Ford Motor Credit (FCZ) 8-K FORD CREDIT EARNS RECORD $1.8 BILLION IN 2003 Fourth Quarter Earnings of $470 Million Reported

Exhibit 99.1

Contact:	Daniel Jarvis
	313-594-2527
	djarvis1@ford.com

FOR IMMEDIATE RELEASE

FORD CREDIT EARNS RECORD $1.8 BILLION IN 2003
Fourth Quarter Earnings of $470 Million Reported

DEARBORN, Mich., January 22, 2004 — Ford Motor Credit Company reported record net income of $1.8 billion in 2003, up $583 million from earnings of $1.2 billion a year earlier. On a pre-tax basis from continuing operations, Ford Credit earned $3.0 billion in 2003 compared with $2.0 billion in 2002. The increase in earnings primarily reflected a lower provision for credit losses, the favorable market valuation of derivative instruments and associated exposures, offset partially by the impact of lower average net receivables.

In the fourth quarter of 2003, Ford Credit’s net income was $470 million, up $116 million from $354 million in the same period a year earlier. On a pre-tax basis from continuing operations, Ford Credit earned $839 million in the fourth quarter of 2003 compared with $594 million in 2002. The increase in earnings primarily reflected a lower provision for credit losses, the favorable market valuation of derivative instruments and associated exposures, offset partially by lower sales of receivables.

“Ford Credit has excellent liquidity and diversified funding sources, and we continue to deliver solid earnings and dividends to Ford Motor Company,” said Greg C. Smith, chairman and CEO. “We are focused on supporting Ford and its dealers by delivering high levels of customer and dealer satisfaction and loyalty.”

On December 31, 2003, receivables on Ford Credit’s balance sheet totaled $132 billion, up $6 billion from December 31, 2002. The increase primarily reflected the accounting consolidation of a Ford Credit asset-backed commercial paper program in May 2003, offset partially by lower lease and retail placement volumes, and receivables sold in securitizations and whole-loan sale transactions. Managed receivables were $182 billion on December 31, 2003, compared with $197 billion on December 31, 2002, reflecting primarily lower retail and lease placement volumes.

In December 2003, Ford Credit paid a dividend of $800 million resulting in full year dividends of $3.7 billion. At December 31, 2003, managed leverage was 13.0 to 1.

Ford Credit is a wholly owned subsidiary of Ford Motor Company. Now in its 45th year, Ford Credit provides vehicle financing in 36 countries to more than 11 million customers and more than 12,500 automotive dealers. More information can be found atwww.fordcredit.comand at Ford Credit’s investor center,www.fordcredit.com/investorcenter/.

Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

Net Income

			Fourth Quarter						Full Year
			2003			2002			2003			2002
						(in millions)
Income from continuing operations			$	523		$	371		$	1,869		$	1,232
(Loss)/income from discontinued operations				(53	)		(17	)		(52	)		2
	Net income		$	470		$	354		$	1,817		$	1,234
Memo: SFAS No. 133 included above			$	72		$	(28	)	$	182		$	(141	)
		Financial statement return on equity		15	%		10	%		14	%		9	%
		Income before income taxes from continuing operations	$	839		$	594		$	3,035		$	1,965

Balance Sheet Summary

					December 31,
										Sept 30,
					2003			2002		2003
								(in billions)
Assets
		Finance receivables
			Retail installment		$	77.8	*	$	68.4	$	80.0	*
			Wholesale			22.5			16.4		18.6
			Other			8.6			9.8		8.8
				Total net finance receivables	$	108.9		$	94.6	$	107.4
		Net investment in operating leases				23.2			31.3		24.5
				Total net finance receivables and operating leases	$	132.1		$	125.9	$	131.9
		Retained interest in securitized assets				13.0			17.6		10.2
		All other assets				33.7			26.7		36.3
				Total assets	$	178.8		$	170.2	$	178.4
Liabilities and Stockholder’s Equity
		Debt — short-term			$	24.7	*	$	16.2	$	27.3	*
		Debt — long-term (includes notes payable within 1 year)				125.0			124.1		122.3
				Total debt	$	149.7		$	140.3	$	149.6
		All other liabilities				16.6			16.3		16.3
				Total liabilities	$	166.3		$	156.6	$	165.9
		Stockholder’s equity				12.5			13.6		12.5
				Total liabilities and stockholder’s equity	$	178.8		$	170.2	$	178.4
Memo: Financial statement leverage (to 1)**						12.0			10.3		12.0
Managed Receivables**
		Finance receivables
			Retail installment		$	106.9		$	117.3	$	111.0
			Wholesale			42.8			38.9		36.4
			Other			8.6			9.8		8.8
				Total net finance receivables	$	158.3		$	166.0	$	156.2
		Net investment in operating leases				23.2			31.3		24.5
				Total managed	$	181.5		$	197.3	$	180.7
Memo:
	Managed leverage (to 1)**					13.0			12.8		12.7
	Receivables sold in whole-loan sales transactions				$	7.3		$	5.0	$	5.8

*	See appendix for impact of on-balance sheet securitization
**	See appendix for additional information

Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

Select Operating & Financial Metrics

						Fourth Quarter						Full Year
						2003			2002			2003			2002
Financing Shares
	Ford & Lincoln/Mercury retail installment & lease				United States		39	%		36	%		39	%		42	%
					Europe		33			34			31			34
	Ford & Lincoln/Mercury wholesale				United States		82			86			82			85
					Europe		99			99			97			97
Contract Volume — New and used retail/lease (in thousands)
			United States				429			490			1,980			2,512
			Europe				187			211			836			917
			Other international				154			157			631			668
				Total contract volume			770			858			3,447			4,097
Borrowing Cost Rate							3.8	%		4.7	%		4.2	%		5.1	%
Credit Losses(in millions)
	On-balance sheet
			Retail installment & lease			$	515		$	614		$	1,871		$	2,292
			Wholesale				110			17			148			40
			Other				9			8			25			30
				Total		$	634		$	639		$	2,044		$	2,362
	Loss-to-receivables (LTR)
			Retail installment & lease				2.15	%*		2.29	%		1.97	%*		2.05	%
			Wholesale				2.21			0.42			0.79			0.25
				Total including other			2.04	%*		1.92	%		1.67	%*		1.72	%
	Provision for credit losses (in millions)					$	489		$	709		$	1,998		$	2,971
	Allowance for credit losses (in billions)						3.0			3.2			3.0			3.2
	Allowance as a pct. of end-of-period receivables						2.28	%		2.51	%		2.28	%		2.51	%
	Managed **
			Retail installment & lease			$	718		$	760		$	2,640		$	2,740
			Wholesale				109			23			148			46
			Other				9			8			25			30
				Total		$	836		$	791		$	2,813		$	2,816
	Loss-to-receivables (LTR)
			Retail installment & lease				2.17	%		1.95	%		1.91	%		1.73	%
			Wholesale				1.09			0.25			0.37			0.13
				Total including other			1.85	%		1.56	%		1.50	%		1.39	%
			Memo: Ford Credit U.S. retail & lease				2.15	%		1.87	%		1.89	%		1.50	%
Sales of Receivables(in millions)
	Investment and other income related to receivable sales:
			Net gain-on-sale of finance receivables			$	108		$	241		$	436		$	529
			Servicing fees				149			186			677			700
			Interest income from retained securities				133			157			679			606
			Excess spread and other				236			274			973			775
				Investment and other income related to receivables sales		$	626		$	858		$	2,765		$	2,610
			Less: Whole-loan income				(90	)		(79	)		(234	)		(79	)
				Income related to off-balance sheet securitizations		$	536		$	779		$	2,531		$	2,531
	Memo: Income related to off-balance sheet securitizations if reported on-balance sheet
			Financing revenue			$	1,049		$	1,319		$	4,660		$	5,141
			Borrowing cost				(293	)		(497	)		(1,491	)		(2,205	)
				Net financing margin		$	756		$	822		$	3,169		$	2,936
			Credit losses				(166	)		(152	)		(677	)		(454	)
				Income before taxes		$	590		$	670		$	2,492		$	2,482
* Includes credit losses on reacquired receivables
		Total excluding credit losses on reacquired receivables					1.93	%		1.92	%		1.60	%		1.72	%
** See appendix for additional information

Ford Motor Credit Company and Consolidated Subsidiaries
APPENDIX

In evaluating Ford Credit’s financial performance, Ford Credit management uses financial statements and other financial measures in accordance with Generally Accepted Accounting Principles (GAAP). Included below are brief definitions of key terms, information about the impact of on-balance sheet securitization and a reconciliation of other measures.

KEY TERMS:

• Managed receivables: receivables reported on Ford Credit’s balance sheet and receivables Ford Credit sold in off-balance sheet securitizations and continues to service.

• Managed credit losses: credit losses associated with receivables reported on Ford Credit’s balance sheet plus credit losses associated with receivables that Ford Credit sold in off-balance sheet securitizations and continues to service.

IMPACT OF ON-BALANCE SHEET SECURITIZATION:retail installment receivables reported on Ford Credit’s balance sheet include receivables sold in securitizations. These receivables have been legally sold to Ford Credit sponsored special purpose entities and are available only to pay securitization investors and other participants and are not available to pay the obligations of Ford Credit or the claims of Ford Credit’s creditors. Debt reported on Ford Credit’s balance sheet includes debt issued to securitization investors which is payable solely out of collections on the receivables supporting the securitization and is not the legal obligation of Ford Credit.

RECONCILIATION OF MEASURES:

Finance Receivables and Operating Leases

			Managed Receivables
			On-Balance		Off-Balance
			Sheet		Sheet		Total
					(in billions)
December 31, 2003
	Retail installment contracts		$	77.8	$	29.1	$	106.9
	Wholesale			22.5		20.3		42.8
	Other finance receivables			8.6		0.0		8.6
	Net investment in operating leases			23.2		0.0		23.2
		Total	$	132.1	$	49.4	$	181.5
December 31, 2002
	Retail installment contracts		$	68.4	$	48.9	$	117.3
	Wholesale			16.4		22.5		38.9
	Other finance receivables			9.8		0.0		9.8
	Net investment in operating leases			31.3		0.0		31.3
		Total	$	125.9	$	71.4	$	197.3
September 30, 2003
	Retail installment contracts		$	80.0	$	31.0	$	111.0
	Wholesale			18.6		17.8		36.4
	Other finance receivables			8.8		0.0		8.8
	Net investment in operating leases			24.5		0.0		24.5
		Total	$	131.9	$	48.8	$	180.7

Managed Leverage Calculation

		December 31,
								Sept 30,
		2003			2002			2003
					(in billions)
Total debt		$	149.7		$	140.3		$	149.6
Total off-balance sheet securitized receivables outstanding			49.4			71.4			48.8
Retained interest in off-balance sheet securitized receivables			(13.0	)		(17.6	)		(10.2	)
Adjustments for cash and cash equivalents			(15.7	)		(6.8	)		(20.3	)
Adjustments for SFAS No. 133			(4.7	)		(6.2	)		(5.4	)
	Total adjusted debt	$	165.7		$	181.1		$	162.5
Total stockholder’s equity (including minority interest)		$	12.5		$	13.6		$	12.5
Adjustments for SFAS No. 133			0.2			0.5			0.3
	Total adjusted equity	$	12.7		$	14.1		$	12.8
Managed leverage (to 1) = adjusted debt / adjusted equity			13.0			12.8			12.7
Memo: Financial statement leverage (to 1) = total debt / stockholder’s equity			12.0			10.3			12.0

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