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Ford Credit First to Offer Internet Trading

31 March 1999

Ford Credit First to Offer Internet Trading

    DEARBORN, Mich., March 31 -- When Denise Hammond, West
Bloomfield Township treasurer, wanted to invest taxpayer funds in commercial
paper, she used to spend minutes on the phone completing a transaction.  Now a
multi-million dollar transaction with Ford Credit can be made over the
Internet in mere seconds.  Today, Ford Credit becomes the first direct issuer
to sell commercial paper on the Worldwide Web.
    Never before has a company offered institutional investors the ability to
purchase commercial paper over the Internet.  As the second largest direct
issuer of commercial paper with outstandings in excess of $35 billion, Ford
Credit has opened up electronic trading to investors who previously could not
justify the cost of buying special equipment for electronic purchases.
    "Presently, four to six billion dollars of Ford Credit's commercial paper
is traded in a five hour period each morning over the telephone.  Now some of
these trades will take place on the Internet, giving our investors greater
control over their transactions," said Paul Nichol, manager, Ford Credit
Treasury.
    This development is made possible because of Ford Motor Company's
huge investment in its Internet capability.  "With Ford's
infrastructure in place, Ford Credit was able to employ leading edge
technology to create a level of interactivity with the external Internet,"
said Nichol.
    Hammond was the first to pilot Ford Credit's program.  She is among the
first investors, ranging from local government treasurers to the largest
institutional investors, expected to take advantage of the speed, convenience
and efficiency of purchasing Ford Credit's commercial paper on the Internet.
    "A survey of our investors indicate that as many as 40 percent wanted the
efficiency and convenience of this technology, but not everyone could justify
the cost of purchasing this service through proprietary providers," said
Nichol.  "With the advent of the Internet, we can now offer electronic trading
to all of our commercial paper investors."
    Ford Credit benefits as well from selling commercial paper on-line.
Operating costs are lower, time is saved and Ford Credit gains a significant
competitive advantage over other commercial paper issuers.
    These notes are available to institutional investors in bearer form for
maturity on any business day between one and 270 days.  For individual
investors, information on Ford Credit's Money Market Account can be found on
the Internet.  Both investments are located on Ford Credit's web site at
http://www.fordcredit.com.