Ford Credit Earns $393 Million in the First Quarter

    DEARBORN, Mich., April 19 Ford Credit earned $393 million
in the first quarter of 2001, Chairman and Chief Executive Officer Donald A.
Winkler announced today.
    Excluding adjustments related to SFAS 133, Ford Credit earned $406 million
-- a record for any first quarter.  A year ago, first quarter earnings were
$353 million.  The earnings increase of $53 million, or 15 percent (excluding
SFAS 133), reflects primarily higher financing volume.  Improvements in
investment and other income offset higher credit losses primarily associated
with the restructuring of North American operations and lower net financing
margins.  After-tax return on average equity improved to 13.3 percent in the
first quarter 2001, compared with 12.7 percent a year earlier.
    "We've had an outstanding start to 2001, evidenced by strong improvement
in after-tax return on equity and great progress in our earnings growth,"
Winkler said.  "This means we're on track toward achieving both of our
corporate milestones for this year."
    Ford Credit's total net finance receivables increased to $162.3 billion as
of March 31, 2001, compared with $149.9 billion in the same period of the
previous year.
    Ford Credit is a wholly owned subsidiary of Ford Motor Company
and is the world's largest automotive finance company.  Now in its 42nd year,
Ford Credit provides vehicle financing in 40 countries to more than 10 million
customers and 12,000 automotive dealers.  More information about Ford Credit
can be found on the World Wide Web at http://www.fordcredit.com .

           Ford Motor Credit Company and Consolidated Subsidiaries

                             OPERATING HIGHLIGHTS


                                                   First Quarter
                                              2001            2000

    Income (in Millions)
        Income Before Income Taxes           $625.7          $577.1
        Net Income                            393.5           353.1
        Memo:  Depreciation Expense        $2,121.4        $1,858.4


    Market Share
        Ford Retail & Lease  United States     44.9%           46.3%
                             Europe            30.3            30.7

        Ford Wholesale       United States     86.1%           86.3%
                             Europe            95.6            97.0


    Contract Volume - New and Used Retail/Lease (in Thousands)
        United States                           853             847
        Europe                                  229             206
        Other International                     169             158
             Total Contract Volume            1,251           1,211


    Assets (in Millions)
        Net Finance Receivables          $123,548.3      $114,373.9
        Net Investment in Operating
         Leases                            38,730.4        35,517.5
            Total Net Finance
             Receivables                 $162,278.7      $149,891.4
        Other Assets                       12,877.6        11,843.7
            Total Assets                 $175,156.3      $161,735.1


    Liabilities and Stockholder's Equity (in Millions)
        Liabilities
            Debt - Payable within one
             year                         $58,559.1       $65,320.7
            Debt - Payable after one
             year                          89,388.4        71,375.7
                Total Debt               $147,947.5      $136,696.4
            Other Liabilities              15,534.0        13,092.5
                Total Liabilities        $163,481.5      $149,788.9

        Minority Interests in Net Assets of
         Subsidiaries                          17.3           421.5
        Stockholder's Equity               11,657.5        11,524.7
            Total Liabilities and
             Stockholder's Equity        $175,156.3      $161,735.1

    Selected Financial Metrics Excluding SFAS 133
        Income Before Income Taxes           $646.0
        Net Income                            406.3
        Leverage                             12.0:1
        Stockholder's Equity              $12,158.2