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Ford Credit Earns $309 Million in the Fourth Quarter, up 32 Percent

26 January 2000

Ford Credit Earns $309 Million in the Fourth Quarter, up 32 Percent

    DEARBORN, Mich., Jan. 26 -- Ford Credit earned $309 million
in the fourth quarter of 1999, up $75 million, or 32 percent from fourth
quarter 1998, Chairman and Chief Executive Officer Donald A. Winkler announced
today.
    Full year earnings in 1999 were $1,261 million, up $177 million or
16 percent, compared with a year ago.  Compared with 1998, the increase in
earnings reflects a higher level of finance receivables and improved credit
loss performance, offset partially by higher operating costs.
    "Our target was a 10-percent improvement of net income over our 1998
results.  I'm pleased to report that we ended the year with a 16-percent
improvement," Winkler said.
    Ford Credit's total net finance receivables increased to $141.6 billion at
December 31, compared with $130.5 billion in the previous year.
    As the world's largest automotive finance company, Ford Credit provides
vehicle financing in 36 countries for more than nine million customers and
11,000 automotive dealers.

           Ford Motor Credit Company and Consolidated Subsidiaries

                             OPERATING HIGHLIGHTS

                                                         Full Year
                                                   1999            1998
    Income (in Millions)
        Income Before Income Taxes              $2,103.8        $1,812.2
        Net Income                               1,261.1         1,084.2
        Memo:  Depreciation Expense             $7,564.5        $7,327.4

    Market Share
        Ford Retail & Lease    United States        47.2%           42.5%
                               Europe               32.8            32.5

        Ford Wholesale         United States        83.5%           82.5%
                               Europe               96.4            95.4

    Contract Volume - New and Used Retail/Lease
     (in Thousands)
        United States                              3,139           2,794
        Europe                                       829             801
        Other International                          525             573
             Total Contract Volume                 4,493           4,168

    Assets (in Millions)
        Net Finance Receivables               $108,753.8       $95,941.6
        Net Investment in Operating Leases      32,838.2        34,566.5
            Total Net Finance Receivables     $141,592.0      $130,508.1
        Other Assets                            15,038.7         6,739.7
            Total Assets                      $156,630.7      $137,247.8

    Liabilities and Stockholder's Equity (in Millions)
        Liabilities
            Debt - Payable within one year     $69,741.1       $63,322.4
            Debt - Payable after one year       63,332.6        51,644.9
                Total Debt                    $133,073.7      $114,967.3
            Other Liabilities                   12,218.5        11,289.8
                Total Liabilities             $145,292.2      $126,257.1

        Minority Interests in Net
         Assets of Subsidiaries                   414.4            346.0
        Stockholder's Equity                   10,924.1         10,644.7
            Total Liabilities and Stockholder's
             Equity                          $156,630.7       $137,247.8