---

Ford Credit Earns $300 Million in the First Quarter, Up 8 Percent

15 April 1999

Ford Credit Earns $300 Million in the First Quarter, Up 8 Percent

    DEARBORN, Mich., April 15 -- Ford Credit earned $300 million
in the first quarter of this year, up $22 million or 8 percent, from a year
ago, Chairman and Chief Executive Officer Philippe Paillart announced today.
    Compared with the first quarter of 1998, the increase in earnings reflects
higher financing volumes, improved credit loss performance and lower taxes
offset partially by higher depreciation expense on leased vehicles.
    "Our first quarter earnings improvement of 8 percent from 1998, puts us on
track for achieving our 1999 full-year earnings growth of 10 percent," said
Paillart.  "We're pleased to see our customer base grow as we sharpen our
focus on meeting the consumer's financial needs."
    Ford Credit's total finance receivables increased to $131.8 billion on
March 31, compared with $117.6 billion a year earlier.
    As the world's largest automotive finance company, Ford Credit provides
vehicle financing in 36 countries for more than eight million customers and
11,000 automotive dealers.

           Ford Motor Credit Company and Consolidated Subsidiaries

                             OPERATING HIGHLIGHTS


                                                      First Quarter
                                                  1999            1998

    Income (in Millions)
        Income Before Income Taxes              $498.9          $489.2
        Net Income                               299.8           277.8
        Memo:  Depreciation Expense            1,841.3         1,682.0

    Market Share
        Ford Retail & Lease    United States      45.2%           38.3%
                               Europe             30.3            26.3
        Ford Wholesale         United States      83.0%           79.5%
                               Europe             94.8            94.9

    Contract Volume - New and Used Retail/Lease (in Thousands)
        United States                              738             627
        Europe                                     217             192
        Other International                        120              99
             Total Contract Volume               1,075             918

    Assets (in Millions)
        Net Finance Receivables              $96,814.7       $82,335.8
        Net Investment in Operating Leases    35,004.7        35,299.1
            Total Net Finance Receivables   $131,819.4      $117,634.9
        Other Assets                           8,823.3         6,897.6
            Total Assets                    $140,642.7      $124,532.5


    Liabilities and Stockholder's Equity (in Millions)
        Liabilities
            Debt - Short Term                $53,362.4       $48,798.9
            Debt - Long Term                  64,584.7        55,481.4
                Total Debt                  $117,947.1      $104,280.3
            Other Liabilities                 11,413.9         9,878.0
                Total Liabilities           $129,361.0      $114,158.3

        Minority Interests in Net Assets
         of Subsidiaries                         385.2           497.8
        Stockholder's Equity                  10,896.5         9,876.4
            Total Liabilities and
             Stockholder's Equity           $140,642.7      $124,532.5