Exhibit 12 FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES First For the Years Ended December 31, Half -------------------------------------------------------- 2004 2003 2002 2001 2000 1999 --------- --------- ---------- --------- --------- -------- (in millions) Earnings Income before income taxes $ 2,509 $ 3,035 $ 1,965 $ 1,494 $ 2,507 $ 2,085 Less: Equity in net income/(loss) of affiliated companies 5 12 13 5 (22) (25) Fixed charges 2,641 5,867 6,967 8,959 8,940 7,165 -------- --------- -------- -------- -------- -------- Earnings before fixed charges $ 5,145 $ 8,890 $ 8,919 $ 10,448 $ 11,469 $ 9,275 ======== ========= ========= ======== ======== ======== Fixed charges Interest expense $ 2,624 $ 5,831 $ 6,929 $ 8,922 $ 8,910 $ 7,140 Rents 17 36 38 37 30 25 -------- --------- --------- -------- -------- -------- Total fixed charges $ 2,641 $ 5,867 $ 6,967 $ 8,959 $ 8,940 $ 7,165 ======== ========= ========= ======== ======== ======== Ratio of earnings to fixed charges 1.95 1.52 1.28 1.17 1.28 1.29 For purposes of our ratio, earnings consist of the sum of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries, less equity in net 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). -38-