Ford Motor Credit (FCZ) 8-K FORD CREDIT EARNS $1.23 BILLION IN 2002 Fourth Quarter Profit of $354 Million Reported

Exhibit 99.1

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

FOR IMMEDIATE RELEASE

FORD CREDIT EARNS $1.23 BILLION IN 2002
Fourth Quarter Profit of $354 Million Reported

DEARBORN, Mich., January 21, 2003 — Ford Motor Credit Company reported earnings of $1.23 billion in 2002, up $395 million from earnings of $839 million a year earlier. After-tax financial statement return on average equity was 9 percent in 2002, compared with 7 percent in 2001. Excluding unusual charges and adjustments related to SFAS No. 133 (Accounting for Derivative Instruments and Hedging Activities), Ford Credit earned $1.38 billion, up $175 million from earnings of $1.2 billion in 2001. The increase in earnings primarily reflected a lower provision for credit losses, offset partially by the net unfavorable impact of receivable sales and lower net financing margins.

In the fourth quarter of 2002, Ford Credit earned $354 million, up $651 million from a loss of $297 million in the same period a year earlier. Excluding unusual charges and adjustments related to SFAS No. 133, Ford Credit earned $382 million in the fourth quarter of 2002, up $376 million from earnings of $6 million in the same period a year earlier. The improvement reflected a lower provision for credit losses and the net favorable impact of receivable sales, offset partially by lower net financing margins. Ford Credit paid a dividend to Ford Motor Company of $700 million in December. For the full year, Ford Credit’s dividend, net of the January 2002 capital contribution, was $450 million.

“I’m proud of our solid performance in a difficult year,” said Greg Smith, Chairman and CEO. “Ford Credit delivered improved profits, as well as strong customer satisfaction and owner loyalty. In addition, we reduced leverage, continued to diversify funding sources and paid a net dividend to Ford Motor Company,” Smith added.

On December 31, 2002, Ford Credit’s owned receivables totaled $129 billion, down $9 billion compared with $138 billion on September 30, 2002, and down $18 billion compared with $147 billion on December 31, 2001. These reductions primarily reflected the higher sales of receivables in securitizations and whole-loan transactions. Managed receivables, which includes both owned receivables and receivables sold in securitizations, were $200 billion on December 31, 2002, compared with $204 billion on September 30, 2002, and $206 billion on December 31, 2001. During the fourth quarter of 2002, Ford Credit also sold $5 billion of receivables through whole-loan sales transactions.

Ford Credit is a wholly owned subsidiary of Ford Motor Company and is the world’s largest automotive finance company. Now in its 44th 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/.

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Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

				Fourth Quarter						Full Year
				2002			2001			2002			2001
								(in millions)
Net Income*
	Total Net Income			$	354		$	(297	)	$	1,234		$	839
	ExcludeUnusual Charges & SFAS No. 133
		SFAS No. 133		$	(28	)	$	(99	)	$	(141	)	$	(157	)
		Revitalization Plan			—			(204	)		—			(204	)
			Total Unusual Charges & SFAS No. 133	$	(28	)	$	(303	)	$	(141	)	$	(361	)
	Operating Net Income			$	382		$	6		$	1,375		$	1,200
	Memo:
		Financial Statement Return on Equity			10	%	Negative				9	%		7	%

					December 31,				Sept. 30,
					2002		2001		2002
					(in billions)
Balance Sheet*
	Assets
		Finance receivables
			Retail installment		$	67.6	$	83.4	$	77.3
			Wholesale			16.4		15.4		15.8
			Other			10.8		9.3		9.3
				Total net finance receivables	$	94.8	$	108.1	$	102.4
		Net investment in operating leases				33.8		39.3		35.7
				Total net finance receivables and operating leases	$	128.6	$	147.4	$	138.1
		Retained interest in securitized assets				17.6		12.5		9.7
		Other assets				24.0		13.2		21.6
				Total assets	$	170.2	$	173.1	$	169.4
	Liabilities and Stockholder’s Equity
		Debt — short-term			$	16.3	$	22.7	$	16.1
		Debt — long-term (includes notes payable within 1 year)				124.5		123.6		124.7
				Total debt	$	140.8	$	146.3	$	140.8
		Other liabilities				15.8		14.8		14.9
				Total liabilities	$	156.6	$	161.1	$	155.7
		Stockholder’s equity				13.6		12.0		13.7
				Total liabilities and stockholder’s equity	$	170.2	$	173.1	$	169.4
		Memo: Financial Statement leverage (to 1)**				9.0		11.2		9.0
Managed Receivables(owned plus securitized)*
	Finance receivables
		Retail installment			$	116.5	$	124.8	$	124.4
		Wholesale				38.9		32.8		34.5
		Other				10.8		9.3		9.3
				Total net finance receivables	$	166.2	$	166.9	$	168.2
	Net investment in operating leases					33.8		39.4		35.7
				Total managed	$	200.0	$	206.3	$	203.9
		Memo: Managed leverage (to 1)**				12.9		14.8		13.0
Serviced Receivables(managed plus serviced-only)*
		Serviced receivables (includes receivables sold through whole-loan sales transactions — serviced-only)			$	205.0	$	206.3	$	203.9

*	Includes discontinued operations (Axus — all-makes fleet leasing business in Europe, Australia and New Zealand)
**	Excludes SFAS No. 133, over-borrowing portfolio and cash — consistent with the MD&A calculation in Ford Credit’s 2001 10K

Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

					Fourth Quarter						Full Year
					2002			2001			2002			2001
Selected Operating & Financial Metrics*
	Financing share
		Ford & Lincoln/Mercury retail installment & lease
				United States		36	%		69	%		41	%		54	%
				Europe		34			43			34			37
		Ford & Lincoln/Mercury wholesale
				United States		86			84			85			84
				Europe		99			98			97			97
	Contract volume- New and used retail/lease (in thousands)
		United States				490			1,054			2,512			3,819
		Europe				211			247			917			988
		Other international				156			176			668			738
			Total contract volume			857			1,477			4,097			5,545
	Borrowing costs					4.7	%		5.6	%		5.1	%		6.1	%
	Credit losses(in millions)
		Owned
			Retail installment & lease		$	614		$	716		$	2,295		$	2,055
			Wholesale			17			21			40			32
			Other			8			23			30			24
				Total	$	639		$	760		$	2,365		$	2,111
		Loss-to-receivables
			Retail installment & lease			2.23	%		2.31	%		2.01	%		1.71	%
			Wholesale			0.42			0.52			0.25			0.13
				Total including other		1.88	%		2.04	%		1.69	%		1.35	%
		Allowances for credit losses (in billions)			$	3.2		$	2.8		$	3.2		$	2.8
		Allowances as a pct. of end-of-period receivables				2.47	%		1.86	%		2.47	%		1.86	%
		Managed loss ratios
		Loss-to-receivables
			Retail installment & lease			1.92	%		1.63	%		1.71	%		1.45	%
			Wholesale			0.25			0.28			0.13			0.10
				Total including other		1.54	%		1.46	%		1.37	%		1.20	%
				Memo: Ford Credit U.S. retail & lease		1.87	%		1.76	%		1.50	%		1.31	%
Sales of Receivables(in millions, excl. SFAS No. 133)
	Income related to securitizations and whole-loan sales:
			Gain-on-sale of finance receivables		$	310		$	269		$	728		$	739
			Interest income, excess spread, servicing fees			617			390			2,081			1,021
				Total income related to securitizations and whole-loan sales	$	927		$	659		$	2,809		$	1,760
	Impact of securitizations on net financing margin:
			Impact of current-period securitizations		$	(103	)	$	(149	)	$	(968	)	$	(1,059	)
			Impact of prior-periods securitizations			(718	)		(510	)		(1,967	)		(611	)
				Total impact of securitizations on financing margin	$	(821	)	$	(659	)	$	(2,935	)	$	(1,670	)
	Pre-tax impact of securitizations and whole-loan sales				$	106		$	0		$	(126	)	$	90
			Tax			(39	)		0			47			(33	)
	After-tax impact of securitizations and whole-loan sales				$	67		$	0		$	(79	)	$	57

* Includes discontinued operations (Axus — all-makes fleet leasing business in Europe, Australia and New Zealand)