Exhibit 12 FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Nine For the Years Ended December 31, Months --------------------------------------------------------- 2004 2003 2002 2001 2000 1999 --------- --------- ---------- --------- --------- --------- (in millions) Earnings Income before income taxes $ 3,676 $ 3,035 $ 1,965 $ 1,494 $ 2,507 $ 2,085 Less: Equity in net income/ (loss) of affiliated companies 8 12 13 5 (22) (25) Fixed charges 3,987 5,867 6,967 8,959 8,940 7,165 --------- --------- --------- --------- --------- -------- Earnings before fixed charges $ 7,655 $ 8,890 $ 8,919 $ 10,448 $ 11,469 $ 9,275 ========= ========= ========= ========= ========= ======== Fixed charges Interest expense $ 3,962 $ 5,831 $ 6,929 $ 8,922 $ 8,910 $ 7,140 Rents 25 36 38 37 30 25 --------- --------- --------- --------- --------- -------- Total fixed charges $ 3,987 $ 5,867 $ 6,967 $ 8,959 $ 8,940 $ 7,165 ========= ========= ========= ========= ========= ======== Ratio of earnings to fixed charges 1.92 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). -40-