Exhibit 12 FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES Calculation of Ratio of Earnings to Fixed Charges (in millions) First Quarter Full Year ----------------------------- ------------------------------------------------------- 2002 2001 2001 2000 1999 1998 -------------- ------------ ------------ ------------ ----------- ----------- (Unaudited) Earnings Income before income taxes $ 407.2 $ 625.7 $ 1,507.5 $ 2,495.0 $ 2,103.8 $ 1,812.2 Less equity in net income/(loss) of affiliated companies 1.9 0.1 4.9 (22.0) (24.9) 2.3 Fixed charges 1,891.5 2,435.1 8,989.6 9,001.6 7,219.3 6,936.8 -------------- ------------ ------------ ------------ ----------- ----------- Earnings before fixed charges $ 2,296.8 $ 3,060.7 $ 10,492.2 $ 11,518.6 $ 9,348.0 $ 8,746.7 ============== ============ ============ ============ =========== =========== Fixed Charges Interest expense $ 1,881.8 $ 2,426.0 $ 8,951.2 $ 8,970.1 $ 7,193.4 $ 6,910.4 Interest portion of rental 9.7 9.1 38.4 31.5 25.9 26.4 expense -------------- ------------ ------------ ------------ ----------- ----------- Total fixed charges $ 1,891.5 $ 2,435.1 $ 8,989.6 $ 9,001.6 $ 7,219.3 $ 6,936.8 ============== ============ ============ ============ =========== =========== Ratio of earnings to fixed charges 1.21 1.26 1.17 1.28 1.29 1.26 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).