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Ford Credit Earns $335 Million in the Second Quarter

14 July 1999

Ford Credit Earns $335 Million in the Second Quarter, Up 12 Percent

    DEARBORN, Mich., July 14 -- Ford Credit earned $335 million
in the second quarter of this year, up $35 million or 12 percent, from a year
ago, Chairman and Chief Executive Officer Philippe Paillart announced today.
    Compared with the second quarter of 1998, the increase in earnings
reflects higher financing volumes, improved credit loss performance and lower
taxes offset partially by lower net financing margins.
    "Our second quarter results have helped us achieve 10 percent earnings
growth for the first half of 1999, putting us in reach of our full year
milestone earnings growth goal of 10 percent," said Paillart.  "We have a
number of customer-focused initiatives underway which are expected to
strengthen this momentum."
    Ford Credit's total net finance receivables increased to $135.0 billion at
June 30, compared with $121.1 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

                                                     Second Quarter
                                                 1999               1998

    Income (in Millions)
      Income Before Income Taxes                 $556.6             $503.9
      Net Income                                  335.3              299.8
      Memo:  Depreciation Expense              $1,954.1           $1,841.2

    Market Share
      Ford Retail & Lease  United States           42.5%              38.6%
                           Europe                  32.7               30.5
      Ford Wholesale       United States           83.3%              78.3%
                           Europe                  95.9               96.5

    Contract Volume - New and Used Retail/Lease (in Thousands)
      United States                                 835                742
      Europe                                        224                198
      Other International                           147                130
        Total Contract Volume                     1,206              1,070

    Assets (in Millions)
      Net Finance Receivables                $100,317.7          $84,836.4
      Net Investment in Operating Leases       34,643.1           36,240.9
        Total Net Finance Receivables        $134,960.8         $121,077.3
      Other Assets                             13,035.0            7,141.7
        Total Assets                         $147,995.8         $128,219.0

    Liabilities and Stockholder's Equity (in Millions)
      Liabilities
        Debt - Short Term                     $58,713.2          $47,613.3
        Debt - Long Term                       65,720.7           59,292.3
          Total Debt                         $124,433.9         $106,905.6
        Other Liabilities                      12,143.6           10,543.7
          Total Liabilities                  $136,577.5         $117,449.3

    Minority Interests in Net Assets
     of Subsidiaries                              396.3              357.1
    Stockholder's Equity                       11,022.0           10,412.6
        Total Liabilities and
         Stockholder's Equity                $147,995.8         $128,219.0