Document:

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                                                                   EXHIBIT 10.33

               ASSOCIATES FIRST CAPITAL CORPORATION

               SUPPLEMENTAL EXECUTIVE WELFARE PLAN

                   (EFFECTIVE FEBRUARY 1, 2000)

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                      ASSOCIATES FIRST CAPITAL CORPORATION
                       SUPPLEMENTAL EXECUTIVE WELFARE PLAN
                          (EFFECTIVE FEBRUARY 1, 2000)

ARTICLE 1.  ADOPTION, PURPOSE AND DURATION

       1.1 ADOPTION. Effective as of February 1, 2000, Associates First Capital
Corporation hereby adopts the Supplemental Executive Welfare Plan as set forth
in this document.

       1.2. PURPOSE OF THE PLAN. The Plan, as set forth in this document, is
maintained primarily for the purpose of providing supplemental retiree welfare
benefits to a select group of management or highly compensated employees of the
Company. The Plan is intended to satisfy the exemption contained in Department
of Labor Regulation Section 2520.104-24.

       1.3. DURATION OF THE PLAN. The Plan shall remain in effect indefinitely,
subject to the right of the Board of Directors to suspend or terminate the Plan
at any time pursuant to Section 7.1.

ARTICLE 2.  DEFINITIONS

       2.1 GENERAL. Whenever used in the Plan, the following terms shall have
the meanings set forth below, and when any such meaning is intended, the initial
letter of the word shall be capitalized. Except where the context otherwise
indicates, any masculine term used herein shall include the feminine, the plural
shall include the singular, and the singular shall include the plural.

       2.2 "AFFILIATE" means any corporation, partnership, joint venture or
other entity in which the Company has a direct or indirect majority voting
interest (including all divisions, affiliates and related entities).

       2.3. "BOARD" or "BOARD OF DIRECTORS" means the board of directors of the
Company.

       2.4. "COMMITTEE" means the committee designated pursuant to Section 6.1
to administer the Plan.

       2.5. "COMPANY" means Associates First Capital Corporation and any
successor thereto as provided in Section 8.5.

       2.6. "COVERED PERSON" means an individual who is entitled to benefits
under the Plan. A Covered Person may be a Participant, a spouse or a dependent.

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       2.7. "EFFECTIVE DATE" means February 1, 2000.

       2.8. "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended from time to time, or any successor thereto.

       2.9. "MEDICARE" means the "Health Insurance for the Aged and Disabled"
portion of the Social Security Act, as amended from time to time.

       2.10. "PARTICIPANT" means (a) an individual who is designated by the
Committee pursuant to Article 3 as a Participant in the Plan and/or (b) an
individual who at the time of termination of employment with the Company and its
Affiliates is entitled to a benefit under the Plan as a result of prior
designation of participation by the Company.

       2.11. "PLAN" means the Company's Supplemental Executive Welfare Plan, as
the same is hereby adopted and may hereafter be amended or restated from time to
time.

       2.12. "SRIP" means the Associates First Capital Corporation Supplemental
Retirement Income Plan, as amended or restated from time to time.

       2.13. "SUPPLEMENTAL DENTAL BENEFITS" means the dental benefits set forth
in Section 4.3.

       2.14. "SUPPLEMENTAL LIFE BENEFITS" means life insurance coverage in an
amount equal to the lesser of $500,000 or 50% of the basic plus supplemental
life insurance coverage elected by the Participant and in effect immediately
before his or her termination of employment with the Company or its Affiliate,
subject to the terms and conditions of the policy providing such life insurance
coverage.

       2.15. "SUPPLEMENTAL MEDICAL BENEFITS" means the medical benefits set
forth in Section 4.2.

       2.16. "SUPPLEMENTAL WELFARE BENEFITS" means one or more of the welfare
benefits available under the Plan. As of the Effective Date, the Supplemental
Welfare Benefits are: Supplemental Medical Benefits, Supplemental Dental
Benefits and Supplemental Life Benefits.

ARTICLE 3.  ELIGIBILITY AND PARTICIPATION

       3.1. ELIGIBILITY. Eligibility to be designated a Participant shall be
limited to employees or former employees of the Company who belong to a "select
group of management or highly compensated employees" (within the meaning of
ERISA and the regulations thereunder).

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       3.2 DESIGNATION AS PARTICIPANT. Any individual who is eligible to become
a Participant pursuant to Section 3.1 shall become a Participant only if and
when (a) such individual is designated as a participant in the SRIP or (b) such
individual is designated by the Committee, in writing, to be a Participant in
this Plan. The Participants in this Plan are set forth in Schedule A hereto. A
Participant's spouse and/or dependents shall become eligible to receive benefits
under the Plan only if such spouse and dependents were covered under the
Company's Medical/Dental/Vision Plan immediately prior to the Participant's
termination of employment with the Company and its Affiliates, unless otherwise
determined by the Committee, in its sole discretion.

ARTICLE 4.  SUPPLEMENTAL WELFARE BENEFITS

       4.1 ELIGIBILITY FOR SUPPLEMENTAL WELFARE BENEFITS. A Participant, who has
been designated as a participant in the SRIP (whether or not such Participant is
entitled to receive SRIP benefits) and who terminates employment with the
Company and its Affiliates with at least five years of continuous employment
with the Company and its Affiliates, shall be eligible to receive Supplemental
Medical Benefits, Supplemental Dental Benefits and Supplemental Life Benefits. A
Participant, who has not been designated as a participant in the SRIP and who
terminates employment with the Company and its Affiliates with at least five
years of continuous employment with the Company and its Affiliates, shall be
eligible to receive one or more of the Supplemental Welfare Benefits provided
under the Plan as designated by the Committee and set forth in such
Participant's individual designation of participation.

       In the event that a Participant becomes entitled under the provisions of
an individual employment agreement with the Company to a fully vested and
nonforfeitable interest in any accounts or benefits payable under any of the
Company's nonqualified plans as a result of a "Change in Control" (as defined in
such employment agreement), then such Participant shall be deemed to have
satisfied the five continuous years of employment requirement of the foregoing
sentence and such Participant shall be eligible to receive the Supplemental
Welfare Benefits to which the Participant is otherwise eligible under this Plan.
In addition, the Committee may, in its sole discretion, waive the requirement of
at least five years of continuous employment with the Company and its Affiliates
and treat a Participant as eligible for one or more Supplemental Welfare
Benefits (as designated by the Committee). Such waiver shall be made by the
Committee in writing, shall apply only to the individual Participant(s) named in
such written waiver, and shall designate which Supplemental Welfare Benefits
such Participant is entitled to receive.

       Notwithstanding the foregoing provisions of this Section 4.1, if a
Participant has a vested benefit in the Associates First Capital Corporation
Pension Plan, Supplemental Welfare Benefits shall not be payable until such time
that the Participant commences payment of benefits under the Associates First
Capital Corporation Pension Plan and does not have similar coverage available to
him or her as an active employee from another employer's welfare benefit

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arrangement. If a Participant does not have a vested benefit in the Associates
First Capital Corporation Pension Plan, Supplemental Welfare Benefits shall not
be payable until such time that the Participant attains age 55 and does not have
similar coverage available to him or her as an active employee from another
employer's welfare benefit arrangement.

       4.2. SUPPLEMENTAL MEDICAL BENEFITS. For Covered Persons who are age 65 or
older, Medicare shall be such Covered Person's primary coverage. For Covered
Persons age 65 or older, the Supplemental Medical Benefits provided by the Plan
shall be a Medicare coordination benefit that pays any Medicare allowable
expenses over the Medicare Part B deductible of $100, or such other adjusted
amount, that was not covered by Medicare. No other deductibles or copays shall
apply to Medicare allowable expenses. The lifetime maximum Supplemental Medical
Benefit for each Covered Person shall be $1,000,000. The Plan shall not be
responsible for payment of any expenses not covered by Medicare, except for the
coverage provided by this Section 4.2 for prescription drugs and annual
physicals. Covered Persons over age 65 shall have prescription drug coverage
substantially identical to prescription drug coverage available to active
employees under the Company's Medical/Dental/Vision Plan as in effect on the
Effective Date, including any applicable deductibles, copayments and maximum
benefits. Expenses for annual physicals (or pre-surgery physicals as required by
the surgeon) for Covered Persons over age 65 shall be covered up to an annual
maximum of $250 per Covered Person.

       For Covered Persons who have not attained age 65, the Supplemental
Medical Benefits provided by the Plan shall be substantially identical to the
indemnity medical option benefits provided to active employee's under the
Company's Medical/Dental/Vision Plan as in effect on the Effective Date. Such
Covered Person shall have the same medical coverages (including prescription
drug coverage, mental health coverage, etc.), schedule of benefits, and the same
exclusions, deductibles, copayments and annual or lifetime maximums as active
employees who elect the medical indemnity option under the Company's
Medical/Dental/Vision Plan. Notwithstanding the foregoing, a Covered Person who
has not attained age 65 shall be entitled to elect any other medical coverage
option (e.g. HMO, PPO) then available to active employees under the Company's
Medical/Dental/Vision Plan in lieu of the indemnity medical option. If such
election is made, the medical coverages (including schedule of benefits,
exclusions, deductibles, copayments and maximum benefits) available to such
Covered Person under this Plan shall be the same as provided under the elected
medical coverage option. In the event of the amendment of the terms of the
medical indemnity option offered to active employees under the Company's
Medical/Dental/Vision Plan, or termination of such Plan, Covered Persons who
have not attained age 65 shall continue to be eligible for payment of medical
expenses under terms no less favorable than the terms of the medical indemnity
option of the Company's Medical/Dental/Vision Plan as in effect on the Effective
Date.

       4.3. SUPPLEMENTAL DENTAL BENEFITS. The Supplemental Dental Benefits
provided by the Plan shall be substantially identical to the indemnity dental
option benefits provided to active employees under the Company's
Medical/Dental/Vision Plan as in effect on the Effective Date.

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A Covered Person shall be entitled to the same coverages, exclusions, schedule
of benefits, deductible, copayments and annual or lifetime maximums as active
employees who elect the dental indemnity option under the Company's
Medical/Dental/Vision Plan. Notwithstanding the foregoing, a Covered Person
shall be entitled to elect any other dental coverage option then available to
active employees under the Company's Medical/Dental/Vision Plan in lieu of the
dental indemnity option. If such election is made, the coverages, exclusions,
schedule of benefits, deductible, copayments and annual or lifetime maximums of
such elected dental coverage option shall become fully applicable to such
Covered Person. In the event of the termination of dental coverage or a
reduction in dental benefits under the Company's Medical/Dental/Vision Plan,
Covered Persons shall continue to be eligible for the payment of eligible dental
expenses under terms no less favorable than the terms of the dental indemnity
option of the Company's Medical/Dental/Vision Plan as in effect on the Effective
Date.

       4.4. COST OF PROVIDING BENEFITS. The cost of providing Supplemental
Welfare Benefits shall be paid by the Company.

       4.5 SUSPENSION OF BENEFITS. In the event that a Participant who is
eligible for Supplemental Welfare Benefits under this Article 4 returns to
employment with the Company or any Affiliate, the Committee may, in its sole
discretion, suspend the Participant's eligibility for any Supplemental Welfare
Benefits during such Participant's employment with the Company or any Affiliate.
Upon such Participant's subsequent termination of employment with the Company or
any Affiliate, the Participant's eligibility for the Supplemental Welfare
Benefits shall resume if he is then eligible under the terms of the Plan.

       4.6. INCORPORATED DOCUMENTS. The Plan incorporates by reference the
substantive benefit provisions of the documents referenced in Sections 4.2 and
4.3 and the provisions of any insurance contracts or policies identified in
Schedule B through which the benefits provided by the Plan may be funded. As the
documents are amended or superseded, the amended or successor documents will
automatically become incorporated documents; provided, however, that no amended
or successor documents shall be construed to provide Participants with benefits
that are less favorable than the benefits provided under this Plan as of the
Effective Date. In the event of any conflict between the provisions of the Plan
and the provisions of documents incorporated by reference pursuant to this
Section, the Committee shall determine which provisions prevail.

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ARTICLE 5.  TERMINATION OF BENEFITS

       5.1. TERMINATION FOR CAUSE. All rights to receive any benefits under the
Plan shall cease upon a Participant's termination of employment with the Company
or any Affiliate for "Cause." For these purposes, the term "Cause" shall be
limited to (a) any action by the Participant involving willful malfeasance, (b)
the Participant's unreasonable neglect or refusal to perform the executive
duties assigned to the Participant, (c) the Participant's being convicted of a
felony, (d) the Participant's engaging in any activity that is directly or
indirectly in competition with the Company or any Affiliate, or (e) the
Participant's violation of the Company's policy covering standards of corporate
conduct.

       5.2. PARTICIPANT OBLIGATIONS. Notwithstanding anything to the contrary in
the Plan, it shall be a continuing requirement that the benefits hereunder be
earned by compliance with the provisions of Section 5.3 and Section 5.4. The
conditions set forth in this Article 5 are a fundamental consideration for the
promises of the Company in the Plan.

       5.3. DISHONESTY OR FRAUD. A Participant shall not at any time engage in a
crime involving dishonesty or fraud on the part of such Participant in the
Participant's relationship with the Company and its Affiliates, and if convicted
of such a crime, all benefits that would otherwise be payable to the Participant
under the Plan shall be terminated.

       5.4. COMPETITIVE OR DETRIMENTAL CONDUCT. A Participant who has terminated
employment with the Company and its Affiliates shall not do any act or engage in
any occupation or employment which is in direct or indirect competition with or
detrimental to the business of the Company or any Affiliate (as determined by
the Committee in its sole discretion). If a Participant does any such act or so
engages in competition or detrimental conduct, such Participant shall be
notified by the Company that benefits under the Plan, if not yet paid, shall
cease and be terminated unless such competitive and/or detrimental conduct is
discontinued within a period of time prescribed by the Company. In such case,
the benefit payable under the Plan to the Participant shall be suspended (if in
pay status) during the prescribed period and, if the competitive and/or
detrimental conduct has not ceased by the expiration of such period, the
Participant shall be deemed to have elected not to receive a benefit, and such
Participant's benefit payments (if in pay status) and all rights to receive a
benefit in the future shall be terminated on a permanent basis. By accepting the
benefits of the Plan, a Participant agrees to be bound by all the terms hereof.

ARTICLE 6.  ADMINISTRATION

       6.1. DESIGNATION OF COMMITTEE. The Plan shall be administered by the
Company's Nonqualified Plan Committee, unless the Board specifically appoints a
different committee to administer the Plan. The Committee shall be the
"administrator" under the Plan for purposes of ERISA. The Committee may from
time to time delegate all or any part of its authority under the

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Plan; and, to the extent of any such delegation, references in the Plan (other
than in Section 7.1) to the Committee are deemed to be references to such
delegate.

       6.2. AUTHORITY OF COMMITTEE. Except as limited by law or by the
Certificate of Incorporation or Bylaws of the Company, and subject to the
provisions of the Plan, the Committee shall have such powers as may be necessary
to discharge its duties hereunder, including, without limitation, the sole and
absolute discretion: (a) to interpret the provisions of the Plan (including,
without limitation, by supplying omissions from, correcting deficiencies in, or
resolving inconsistencies or ambiguities in, the language of the Plan); (b) to
make factual findings with respect to any issue arising under the Plan; (c) to
determine the rights and status under the Plan of Participants and other
persons; and (d) to decide disputes arising under the Plan and to make
determinations and findings (including factual findings) with respect to the
benefits payable thereunder and the persons entitled thereto as may be required
for the purposes of the Plan. In furtherance thereof, but without limiting the
foregoing, the Committee is hereby granted the following specific authorities,
which it shall discharge in its sole and absolute discretion in accordance with
the terms of the Plan (as interpreted, to the extent necessary, by the
Committee): (x) to resolve all questions (including factual questions) arising
under the Plan as to any individual's entitlement to become a Participant; (y)
to determine the amount of benefits, if any, payable with respect to any person
under the Plan (including, to the extent necessary, making factual findings with
respect thereto); and (z) to conduct the claims procedure specified in Section
6.4. The Committee may, from time to time, employ agents and delegate to them
such administrative duties as it sees fit, and may from time to time consult
with legal counsel who may be counsel to the Company. No member of the Committee
shall act with regard to such member's own benefits under the Plan, if any.

       6.3. DECISIONS OF THE COMMITTEE. All determinations, interpretations,
decisions or other actions made or taken by the Committee pursuant to the
provisions of the Plan and all related orders and resolutions of the Board with
respect to the Plan shall be final, conclusive and binding for all purposes and
upon all persons, including without limitation the Company, its Affiliates, its
stockholders, its employees, Participants, Covered Persons, and Participants'
estates and beneficiaries. All decisions of the Committee shall be made by the
vote of the majority, including actions in writing taken without a meeting. All
elections, notices and directions under the Plan by a Participant shall be made
on such forms as the Committee may prescribe.

       6.4. CLAIMS. The Committee shall provide to any individual (herein
referred to as the "claimant") whose claim for benefits under the Plan has been
fully or partially denied a written notice setting forth (a) the specific
reasons for such denial, (b) a designation of any additional material or
information required, and (c) an explanation of the Plan's claim review
procedure. Such notice shall contain a statement advising the claimant that,
within 60 days of the date on which the claimant receives such notice, the
claimant is entitled to request a review, in writing, by the Committee, of the
decision denying the claim. The claim shall be reviewed by the Committee which
may, but need not, grant the claimant a hearing. On review, the claimant may

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have legal representation, examine pertinent documents and submit issues and
comments in writing. The decision on review shall be made within 120 days
following the request, shall be provided in writing to the claimant and shall be
final and binding on all parties concerned.

       6.5. LITIGATION. Following the exhaustion of the remedy provided in
Section 6.4, a Participant (or Covered Person) may file suit in federal court.
If the court finds that the Participant has been unjustly denied a benefit under
the Plan to which he or she is entitled, such Participant shall be entitled to
recover the expenses of such litigation, including reasonable attorneys' fees,
from the Company.

ARTICLE 7.  AMENDMENT AND TERMINATION

       7.1. AMENDMENT AND TERMINATION. Subject to the provisions of Section 7.2,
the Committee may at any time, and from time to time, in its sole discretion
alter or amend the Plan in whole or in part for any reason; provided, however,
that the Committee may not make any alteration or amendment that would have a
material adverse effect on the Company or significantly increase the level of
benefits payable under the Plan. The Company may amend or substitute any set of
benefits without affecting other Plan provisions. Subject to the provisions of
Section 7.2, the Board may at any time, and from time to time, in its sole
discretion, suspend or terminate the Plan in whole or in part for any reason.

       7.2. LIMITATIONS ON AMENDMENT AND TERMINATION. Notwithstanding the
foregoing provisions of this Article 7, no amendment or termination of the Plan,
without the consent of the affected Participant, or following the death of the
Participant, any affected Covered Person, shall diminish or terminate the rights
of (a) any Participant (or Covered Person) to continue to receive the
Supplemental Welfare Benefits to which such Participant was entitled immediately
before such amendment or termination or (b) any Participant with a vested right
to receive Supplemental Welfare Benefits following the Participant's retirement
or termination of employment.

ARTICLE 8.  MISCELLANEOUS

       8.1. NO RIGHTS TO EMPLOYMENT. Nothing in the Plan shall interfere with or
limit in any way the right of the Company or any Subsidiary to terminate the
employment of any employee at any time, with or without reason; nor shall
anything in the Plan be deemed to create or confer upon any employee or 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 and its
Subsidiaries.

       8.2. NO RIGHTS TO PARTICIPATION. No employee or other individual shall
have any right to be designated as a Participant; nor shall anything in the Plan
be deemed to create or confer upon any employee or other individual any such
right.

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       8.3. NO GUARANTEE. The Company makes no representation or guarantee that
any coverage or benefits provided to a Covered Person under the Plan will be
excluded from the Covered Person's gross income for federal, state or local
income tax purposes. In the event that any coverage or benefits provided under
the Plan is treated as taxable income to a Participant or Covered Person, then
the Company shall pay to such Covered Person an additional amount (a "gross-up
payment") such that, after payment by the Covered Person of taxes attributable
to the coverage or benefits provided under the Plan, and taxes attributable to
the gross-up payment, the Covered Person retains an amount of the gross-up
payment equal to the taxes imposed.

       8.4 RIGHT TO RECEIVE AND RELEASE NECESSARY INFORMATION. The Committee or
its delegate may, without the consent of or notice to any person, release or
obtain from any other organization or person any information with respect to any
person which the Committee or its delegate deems to be necessary or desirable
for purposes of administering the Plan. Any person claiming benefits under the
Plan shall furnish to the Committee or its delegate any information requested to
implement the provisions of the Plan.

       8.5. SUCCESSORS. All obligations of the Company under the Plan 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.

       8.6. SEVERABILITY. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
though the illegal or invalid provision had not been included.

       8.7. NOTICES. All notices to the Company hereunder shall be directed to
the attention of the Secretary of the Company and shall be deemed duly effective
when hand-delivered or dispatched by electronic facsimile transmission (with
receipt thereof confirmed), or five business days after having been mailed by
United States registered or certified mail, return receipt requested, postage
prepaid, or three business days after having been sent by a nationally
recognized overnight courier service such as Federal Express or UPS, addressed
to the Company at its principal executive offices, except that notices of
changes of address shall be effective only upon receipt.

       8.8. QUALIFIED MEDICAL CHILD SUPPORT ORDERS. To the extent required by
law or regulations, and notwithstanding any limitations and restrictions on
benefits under the Plan with respect to Participants, benefits may be provided
to an "alternative recipient" pursuant to a "qualified medical child support
order" as those terms are defined in ERISA Section 609. Benefits provided to an
alternative recipient subject to such an order shall be adjusted in accordance
with procedures established by the Company in accordance with applicable law,
regulations and rules to reflect payments pursuant to the qualified medical
child support order.

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       8.9. GOVERNING LAW. To the extent not preempted by United States federal
law or other comparable law, the Plan shall be construed in accordance with and
governed by the laws of the State of Texas.

IN WITNESS WHEREOF, Associates First Capital Corporation has caused this
Supplemental Executive Welfare Plan to be executed effective as of February 1,
2000.

                         ASSOCIATES FIRST CAPITAL CORPORATION

                         By:     /s/ Michael E. McGill
                                 ----------------------------------------------
                                 Michael E. McGill

                         Title:  Executive Vice President - Human Resources
                                 ----------------------------------------------

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                      ASSOCIATES FIRST CAPITAL CORPORATION
                       SUPPLEMENTAL EXECUTIVE WELFARE PLAN

                          (EFFECTIVE FEBRUARY 1, 2000)

                                   SCHEDULE A

                                  PARTICIPANTS

The retired Participants listed below are eligible for Supplemental Medical
Benefits, Supplemental Dental Benefits and Supplemental Life Benefits under the
Plan:

          Bigelow, Gordon
          Fowler, Daniel
          Hoiby, James
          Kines, John
          Krause, Ronald
          Lerner, Alan
          Lomax, John
          Macri, Rocco
          Marshall, Harold
          McQuillan, Joseph
          O'Keefe, Jr., Thomas
          Siegel, Donald
          Starr, Billy
          Sullivan, Joseph

The retired Participants (or survivors) listed below are eligible for
Supplemental Medical Benefits and Supplemental Dental Benefits (no life) under
the Plan:

          Donahue, Carol (survivor)
          Overcash, Christa (survivor)
          Watts, James

The Participants listed below are active Participants in the Plan as of May 1,
2000:

          Allen, Sandra
          Copeland, Walter
          Guthrie, Roy
          Hollingsworth, Matt
          Hughes, Keith
          Keller, Dave
          Lenora, Michael
          Longenecker, Chester
          McGill, Michael

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          Miramonti, Robert
          Pelka, Lawrence
          Scarpinato, Joseph
          Staudenmayer, Charles

The terminated Participants listed below are eligible for Supplemental Medical
Benefits (no dental or life) under the Plan:

          Horie, Wilfred
          Stephenson, Ken

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                      ASSOCIATES FIRST CAPITAL CORPORATION
                       SUPPLEMENTAL EXECUTIVE WELFARE PLAN

                       (EFFECTIVE AS OF FEBRUARY 1, 2000)

                                   SCHEDULE B

                                    POLICIES

Experience Rated Group Traditional Benefits and Comprehensive Dental Contract
for Employees of Associates Corporation of North America (ACONA), dated January
1, 1999, Group Number 55974, incorporating by reference the following:

     Initial Schedule of Specifications for the Experience Rated Group
     Traditional Benefits, Prescription Drug Program, and Comprehensive Dental
     Contract for Employees of Associates Corporation of North America (ACONA),
     dated January 1, 1999, Group Number 55974;

     Blue Cross/Blue Shield Benefits Booklet for Group Number 55974 titled
     "Traditional Benefits" and designated 55974JAN.99A

     Blue Cross/Blue Shield Benefits Booklet for Group Number 55974 titled
     "Comprehensive Dental" and designated 55974JAN.99B.

                                       13<PAGE>

                                                                   Exhibit 10.34

ASSOCIATES FIRST CAPITAL CORPORATION
INCENTIVE COMPENSATION PLAN
RESTRICTED STOCK AWARD AGREEMENT

You have been selected to become a Participant in the Associates First Capital
Corporation Incentive Compensation Plan (the "Plan"), through this grant of
restricted shares (the "Restricted Stock") of the Class A Common Stock (the
"Shares") of Associates First Capital Corporation, a Delaware corporation (the
"Company"), as specified below:

PARTICIPANT:    NAME

DATE OF GRANT:

NUMBER OF SHARES OF RESTRICTED STOCK GRANTED:    SHARES

DATE OF LAPSE OF RESTRICTIONS:

      THIS AGREEMENT, effective as of the Date of Grant set forth above,
represents the grant of Restricted Stock to the Participant named above,
pursuant to the provisions of the Plan.

      The Plan provides a description of certain terms and conditions governing
the award of Restricted Stock. 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 RESTRICTED STOCK.  The Participant is hereby granted the
      number of Shares of Restricted Stock set forth above, subject to
      restrictions until the Date of Lapse of Restrictions specified above,
      in the manner provided under and subject to the applicable terms and
      conditions of the Plan and this Agreement.  Subject to Section 5
      hereof, the Restricted Stock is awarded on the condition that the
      Participant remain in the employ of the Company or a Subsidiary from
      the Date of Grant through and including the Date of Lapse of
      Restrictions specified above.  Notwithstanding the foregoing, neither
      such condition nor the award of the Restricted Stock shall impose upon
      the Company any obligation to retain the Participant in the Company's
      employ for any given period or upon any specific terms of employment.

2.    CERTIFICATE LEGEND.  Each certificate representing Shares of Restricted
      Stock granted pursuant to the Plan shall bear the following legend:
      "The sale or other transfer of the shares of stock represented by this
      certificate, whether voluntary, involuntary, or by operation of law, is
      subject to certain restrictions on transfer set forth in the Incentive
      Compensation Plan of Associates First Capital Corporation, and any
      rules and administrative interpretations adopted pursuant to such Plan,
      and a Restricted Stock

<PAGE>

      Award Agreement dated July 3, 2000. A copy of the Plan, such rules, and
      such Restricted Stock Award Agreement may be obtained from the Secretary
      of Associates First Capital Corporation."

3.    REMOVAL OF RESTRICTIONS.  Except as otherwise provided in the Plan or
      this Agreement, Shares of Restricted Stock subject to this Agreement
      shall become freely transferable by the Participant, and all
      restrictions imposed hereunder shall lapse, on the Date of Lapse of
      Restrictions or such earlier date as provided pursuant to Section 5
      hereof.  Upon such lapse of restrictions, the Participant shall be
      entitled to receive certificates representing the Shares on which all
      such restrictions have lapsed and to have the legend required by
      Section 2 hereof removed from such certificates.

4.    VOTING RIGHTS AND DIVIDENDS.  Prior to the lapse of restrictions on the
      Shares of Restricted Stock subject to this Agreement, the Participant
      shall have the right to vote the Restricted Stock and to receive any
      dividends or distributions that may be paid with respect thereto.  Any
      additional Shares to which the Participant may become entitled pursuant
      to any such dividend or distribution shall be subject to the same
      restrictions on transferability as the Shares of Restricted Stock with
      respect to which the additional Shares were paid.

5.    TERMINATION OF EMPLOYMENT.

      (a)   BY DISABILITY OR DEATH:  In the event of a Participant's
            termination of employment due to Disability or death
            ("Disability" as hereinafter defined), all restrictions imposed
            hereunder on the Restricted Stock shall lapse, and the Restricted
            Stock shall become freely transferable, in accordance with the
            provisions hereof, on the Date of Lapse of Restrictions specified
            above.  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
            the Date of Lapse of Restrictions specified above, the
            beneficiary designated or deemed to be designated pursuant to
            Section 10 hereof or, if such beneficiary is an estate, the
            executor or administrator of the estate or the person or persons
            to whom the Restricted Stock has been validly transferred by the
            executor or the administrator pursuant to will or the laws of
            descent and distribution, shall have the right to the Restricted
            Stock, when all restrictions imposed hereunder on such Restricted
            Stock have lapsed, in accordance with the provisions hereof.

      (b)   BY RETIREMENT:  In the event of a Participant's termination of
            employment due to Retirement ("Retirement" as hereinafter
            defined), all restrictions imposed hereunder on the Restricted
            Stock shall lapse, and the Restricted Stock shall become freely
            transferable, in accordance with the provisions hereof, on the

                                       2
<PAGE>

            earlier of the Date of Lapse of Restrictions specified above or
            the first anniversary of the date of the Participant's Retirement
            that occurs on or after the date on which the Participant attains
            age 62.  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 to commence pension payments under
            the Company's defined benefit pension plan (excluding any payment
            of benefits attributable to a prior employer's plan).

      (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), all Shares of Restricted Stock on which all
            restrictions imposed hereunder have not lapsed as of the date of
            termination of employment shall be forfeited, and the
            Participant's right to any such Shares shall cease, effective as
            of the date of such resignation or termination. For purposes of
            this Agreement, a termination by the Company for "Cause" shall
            mean a termination resulting from (i) action by the Participant
            involving willful malfeasance, (ii) the Participant's
            unreasonable neglect or refusal to perform such Participant's
            duties for the Company, (iii) the Participant being convicted of
            a felony, (iv) 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 (v) the
            Participant's violation of Company policy 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, all restrictions imposed
            hereunder on the Restricted Stock shall lapse as of the date of
            termination of employment 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. For purposes of
            this Section 5(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 5(d) shall not apply, and
            all Shares of Restricted Stock subject to this Agreement on which
            all restrictions imposed hereunder have not lapsed as of the date of
            termination of employment shall be forfeited, and the Participant's
            right to any such Shares shall cease, effective as of the date of

                                       3
<PAGE>

            termination of such Participant's employment with the Company.

6.    WITHHOLDING. If the Company is required by law to withhold any federal,
      state, local or foreign taxes in connection with the lapse of
      restrictions on Restricted Stock pursuant to this Agreement, and the
      amounts available to the Company for such withholding are insufficient,
      it shall be a condition to the receipt of the certificates representing
      the Shares on which all restrictions imposed hereunder have lapsed that
      the Participant make arrangements satisfactory to the Company for
      payment of the balance of such taxes required to be withheld. The
      Participant may elect 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 on which all
      restrictions imposed hereunder have lapsed pursuant to this Agreement.
      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 required by Rule 16b-3 of the General Rules and Regulations
      promulgated under the Exchange Act. All withholding elections shall be
      irrevocable.

7.    EFFECT OF COMPETITIVE ACTIVITY OR INIMICAL CONDUCT.

      (a)   Anything contained herein to the contrary notwithstanding, the
            right of the Participant to Shares of Restricted Stock on which
            all restrictions imposed hereunder have not lapsed shall remain
            effective only if, during the entire period from the Date of
            Grant to the date on which all such restrictions lapse, the
            Participant shall have earned the Restricted Stock by refraining
            from engaging in any activity that is directly or indirectly in
            competition with any activity of the Company or any Subsidiary.

      (b)   In the event of the Participant's nonfulfillment of the condition
            set forth in Section 7(a), the Participant's right to Shares of
            Restricted Stock on which all restrictions imposed hereunder have
            not lapsed 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 Subsidiary by reason of the
            nonfulfillment of such condition.

      (c)   The right of the Participant to Shares of Restricted Stock on
            which all restrictions imposed hereunder have not lapsed 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 Subsidiary.
            Conduct that constitutes engaging in an activity that is directly
            or indirectly in competition

                                       4
<PAGE>

            with any activity of the Company or any Subsidiary shall be
            governed by Sections 7(a) and 7(b) and shall not be subject to
            any determination under this Section 7(c).

8.    RESTRICTIONS ON EXERCISE AND TRANSFER. The Restricted Stock subject to
      this Agreement may not be sold, transferred, pledged, assigned or
      otherwise alienated or hypothecated, other than by will or by the laws of
      descent and distribution, until all restrictions imposed hereunder on such
      Shares of Restricted Stock have lapsed in accordance with the terms of
      this Agreement.

9.    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 of Restricted Stock
      subject to this Agreement 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.

10.   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, shall be entitled to the
      Shares of Restricted Stock subject to this Agreement.  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 the Participant's death, the Participant's
      estate shall be deemed to be the beneficiary.

11.   NO RIGHT OF EMPLOYMENT.  Nothing in this Agreement shall interfere with
      or limit in any way the right of the Company or any Subsidiary 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 or any
      Subsidiary.

12.   COMPLIANCE WITH LAW.  The Company shall make reasonable efforts to
      comply with all applicable federal and state securities laws or other
      applicable securities laws.  The Committee may impose such
      restrictions, including restrictions on transferability, on any

                                       5
<PAGE>

      Shares acquired pursuant to this Agreement 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.

13.   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, 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; 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, without the
            Participant's consent, (i) modify this Agreement to recognize
            differences in local law, tax policy or custom if the Participant
            is a foreign national or employed outside the United States or
            (ii) make adjustments to this Agreement, including the
            cancellation of any or all Shares of Restricted Stock hereunder,
            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 the Company shall pay appropriate
            compensation (as determined by the Committee) for the
            cancellation of any Shares under this provision.

      (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
            shall be

                                       6
<PAGE>

            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 Restricted Stock 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 this Agreement, make a copy for your records, and return
the 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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