Henry Ford family sole ownership of the company. By the mid-1920s, sales of the Model T began to decline due to rising competition. Other auto makers offered payment plans through which consumers could buy their cars, which usually included more modern mechanical features and styling not available with the Model T. Despite urgings from Edsel, Henry refused to incorporate new features into the Model T or to form a customer credit plan. By 1926, flagging sales of the Model T finally convinced Ford to make a new model. He pursued the project with a great deal of technical expertise in design of
Ford Model A (1903–04) on the rear wheels. However, it was $150 more than its most direct competitor, the Oldsmobile Curved Dash, so did not sell as well. The company had spent almost its entire $28,000 initial investment funds with only $223.65 left in its bank account when the first Model A was sold. The success of this car model generated a profit for the Ford Motor Company, Henry Ford's first successful business. Although Ford advertised the Model A as the "most reliable machine in the world", it suffered from many problems common to vehicles of the era, including overheating and slipping transmission bands.