Ford Credit Earns $367 Million in the Second Quarter

    DEARBORN, Mich., July 18 Ford Credit earned $367 million
in the second quarter of 2001, with total earnings for the first half of 2001
totaling $760 million.
    Excluding adjustments related to SFAS 133 (Accounting for Derivative
Instruments and Hedging Activities), Ford Credit earned $399 million, up 3
percent from second quarter 2000 earnings of $388 million.
    The $11 million increase (excluding SFAS 133) reflects primarily higher
financing volume and net margin, and improved investment and other income,
offset partially by higher credit losses.  The increase in credit losses
reflects the restructuring of North American operations, changes in the
economic environment, and an increase in loss per charge-off.
    After-tax return on average equity was 13 percent in the second quarter of
2001, compared with 13.4 percent in the same period a year earlier.  Excluding
SFAS 133, earnings for the first half of 2001 totaled $805 million, up 9
percent from the first half of 2000.
    "We achieved earnings growth in the second quarter despite increased
challenges in the external environment," said Donald A. Winkler, Chairman and
CEO of Ford Motor Credit Company.  "We continue to remain focused on improving
our core businesses -- achieving solid growth and improved efficiencies, while
we keep a careful watch on the economy."
    Ford Credit's total net finance receivables increased to $165.2 billion as
of June 30, 2001, compared with $156 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 more than 12,500 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
                                                         Second Quarter
                                                       2001          2000

    Income (in Millions)
      Income Before Income Taxes                     $584.3        $632.1
      Net Income                                      366.7         387.7
      Memo: Depreciation Expense                   $2,250.0      $2,018.1

    Market Share
      Ford Retail & Lease    United States             43.9%         47.8%
                             Europe                    36.8          33.0

      Ford Wholesale         United States             86.4%         82.4%
                             Europe                    97.3          94.8

    Contract Volume - New and Used Retail/Lease (in Thousands)
      United States                                     945           980
      Europe                                            261           206
      Other International                               189           172
        Total Contract Volume                         1,395         1,358

    Assets (in Millions)
      Net Finance Receivables                    $125,615.7    $119,005.8
      Net Investment in Operating Leases           39,535.8      36,977.0
        Total Net Finance Receivables            $165,151.5    $155,982.8
      Other Assets                                 16,893.3      11,837.9
        Total Assets                             $182,044.8    $167,820.7


    Liabilities and Stockholder's Equity (in Millions)
      Liabilities
        Debt - Payable within one year            $60,091.1     $63,382.4
        Debt - Payable after one year              93,765.0      77,571.0
          Total Debt                             $153,856.1    $140,953.4
        Other Liabilities                          16,190.4      14,709.2
          Total Liabilities                      $170,046.5    $155,662.6

      Minority Interests in Net Assets
       of Subsidiaries                                 16.8         416.6
      Stockholder's Equity                         11,981.5      11,741.5
          Total Liabilities and
           Stockholder's Equity                  $182,044.8    $167,820.7

    Selected Financial Metrics Excluding SFAS 133
      Income Before Income Taxes                     $635.1
      Net Income                                      398.6
      Leverage                                       12.2:1
      Stockholder's Equity                        $12,479.2