Ford Credit earned $1,536 million in 2000, Chairman and CEO Donald A. Winkler has announced.

Compared with 1999, earnings increased 22 percent, reflecting primarily higher contract volume and an improved net financing margin, offset partially by higher credit losses and operating costs associated with the restructuring of North American operations.

After-tax return on average equity improved to 13.1 percent in 2000, compared with 11.5 percent a year earlier.

Ford Credit earned $410 million in the fourth quarter of 2000, up $101 million, or 33 percent, from the same period a year earlier.

"We have had an outstanding year," Winkler said. "We surpassed our milestone of 10 percent earnings growth while achieving record contract volume and market share in North America."

Ford Credit's total net finance receivables increased to $161 billion as of Dec. 31, 2000, compared with $142 billion at the end of 1999, reflecting the growth in contract volume.

Ford Credit is a wholly owned subsidiary of Ford Motor Company and is the world's largest automotive finance company. Now in its 42nd year, Ford Credit provides vehicle financing in 40 countries to more than 10 million customers and 12,000 automotive dealers.

More information about Ford Credit can be found on the World Wide Web at www.fordcredit.com.