Ford Motor Credit Earns $193 Million in the First Quarter*

DEARBORN, Mich., April 26 -- Ford Motor Credit Company reported net income of $193 million in the first quarter of 2007, down $55 million from earnings of $248 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $294 million in the first quarter, compared with $382 million in the previous year. The decrease in earnings was more than explained by higher borrowing costs and higher depreciation expense for leased vehicles. The non-recurrence of losses related to market valuation adjustments from non-designated derivatives was a partial offset.

"Our first quarter results, which reflect costs associated with transforming our North American operations, are in line with our expectations," said Mike Bannister, chairman and CEO.

"By month's end, we will have integrated nearly half of our branch offices into our regional business centers, which are originating new contracts consistent with our non-integrated branches. At the same time, our collection efforts within the regional business centers continue to perform well."

On March 31, 2007, Ford Motor Credit's on-balance sheet net receivables totaled $136 billion, compared with $135 billion at year-end 2006. Managed receivables were $147 billion, compared with $148 billion on December 31.

  On March 31, managed leverage was 11.2 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.  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/.

   - - - - -
   * The financial results discussed herein are presented on a preliminary
     basis; final data will be included in our Quarterly Report on Form 10-Q
     for the quarter ended March 31, 2007.

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
                               PRELIMINARY
                     CONSOLIDATED STATEMENT OF INCOME
              For the Periods Ended March 31, 2007 and 2006
                              (in millions)

                                                          First Quarter
                                                      -------------------
                                                         2007       2006
                                                      --------   --------
                                                          (Unaudited)
  Financing revenue
    Operating leases                                  $ 1,495    $ 1,330
    Retail                                                859        907
    Interest supplements and other support costs
     earned from affiliated companies                   1,067        776
    Wholesale                                             540        599
    Other                                                  47         54
                                                      --------   --------
        Total financing revenue                         4,008      3,666
  Depreciation on vehicles subject to operating
   leases                                              (1,475)    (1,181)
  Interest expense                                     (2,149)    (1,793)
                                                      --------   --------
    Net financing margin                                  384        692
  Other revenue
    Investment and other income related to sales
     of receivables                                       109        183
    Insurance premiums earned, net                         44         51
    Other income                                          376         22
                                                      --------   --------
        Total financing margin and other revenue          913        948
  Expenses
    Operating expenses                                    556        519
    Provision for credit losses                            46          5
    Insurance expenses                                     17         42
                                                      --------   --------
        Total expenses                                    619        566
                                                      --------   --------
  Income from continuing operations before income
   taxes                                                  294        382
  Provision for income taxes                              101        134
                                                      --------   --------
    Income from continuing operations before minority
     interests                                            193        248
  Minority interests in net income of subsidiaries          0          0
                                                      --------   --------
    Net income                                        $   193    $   248
                                                      ========   ========

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
                               PRELIMINARY
                        CONSOLIDATED BALANCE SHEET
                              (in millions)

                                                   March 31,    December 31,
                                                     2007          2006
                                                  ------------  -----------
                                                  (Unaudited)
  ASSETS
   Cash and cash equivalents                         $  9,938     $  12,331
   Marketable securities                                5,677        10,161
   Finance receivables, net                           109,755       109,405
   Net investment in operating leases                  26,512        25,939
   Retained interest in securitized assets                936           990
   Notes and accounts receivable from affiliated
    companies                                           1,160           950
   Derivative financial instruments                     1,821         1,804
   Other assets                                         5,845         5,752
                                                  ------------  -----------
         Total assets                                $161,644      $167,332
                                                  ============  ===========

  LIABILITIES AND STOCKHOLDER'S EQUITY
  Liabilities
   Accounts payable
      Customer deposits, dealer reserves and other   $  1,503      $  1,509
      Affiliated companies                              2,669         3,648
                                                  ------------  -----------
         Total accounts payable                         4,172         5,157
   Debt                                               134,905       139,740
   Deferred income taxes                                6,298         6,783
   Derivative financial instruments                       323           296
   Other liabilities and deferred income                4,014         3,588
                                                  ------------  -----------
         Total liabilities                            149,712       155,564

  Minority interests in net assets of
   subsidiaries                                             3             3

  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)       5,124         5,124
   Accumulated other comprehensive income                 847           825
   Retained earnings                                    5,933         5,791
                                                  ------------  -----------
        Total stockholder's equity                     11,929        11,765
                                                  ------------  -----------
        Total liabilities and stockholder's equity   $161,644      $167,332
                                                  ============  ===========

                FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
                          OPERATING HIGHLIGHTS*

                                                          First Quarter
                                                      ----------------------
  Financing Shares                                      2007          2006
                                                      --------      --------
  United States
     Financing share - Ford, Lincoln and Mercury
        Retail installment and lease                      36 %          43 %
        Wholesale                                         79            81
  Europe
     Financing share - Ford
        Retail installment and lease                      25 %          25 %
        Wholesale                                         96            96

  Contract Volume - New and used retail/lease
   (in thousands)
  North America segment
     United States                                       305           398
     Canada                                               35            35
                                                      --------      --------
        Total North America segment                      340           433

  International segment
     Europe                                              185           185
     Other international                                  59            65
                                                      --------      --------
        Total International segment                      244           250
                                                      --------      --------
           Total contract volume                         584           683
                                                      ========      ========

  Borrowing Cost Rate**                                  6.0 %         5.0 %

  Charge-offs  (in millions)
     On-Balance Sheet Receivables
        Retail installment & lease                      $102          $111
        Wholesale                                          4             0
        Other                                              1             -
                                                      --------      --------
           Total charge-offs - on-balance sheet
            receivables                                 $107          $111
                                                      ========      ========
     Total loss-to-receivables ratio                    0.32 %        0.34 %

     Managed Receivables***
        Retail installment & lease                      $120          $136
        Wholesale                                          4             0
        Other                                              1             -
                                                      --------      --------
           Total charge-offs - managed receivables      $125          $136
                                                      ========      ========
     Total loss-to-receivables ratio                    0.34 %        0.37 %

  - - - - -
  *     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 to GAAP.

  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 net investment in operating leases reported on Ford
  Motor Credit's balance sheet include assets included in securitizations
  that do not qualify for accounting sale treatment.  These assets are
  available only for repayment of the debt or other obligations issued or
  arising in the securitization transactions; they 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 obligations issued or arising in securitizations that are
  payable only out of collections on the underlying securitized assets and
  related enhancements.

  RECONCILIATION OF MEASURES TO GAAP:

  Managed Leverage Calculation                       March 31,  December 31,
                                                       2007         2006
                                                     ----------  ----------
                                                          (in billions)

  Total debt                                           $134.9       $139.7
  Securitized off-balance sheet
   receivables outstanding                               11.1         12.2
  Retained interest in securitized
   off-balance sheet receivables                         (0.9)        (1.0)
  Adjustments for cash and cash
   equivalents, and marketable securities*              (15.6)       (21.8)
  Fair value hedge accounting adjustments                (0.2)        (0.1)
                                                     ----------  ----------
     Total adjusted debt                               $129.3       $129.0
                                                     ==========  ==========
  Total stockholder's equity (including
   minority interest)                                   $11.9        $11.8
  Fair value hedge accounting adjustments                (0.4)        (0.5)
                                                     ----------  ----------
     Total adjusted equity                              $11.5        $11.3
                                                     ==========  ==========
  Managed leverage (to 1) = adjusted debt
   / adjusted equity                                     11.2         11.4
  Memo:  Financial statement leverage (to 1) =
   total debt / stockholder's equity                     11.3         11.9

  Net Finance Receivables and Operating          Managed Receivables
   Leases                               -----------------------------------
                                        On-Balance   Off-Balance
                                           Sheet       Sheet        Total
                                        -----------  -----------  ---------
  March 31, 2007                                    (in billions)

  Retail installment                        $69.9       $11.1        $81.0
  Wholesale                                  36.2           -         36.2
  Other finance receivables                   3.7           -          3.7
  Net investment in operating leases         26.5           -         26.5
                                        -----------  -----------  ---------
   Total net finance receivables and
    operating leases                       $136.3       $11.1       $147.4
                                        ===========  ===========  =========
  December 31, 2006
  Retail installment                        $70.4       $12.2        $82.6
  Wholesale                                  35.2           -         35.2
  Other finance receivables                   3.8           -          3.8
  Net investment in operating leases         25.9           -         25.9
                                        -----------  -----------  ---------
   Total net finance receivables and
    operating leases                       $135.3       $12.2       $147.5
                                        ===========  ===========  =========

  - - - - -
  *  Excludes about $700 million of marketable securities related to
     insurance activities and at March 31, 2007 includes about $700
     million of restricted cash related to on-balance sheet
     securitizations reported in Other assets on our financial statements.