or by the laws
       of descent and distribution.

7.     RECAPITALIZATION. In the event of any change in capitalization of the
       Company (such as a stock split, stock dividend or combination of
       shares), corporate transaction (such as any merger, consolidation,
       separation, including a spin-off, or other distribution of stock or
       property of the Company), reorganization (whether or not such
       reorganization comes within the definition of such term in Code Section
       368) or partial or complete liquidation of the Company, an adjustment
       may be made in the number and class of Shares subject to this Option, as
       well as the Option Price, as may be determined to be appropriate and
       equitable by the Committee, in its sole discretion, to reflect such
       change in capitalization, corporate transaction, reorganization or
       partial or complete liquidation.

8.     BENEFICIARY DESIGNATION. The Participant may designate a beneficiary or
       beneficiaries (who may be named contingently or successively) who, in
       the event of the Participant's death prior to exercise of this Option in
       whole, shall be entitled to exercise any unexercised portion of the
       Option.  Any such beneficiary designation shall be made by the
       Participant in writing (on the appropriate form as provided by the
       Company) and shall automatically revoke all prior designations by the
       Participant.  The Participant may, at any time and from time to time,
       change or revoke such designation.  A beneficiary designation, or
       revocation of a prior beneficiary designation, shall be effective only
       if it is signed by the Participant and received by the Company prior to
       the Participant's death.  If the Participant does not designate a
       beneficiary or all beneficiaries die prior to exercise of any
       unexercised portion of the Option, the Participant's estate shall be
       deemed to be the beneficiary.  If a beneficiary dies after having
       exercised at least a portion of the Option, the beneficiary's estate
       shall be deemed to be the beneficiary of any remaining unexercised
       portion of the Option.





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<PAGE>   7
9.     RIGHTS AS A STOCKHOLDER. The Participant shall have no rights as a
       stockholder of the Company with respect to the Shares subject to this
       Agreement until such time as the Option Price has been paid and the
       Shares have been issued and delivered to him or her.

10.    NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall interfere with
       or limit in any way the right of the Company to terminate the employment
       of the Participant at any time, with or without reason; nor shall
       anything in this Agreement be deemed to create or confer upon the
       Participant or any other individual any rights to employment of any kind
       or nature whatsoever for any period of time or at any particular rate of
       compensation, including, without limitation, any right to continue in
       the employ of the Company.

11.    COMPLIANCE WITH LAW.  The Company shall make reasonable efforts to 
       comply with all applicable federal and state securities laws or other
       applicable securities laws; provided, however, notwithstanding any other
       provision of this Agreement, the Option shall not be exercisable if the
       exercise thereof would result in a violation of any such law.  The
       Committee may impose such restrictions, including restrictions on
       transferability, on any Shares acquired pursuant to the exercise of this
       Option as the Committee may deem advisable, including, without
       limitation, restrictions under United States federal securities laws or
       other applicable securities laws, under the requirements of any
       securities exchange or market upon which such Shares are then listed
       and/or traded and/or under any blue sky or state securities laws
       applicable to Shares.
        
12.    MISCELLANEOUS.

       (a)    This Agreement and the rights of the Participant hereunder are
              subject to all the terms and conditions of the Plan, as the same
              may be amended from time to time, as well as to such rules and
              regulations as the Committee may adopt for administration of the
              Plan. It is expressly understood that the Committee is authorized
              to administer, construe and make all determinations necessary or
              appropriate to the administration of the Plan and this Agreement,
              all of which shall be binding upon the Participant.

       (b)    Pursuant to the terms of the Plan, (i) the Board may at any time,
              and from time to time, in its sole discretion alter, amend,
              suspend or terminate the Plan in whole or in part for any reason
              or for no reason, and (ii) the Committee may make adjustments to
              this Option and Agreement in recognition of unusual or
              nonrecurring events affecting the Company or the financial
              statements of the Company and/or changes in applicable laws,
              regulations or accounting principles whenever the Committee
              determines that such adjustments are appropriate; provided,
              however, that no alteration, amendment, suspension or termination
              of the Plan shall adversely affect in any material way the
              Participant's vested rights under this Agreement without the
              written consent of the Participant.  Notwithstanding the
              foregoing, the Committee may modify, without the Participant's
              consent, this Option and Agreement to recognize differences in
              local law, tax policy or custom if the Participant is a foreign
              national or employed outside the United States.





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<PAGE>   8
       (c)    The Participant agrees to take all steps necessary to comply with
              all applicable provisions of federal and state securities law and
              other applicable securities laws in exercising his or her rights
              under this Agreement.

       (d)    This Agreement shall be subject to all applicable laws, rules,
              and regulations, and to such approvals by any governmental
              agencies or national securities exchanges as may be required.

       (e)    All obligations of the Company under the Plan and this Agreement,
              with respect to this Option, shall be binding on any successor to
              the Company, whether the existence of such successor is the
              result of a direct or indirect purchase, merger, consolidation,
              or otherwise, of all or substantially all of the business and/or
              assets of the Company.

       (f)    To the extent not preempted by United States federal law or other
              comparable law, this Agreement shall be construed in accordance
              with and governed by the laws of the State of Texas.

       (g)    The grant of the Option to the Participant is completely
              discretionary.  Neither the Participant nor any other individual
              shall have any right to be selected to receive a grant under the
              Plan or, having been so selected, to be selected to receive a
              future grant; nor shall anything in this Agreement create or
              confer, or be deemed to create or confer, upon any Employee or
              other individual any such right.

       IN WITNESS WHEREOF, this Agreement is executed effective as of the Date
of Grant.


                                           ASSOCIATES FIRST CAPITAL CORPORATION


                                           By:                                
                                              ---------------------------------
                                                    Michael E. McGill,
                                                  Executive Vice President

The undersigned Participant hereby acknowledges receipt of this Agreement and
accepts the Option subject to the applicable terms and conditions set forth
herein and in the Plan.


Participant's Signature:________________________   Date:_______________________

Note:  Please sign both copies of this Agreement, keep one copy for your
records, and return the other signed original to:

Compensation Committee
c/o John W. Lee
Associates First Capital Corporation
P.O. Box 660237
Dallas, TX 75266-0237





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