Ford Motor Credit Earns $577 Million in the Third Quarter

DEARBORN, Mich., Oct. 20, 2005 -- Ford Motor Credit Company reported net income of $577 million in the third quarter of 2005, down $157 million from a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $901 million in the third quarter, compared with $1.1 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs and the impact of lower receivable levels, offset partially by improved credit loss performance.

"We continue to make good progress on a number of key business drivers, especially credit loss performance," said Mike Bannister, chairman and CEO. "Despite the challenging business environment, Ford Motor Credit generated solid results."

On September 30, 2005, Ford Motor Credit's on-balance sheet net receivables totaled $114 billion, compared with $133 billion on December 31, 2004. Managed receivables were $149 billion on September 30, down from $168 billion on December 31. The lower receivables primarily reflected lower retail placement volumes and wholesale inventory levels.

Ford Motor Credit paid dividends of $1.1 billion during the quarter. On September 30, managed leverage was 12.5 to 1.

Ford Motor Credit Company is one of the world's largest automotive finance companies and has supported the sale of Ford products since 1959. With about 16,000 employees, Ford Motor Credit operates in 37 countries and manages approximately $150 billion in receivables. Ford Motor Credit is an indirect, wholly owned subsidiary of Ford Motor Company. It provides automotive financing for Ford, Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Mazda and Volvo dealers and customers. More information can be found at http://www.fordcredit.com/ and at Ford Motor Credit's investor center, http://www.fordcredit.com/investorcenter/ .

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES

                     CONSOLIDATED STATEMENT OF INCOME
            For the Periods Ended September 30, 2005 and 2004
                              (in millions)

                                      Third Quarter          Nine Months
                                   -------------------   -------------------
                                    2005        2004       2005       2004
                                   --------- ---------   --------- ---------
                                      (Unaudited)           (Unaudited)
   Financing revenue
      Operating leases             $1,316      $1,419     $4,013     $4,470
      Retail                        1,026       1,153      3,108      3,305
      Interest supplements and
       other support costs earned
       from affiliated companies      796         802      2,434      2,539
      Wholesale                       268         200        795        582
      Other                            53          54        164        163
                                   ------      ------     ------     ------
           Total financing revenue  3,459       3,628     10,514     11,059
   Depreciation on vehicles
    subject to operating leases    (1,125)     (1,133)    (3,297)    (3,682)
   Interest expense                (1,444)     (1,338)    (4,256)    (3,962)
                                   ------      ------     ------     ------
      Net financing margin            890       1,157      2,961      3,415
   Other revenue
      Investment and other income
       related to sales
       of receivables                 334         476      1,222      1,510
      Insurance premiums earned,
       net                             48          46        152        167
      Other income                    315         277        628        796
                                   ------      ------     ------     ------
           Total financing margin
            and other revenue       1,587       1,956      4,963      5,888
   Expenses
      Operating expenses              557         534      1,607      1,567
      Provision for credit losses      81         252         87        602
      Insurance expenses               48          36        145        147
                                   ------      ------     ------     ------
           Total expenses             686         822      1,839      2,316
                                   ------      ------     ------     ------
   Income from continuing
    operations before income
    taxes                             901       1,134      3,124      3,572
   Provision for income taxes         324         423      1,137      1,314
                                   ------      ------     ------     ------
      Income from continuing
       operations before minority
       interests                      577         711      1,987      2,258

  Minority interests in net
    income of subsidiaries              -           -          1          1
                                   ------      ------     ------     ------
      Income from continuing
       operations                     577         711      1,986      2,257

  Income from discontinued
   operations                           -          23         37         62
  Gain on disposal of discontinued
   operations                           -           -          4          -
                                   ------      ------     ------     ------
      Net income                   $  577      $  734     $2,027     $2,319
                                   ======      ======     ======     ======

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES

                        CONSOLIDATED BALANCE SHEET
                              (in millions)

                                            September 30,     December 31,
                                                2005             2004
                                           --------------   --------------
                                            (Unaudited)
  ASSETS
      Cash and cash equivalents                $18,952          $12,668
      Investments in securities                    712              653
      Finance receivables, net                  92,188          110,851
      Net investment in operating leases        22,260           21,866
      Retained interest in securitized assets    4,415            9,166
      Notes and accounts receivable from
       affiliated companies                      1,415            1,780
      Derivative financial instruments           3,076            6,930
      Assets of discontinued operations              -            2,186
      Other assets                               6,148            6,521
                                              --------         --------
          Total assets                        $149,166         $172,621
                                              ========         ========

  LIABILITIES AND STOCKHOLDER'S EQUITY
  Liabilities
      Accounts payable
          Customer deposits, dealer reserves
           and other                          $  1,533         $  1,645
          Affiliated companies                   1,032              819
                                              --------         --------
              Total accounts payable             2,565            2,464
      Debt                                     121,642          144,274
      Deferred income taxes, net                 8,572            7,593
      Derivative financial instruments             964              911
      Liabilities of discontinued operations         -               93
      Other liabilities and deferred income      4,846            5,802
                                              --------         --------
          Total liabilities                    138,589          161,137

  Minority interests in net assets of
   subsidiaries                                     14               13

  Stockholder's equity
      Capital stock, par value $100 a share,
       250,000 shares authorized, issued
       and outstanding                              25               25
      Paid-in surplus (contributions by
       stockholder)                              5,117            5,117
      Accumulated other comprehensive income       478              855
      Retained earnings                          4,943            5,474
                                              --------         --------
          Total stockholder's equity            10,563           11,471
                                              --------         --------
          Total liabilities and stockholder's
           equity                             $149,166         $172,621
                                              ========         ========

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
                          OPERATING HIGHLIGHTS*

                                       Third Quarter          Nine Months
                                    ------------------    ------------------
  Financing Shares                    2005       2004       2005       2004
                                    --------  --------    --------  --------
  United States
   Financing share - Ford, Lincoln
    and Mercury
     Retail installment and lease      28%        55%        37%        44%
     Wholesale                         81         84         81         84
  Europe
   Financing share - Ford
    Retail installment and lease       28%        29%        28%        28%
    Wholesale                          94         97         96         97

  Contract Volume - New and used
   retail/lease (in thousands)
  North America segment
    United States                     335        549      1,169      1,387
    Canada                             52         46        134        134
                                     ----       ----      -----      -----
     Total North America segment      387        595      1,303      1,521

  International segment
    Europe                            179        186        571        596
    Other international                74         67        212        203
                                     ----       ----      -----      -----
     Total International segment      253        253        783        799
                                     ----       ----      -----      -----
      Total contract volume           640        848      2,086      2,320
                                     ====       ====      =====      =====

  Borrowing Cost Rate**               4.7%       4.0%       4.4%       3.8%

  Charge-offs (in millions)
   On-Balance Sheet
    Retail installment & lease       $181       $325       $488       $923
    Wholesale                          (6)        10         10         19
    Other                               0          0         (5)        (1)
                                     ----       ----       ----       ----
     Total on-balance sheet
      charge-offs                    $175       $335       $493       $941
                                     ====       ====       ====       ====

  Total loss-to-receivables ratio    0.58%      1.04%      0.53%      0.97%

  Managed***
    Retail installment & lease       $217       $384       $604     $1,173
     Wholesale                         (6)        11         10         20
     Other                              0          0         (5)        (1)
                                     ----       ----       ----     ------

     Total managed charge-offs       $211       $395       $609     $1,192
                                     ====       ====       ====     ======

  Total loss-to-receivables ratio    0.55%      0.94%      0.50%      0.92%

  - - - - -
  *   Continuing operations
  **  On-balance sheet debt, includes the effect of interest rate swap
      agreements
  *** See appendix for additional information

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
                                 APPENDIX

In evaluating Ford Motor Credit's financial performance, Ford Motor Credit management uses financial statements and other financial measures in accordance with Generally Accepted Accounting Principles (GAAP). Included below are brief definitions of key terms, information about the impact of on-balance sheet securitization and a reconciliation of other measures.

KEY TERMS:

  -- Managed receivables:  receivables reported on Ford Motor Credit's
     balance sheet and receivables Ford Motor Credit sold in off-balance
     sheet securitizations and continues to service
  -- Charge-offs on managed receivables:  charge-offs associated with
     receivables reported on Ford Motor Credit's balance sheet and
     charge-offs associated with receivables that Ford Motor Credit sold in
     off-balance sheet securitizations and continues to service

IMPACT OF ON-BALANCE SHEET SECURITIZATION: finance receivables (retail and

  wholesale) and investments in operating leases reported on Ford Motor
  Credit's balance sheet include assets transferred in securitizations that
  do not qualify for accounting sale treatment.  These assets have been
  legally transferred to Ford Motor Credit sponsored special purpose
  entities and are available only to pay the obligations of the special
  purpose entities and are not available to pay the other obligations of
  Ford Motor Credit or the claims of Ford Motor Credit's other creditors.
  Debt reported on Ford Motor Credit's balance sheet includes debt issued
  by these special purpose entities to securitization investors which is
  payable out of collections on the assets supporting the securitizations
  and is not the legal obligation of Ford Motor Credit or its other
  subsidiaries.

  RECONCILIATION OF MEASURES:

  Managed Leverage Calculation              September 30,      December 31,
                                                2005              2004
                                            -------------    -------------
                                                     (in billions)
  Total debt                                   $121.6           $144.3
  Securitized off-balance sheet receivables
   outstanding                                   35.0             37.7*
  Retained interest in securitized off-balance
   sheet receivables                             (4.4)            (9.5)**
  Adjustments for cash and cash equivalents     (19.0)           (12.7)
  Adjustments for SFAS No. 133                   (2.0)            (3.2)
                                               ------           ------
   Total adjusted debt                         $131.2           $156.6
                                               ======           ======

  Total stockholder's equity (including
   minority interest)                          $ 10.6           $ 11.5
  Adjustments for SFAS No. 133                   (0.1)            (0.1)
                                               ------           ------
  Total adjusted equity                        $ 10.5           $ 11.4
                                               ======           ======

  Managed leverage (to 1) = adjusted debt/
   adjusted equity                               12.5             13.7
  Memo:  Financial statement leverage
   (to 1) = total debt / stockholder's equity    11.5             12.6

  Net Finance Receivables and
   Operating Leases                            Managed Receivables
                                     ----------------------------------
                                     On-Balance   Off-Balance
                                        Sheet        Sheet        Total
                                     ----------- ------------- -----------
  September 30, 2005                             (in billions)
  Retail installment                   $ 68.2        $18.8       $ 87.0
  Wholesale                              19.1         16.2         35.3
  Other finance receivables               4.9          0.0          4.9
  Net investment in operating leases     22.2          0.0         22.2
                                       ------        -----       ------
   Total net finance receivables
    and operating leases               $114.4        $35.0       $149.4
                                       ======        =====       ======

  December 31, 2004
  Retail installment                   $ 81.7        $16.7       $ 98.4
  Wholesale                              23.8         18.9         42.7
  Other finance receivables               5.3          0.0          5.3
  Net investment in operating leases     21.9          0.0         21.9
                                       ------        -----       ------
  Total net finance receivables and
   operating leases                    $132.7        $35.6       $168.3
                                       ======        =====       ======

  - - - - -
  *   Includes securitized funding from discontinued operations
  **  Includes retained interest in securitized receivables from
      discontinued operations