<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>mmprs48.txt
<TEXT>

PROSPECTUS Dated                            Pricing Supplement No. 48
June 1, 2000                                Effective June 18, 2001


                   U.S. $1,000,000,000          Rule 424 (b)(3)
                                            Registration Statement
                FORD MOTOR CREDIT COMPANY       No. 333-92595

             VARIABLE DENOMINATION FLOATING
                   RATE DEMAND NOTES


             - - - - - - - - - - - - - - -


                Interest Rate Per Annum
                - - - - - - - - - - - -


Period      Tier One Notes    Tier Two Notes    Tier Three Notes
Beginning   Under $15,000     $15,000-$49,999   $50,000 and over
----------  --------------     ---------------   ----------------
06/18/2001      3.92%               4.12%             4.32%

</TEXT>
</DOCUMENT>