Ford Motor Credit (FCZ) 8-K Ford Motor Credit Earns $577 Million In the Third Quarter

Exhibit 99.1

Contact:	Christine Solie
	313-845-1746 csolie@ford.com

FOR IMMEDIATE RELEASE

FORD MOTOR CREDIT EARNS $577 MILLION
IN THE THIRD QUARTER

DEARBORN, Mich., October 20, 2005 — Ford Motor Credit Company reported net income of $577 million in the third quarter of 2005, down $157 million from a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $901 million in the third quarter, compared with $1.1 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs and the impact of lower receivable levels, offset partially by improved credit loss performance.

“We continue to make good progress on a number of key business drivers, especially credit loss performance,” said Mike Bannister, chairman and CEO. “Despite the challenging business environment, Ford Motor Credit generated solid results.”

On September 30, 2005, Ford Motor Credit’s on-balance sheet net receivables totaled $114 billion, compared with $133 billion on December 31, 2004. Managed receivables were $149 billion on September 30, down from $168 billion on December 31. The lower receivables primarily reflected lower retail placement volumes and wholesale inventory levels.

Ford Motor Credit paid dividends of $1.1 billion during the quarter. On September 30, managed leverage was 12.5 to 1.

Ford Motor Credit Company is one of the world’s largest automotive finance companies and has supported the sale of Ford products since 1959. With about 16,000 employees, Ford Motor Credit operates in 37 countries and manages approximately $150 billion in receivables. Ford Motor Credit is an indirect, wholly owned subsidiary of Ford Motor Company. It provides automotive financing for Ford, Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Mazda and Volvo dealers and customers. More information can be found athttp://www.fordcredit.com and at Ford Motor Credit’s investor center,http://www.fordcredit.com/investorcenter/.

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FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended September 30, 2005 and 2004
(in millions)

	Third Quarter						Nine Months
	2005			2004			2005			2004
	(Unaudited)						(Unaudited)
Financing revenue
Operating leases	$	1,316		$	1,419		$	4,013		$	4,470
Retail		1,026			1,153			3,108			3,305
Interest supplements and other support costs earned from affiliated companies		796			802			2,434			2,539
Wholesale		268			200			795			582
Other		53			54			164			163
Total financing revenue		3,459			3,628			10,514			11,059
Depreciation on vehicles subject to operating leases		(1,125	)		(1,133	)		(3,297	)		(3,682	)
Interest expense		(1,444	)		(1,338	)		(4,256	)		(3,962	)
Net financing margin		890			1,157			2,961			3,415
Other revenue
Investment and other income related to sales of receivables		334			476			1,222			1,510
Insurance premiums earned, net		48			46			152			167
Other income		315			277			628			796
Total financing margin and other revenue		1,587			1,956			4,963			5,888
Expenses
Operating expenses		557			534			1,607			1,567
Provision for credit losses		81			252			87			602
Insurance expenses		48			36			145			147
Total expenses		686			822			1,839			2,316
Income from continuing operations before income taxes		901			1,134			3,124			3,572
Provision for income taxes		324			423			1,137			1,314
Income from continuing operations before minority interests		577			711			1,987			2,258
Minority interests in net income of subsidiaries		—			—			1			1
Income from continuing operations		577			711			1,986			2,257
Income from discontinued operations		—			23			37			62
Gain on disposal of discontinued operations		—			—			4			—
Net income	$	577		$	734		$	2,027		$	2,319

FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET
(in millions)

	September 30,		December 31,
	2005		2004
	(Unaudited)
ASSETS
Cash and cash equivalents	$	18,952	$	12,668
Investments in securities		712		653
Finance receivables, net		92,188		110,851
Net investment in operating leases		22,260		21,866
Retained interest in securitized assets		4,415		9,166
Notes and accounts receivable from affiliated companies		1,415		1,780
Derivative financial instruments		3,076		6,930
Assets of discontinued operations		—		2,186
Other assets		6,148		6,521
Total assets	$	149,166	$	172,621
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities
Accounts payable
Customer deposits, dealer reserves and other	$	1,533	$	1,645
Affiliated companies		1,032		819
Total accounts payable		2,565		2,464
Debt		121,642		144,274
Deferred income taxes, net		8,572		7,593
Derivative financial instruments		964		911
Liabilities of discontinued operations		—		93
Other liabilities and deferred income		4,846		5,802
Total liabilities		138,589		161,137
Minority interests in net assets of subsidiaries		14		13
Stockholder’s equity
Capital stock, par value $100 a share, 250,000 shares authorized, issued and outstanding		25		25
Paid-in surplus (contributions by stockholder)		5,117		5,117
Accumulated other comprehensive income		478		855
Retained earnings		4,943		5,474
Total stockholder’s equity		10,563		11,471
Total liabilities and stockholder’s equity	$	149,166	$	172,621

FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
OPERATING HIGHLIGHTS*

		Third Quarter						Nine Months
Financing Shares		2005			2004			2005			2004
United States
Financing share — Ford, Lincoln and Mercury
Retail installment and lease		28	%		55	%		37	%		44	%
Wholesale		81			84			81			84
Europe
Financing share — Ford
Retail installment and lease		28	%		29	%		28	%		28	%
Wholesale		94			97			96			97
Contract Volume— New and used retail/lease (in thousands)
North America segment
United States		335			549			1,169			1,387
Canada		52			46			134			134
Total North America segment		387			595			1,303			1,521
International segment
Europe		179			186			571			596
Other international		74			67			212			203
Total International segment		253			253			783			799
Total contract volume		640			848			2,086			2,320
Borrowing Cost Rate**		4.7	%		4.0	%		4.4	%		3.8	%
Charge-offs(in millions)
On-Balance Sheet
Retail installment & lease	$	181		$	325		$	488		$	923
Wholesale		(6	)		10			10			19
Other		0			0			(5	)		(1	)
Total on-balance sheet charge-offs	$	175		$	335		$	493		$	941
Total loss-to-receivables ratio		0.58	%		1.04	%		0.53	%		0.97	%
Managed***
Retail installment & lease	$	217		$	384		$	604		$	1,173
Wholesale		(6	)		11			10			20
Other		0			0			(5	)		(1	)
Total managed charge-offs	$	211		$	395		$	609		$	1,192
Total loss-to-receivables ratio		0.55	%		0.94	%		0.50	%		0.92	%

*	Continuing operations
**	On-balance sheet debt, includes the effect of interest rate swap agreements
***	See appendix for additional information

FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
APPENDIX

In evaluating Ford Motor Credit’s financial performance, Ford Motor 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 Motor Credit’s balance sheet and receivables Ford Motor Credit sold in off-balance sheet securitizations and continues to service

• Charge-offs on managed receivables: charge-offs associated with receivables reported on Ford Motor Credit’s balance sheet and charge-offs associated with receivables that Ford Motor Credit sold in off-balance sheet securitizations and continues to service

IMPACT OF ON-BALANCE SHEET SECURITIZATION: finance receivables (retail and wholesale) and investments in operating leases

reported on Ford Motor Credit’s balance sheet include assets transferred in securitizations that do not qualify for accounting sale treatment. These assets have been legally transferred to Ford Motor Credit sponsored special purpose entities and are available only to pay the obligations of the special purpose entities and are not available to pay the other obligations of Ford Motor Credit or the claims of Ford Motor Credit’s other creditors. Debt reported on Ford Motor Credit’s balance sheet includes debt issued by these special purpose entities to securitization investors which is payable out of collections on the assets supporting the securitizations and is not the legal obligation of Ford Motor Credit or its other subsidiaries.

RECONCILIATION OF MEASURES:

Managed Leverage Calculation	September 30,			December 31,
	2005			2004
	(in billions)
Total debt	$	121.6		$	144.3
Securitized off-balance sheet receivables outstanding		35.0			37.7	*
Retained interest in securitized off-balance sheet receivables		(4.4	)		(9.5	)**
Adjustments for cash and cash equivalents		(19.0	)		(12.7	)
Adjustments for SFAS No. 133		(2.0	)		(3.2	)
Total adjusted debt	$	131.2		$	156.6
Total stockholder’s equity (including minority interest)	$	10.6		$	11.5
Adjustments for SFAS No. 133		(0.1	)		(0.1	)
Total adjusted equity	$	10.5		$	11.4
Managed leverage (to 1) = adjusted debt / adjusted equity		12.5			13.7
Memo: Financial statement leverage (to 1) = total debt / stockholder’s equity		11.5			12.6

Net Finance Receivables and Operating Leases	Managed Receivables
	On-Balance		Off-Balance
	Sheet		Sheet		Total
			(in billions)
September 30, 2005
Retail installment	$	68.2	$	18.8	$	87.0
Wholesale		19.1		16.2		35.3
Other finance receivables		4.9		0.0		4.9
Net investment in operating leases		22.2		0.0		22.2
Total net finance receivables and operating leases	$	114.4	$	35.0	$	149.4
December 31, 2004
Retail installment	$	81.7	$	16.7	$	98.4
Wholesale		23.8		18.9		42.7
Other finance receivables		5.3		0.0		5.3
Net investment in operating leases		21.9		0.0		21.9
Total net finance receivables and operating leases	$	132.7	$	35.6	$	168.3

*	Includes securitized funding from discontinued operations
**	Includes retained interest in securitized receivables from discontinued operations