Ford Motor Credit Co.'s $2.954 billion deal backed by auto receivables is the second deal announced that is eligible for the Federal Reserve's program aimed at reviving the consumer lending market.

On Tuesday, auto maker Nissan (NSANY) said it is selling $1.5 billion of bonds backed by auto receivables.

The bulk of Ford's deal, called FORDO 2009-A, has the top-notch triple-A rating, so investors can get a loan from the Fed's Term Asset-Backed Securities Loan Facility, or TALF, to invest in this bond offering.

RBS, Banc of America Securities, Deutsche Bank, Goldman Sachs and JP Morgan are the joint leads on the deal.

The Fed's $200 billion program, for which the central bank began accepting applications Tuesday, is aimed at encouraging issuance in the market for consumer loan-backed securities. This market dried up during the financial upheaval that began last fall.

The application deadline for the first round of financing through TALF is Thursday, with disbursement funds due March 25.

Market participants expect more bond issuance in the coming weeks.

Price guidance on the Ford deal is circulating, according to a person familiar with the deal.

The $775 million 0.30-year portion is expected to yield around 50 basis points over a short-term benchmark.

The $608 million 0.99-year portion has guidance in the 200 basis points area over a short-term futures benchmark.

The $1.08 billion 1.99-year portion has guidance in the 215 to 225 basis points area, and the $491 million 3.31-year tranche is expected at 350 to 375 basis points over interest rate swaps.

 
   -By Anusha Shrivastava, Dow Jones Newswires; 201-938-2371; anusha.shrivastava@dowjones.com

(Liz Rappaport of The Wall Street Journal contributed to this report)