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Ford Motor Credit Earns $441 Million in 2nd Quarter

July 25, 2006

DEARBORN, Mich. -- Ford Motor Credit Co. reported net income of $441 million in the second quarter of 2006, down $299 million from earnings of $740 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $656 million in the second quarter, compared with $1.2 billion in the previous year. The decrease in earnings primarily reflected higher borrowing costs, the impact of lower average receivable levels, lower credit loss reserve reductions and higher depreciation expense.

"Our sustained focus on strong business fundamentals has generated high- quality assets and solid results," said Mike Bannister, chairman and CEO. "We continue to support Ford Motor Company with profits and dividends."

On June 30, Ford Motor Credit's on-balance sheet net receivables

totaled $136 billion, compared with $132 billion on December 31, 2005.

Managed receivables were $151 billion, compared with $150 billion on December 31.

Ford Motor Credit paid dividends of $400 million during the quarter. On June 30, managed leverage was 11.5 to 1.

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