Exhibit 12

FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions)

		For the Years Ended December 31
		2001		2000			1999			1998		1997
Earnings
Income before income taxes		$	1,507.5	$	2,495.0		$	2,103.8		$	1,812.2	$	1,806.0
Less equity in net income/(loss) of affiliated companies			4.9		(22.0	)		(24.9	)		2.3		1.0
Fixed charges			8,989.6		9,001.6			7,219.3			6,936.8		6,294.4
	Earnings before fixed charges	$	10,492.2	$	11,518.6		$	9,348.0		$	8,746.7	$	8,099.4
Fixed Charges
Interest expense		$	8,951.2	$	8,970.1		$	7,193.4		$	6,910.4	$	6,268.2
Rents			38.4		31.5			25.9			26.4		26.2
	Total fixed charges	$	8,989.6	$	9,001.6		$	7,219.3		$	6,936.8	$	6,294.4
Ratio of earnings to fixed charges			1.17		1.28			1.29			1.26		1.29

      Income before income taxes of Ford Credit includes the equity in net income of all unconsolidated affiliates and minority interests in net income of subsidiaries. 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.)

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