EXHIBIT 12
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
| First Nine Months | For the Years Ended December 31 | ||||||||||||||||||||||||
| 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||
| Income before income taxes | $ | 2,197 | $ | 1,375 | $ | 1,970 | $ | 1,496 | $ | 2,504 | $ | 2,090 | |||||||||||||
| Less equity in net income/(loss) of affiliated companies | 7 | 10 | 13 | 5 | (22 | ) | (25 | ) | |||||||||||||||||
| Fixed charges | 4,454 | 5,383 | 6,966 | 8,959 | 8,941 | 7,167 | |||||||||||||||||||
| Earnings before fixed charges | $ | 6,644 | $ | 6,748 | $ | 8,923 | $ | 10,450 | $ | 11,467 | $ | 9,282 | |||||||||||||
Fixed Charges | |||||||||||||||||||||||||
| Interest expense | $ | 4,428 | $ | 5,353 | $ | 6,929 | $ | 8,922 | $ | 8,912 | $ | 7,143 | |||||||||||||
| Interest portion of rental expense | 26 | 30 | 37 | 37 | 29 | 24 | |||||||||||||||||||
| Total fixed charges | $ | 4,454 | $ | 5,383 | $ | 6,966 | $ | 8,959 | $ | 8,941 | $ | 7,167 | |||||||||||||
| Ratio of earnings to fixed charges | 1.49 | 1.25 | 1.28 | 1.17 | 1.28 | 1.30 | |||||||||||||||||||
For purposes of the Ford Credit ratio, earnings consist of the sum of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries, less unremitted income/(loss) of affiliated companies, plus fixed charges. Fixed charges consist of interest on borrowed funds, amortization of debt discount, premium, and issuance expense, and one-third of all rental expense (the proportion deemed representative of the interest factor).
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