It was the fourth and last iteration of the second generation of the Falcon and included the Ford Fairmont (XY)—the luxury-oriented version.

[3] The XY was a facelift of the XW, featuring a new divided grille and redesigned tail lights.

[3] A new range of six-cylinder and V8 engines was introduced, and improvements were made to seating, safety equipment and ride quality.

[6] A GS Rally Pack was available as an option on the Falcon 500, Futura and Fairmont Sedans and Wagons.

A 250 hp (190 kW) version of the Cleveland engine, with a two-barrelled 2V (venturi) carburetor was the top option on the XY Falcon and ZD Fairmont range.