Exhibit 99.1

Contact:	Daniel Jarvis
	313-594-2527
	djarvis1@ford.com

FOR IMMEDIATE RELEASE

FORD CREDIT EARNS $401 MILLION IN SECOND QUARTER

DEARBORN, Mich., July 16, 2003 — Ford Motor Credit Company reported net income of $401 million in the second quarter of 2003, up $71 million from earnings of $330 million in the same period a year earlier. On a pre-tax basis, Ford Credit earned $661 million in the second quarter of 2003 compared with $519 million in the second quarter of 2002. The increase in earnings primarily reflects higher income related to securitizations and a lower provision for credit losses, offset partially by the impact of lower receivables.

Compared with the first quarter of 2003, earnings were down $41 million, reflecting primarily lower gains on sales of finance receivables, offset partially by higher financing margins.

“In this challenging environment, Ford Credit continues to provide stable performance,” said Greg Smith, Chairman and CEO. “We have made progress on several fronts this quarter, and we continue to focus on the basics of our business by providing support for our dealers and positive results for Ford Motor Company.”

On June 30, 2003, receivables on Ford Credit’s balance sheet totaled $134 billion, down $8 billion from June 30, 2002. The reduction primarily reflects lower retail and lease placement volumes, and higher sales of receivables in whole-loan sale transactions, offset partially by the accounting consolidation of a Ford Credit asset-backed commercial paper program. Managed receivables were $190 billion on June 30, 2003, compared with $207 billion on June 30, 2002, and $193 billion on March 31, 2003.

In June 2003, Ford Credit paid a dividend of $900 million, resulting in managed leverage of 12.9 to 1 on June 30, 2003.

Ford Credit is a wholly owned subsidiary of Ford Motor Company. Now in its 44th year, Ford Credit provides vehicle financing in 36 countries to more than 11 million customers and more than 12,500 automotive dealers. More information can be found at www.fordcredit.com and at Ford Credit’s investor center, www.fordcredit.com/investorcenter/.

Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

Net Income			Second Quarter						First Half
			2003			2002			2003			2002
						(in millions)
Income from continuing operations			$	401		$	326		$	843		$	575
Income from discontinued operations				0			4			0			11
	Net Income		$	401		$	330		$	843		$	586
Memo: SFAS No. 133 included above			$	68		$	(13	)	$	82		$	1
		Financial statement return on equity		12	%		10	%		13	%		9	%
		Income before income taxes	$	661		$	519		$	1,388		$	916

Balance Sheet Summary					June 30,
									March 31,		December 31,
					2003		2002		2003		2002
							(in billions)
Assets
		Finance receivables
				Retail installment	$	76.8*	$	78.9	$	62.7	$	68.4
				Wholesale		20.7		16.5		18.1		16.4
				Other		9.4		10.7		9.6		9.8
				Total net finance receivables	$	106.9	$	106.1	$	90.4	$	94.6
			Net investment in operating leases			26.9		35.5		29.0		31.6
				Total net finance receivables and operating leases	$	133.8	$	141.6	$	119.4	$	126.2
			Retained interest in securitized assets			14.5		11.5		18.1		17.6
			All other assets			26.7		19.5		28.3		26.4
				Total assets	$	175.0	$	172.6	$	165.8	$	170.2
Liabilities and Stockholder’s Equity
			Debt — short-term		$	29.2*	$	15.6	$	16.1	$	16.2
			Debt — long-term (includes notes payable within 1 year)			117.0		126.5		121.2		124.1
				Total debt	$	146.2	$	142.1	$	137.3	$	140.3
			All other liabilities			15.9		16.8		15.3		16.3
				Total liabilities	$	162.1	$	158.9	$	152.6	$	156.6
			Stockholder’s equity			12.9		13.7		13.2		13.6
				Total liabilities and stockholder’s equity	$	175.0	$	172.6	$	165.8	$	170.2
			Memo: Financial statement leverage (to 1)*			11.3		10.4		10.4		10.3
Managed Receivables*
Finance receivables
			Retail installment		$	111.0	$	123.5	$	112.2	$	117.3
			Wholesale			42.5		37.6		41.9		38.9
			Other			9.4		10.7		9.6		9.8
				Total net finance receivables	$	162.9	$	171.8	$	163.7	$	166.0
				Net investment in operating leases		26.9		35.5		29.0		31.6
				Total managed	$	189.8	$	207.3	$	192.7	$	197.6
Memo:
	Managed leverage (to 1)*					12.9		13.3		12.8		12.8
	Serviced-only receivables (receivables sold in whole-loan sales transactions)				$	6.6	$	0.0	$	6.4	$	5.0

* See page 4 for additional information

2

Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

Select Operating & Financial Metrics						Second Quarter						First Half
						2003			2002			2003			2002
Financing Shares
	Ford & Lincoln/Mercury retail installment & lease				United States		34	%		37	%		35	%		40	%
					Europe		32			35			31			34
	Ford & Lincoln/Mercury wholesale				United States		83			85			83			85
					Europe		96			96			97			96
Contract volume - New and used retail/lease (in thousands)
				United States			491			631			963			1,294
				Europe			223			246			444			484
				Other international			160			189			315			341
				Total contract volume			874			1,066			1,722			2,119
Borrowing Cost Rate							4.3	%		5.1	%		4.4	%		5.2	%
Credit losses (in millions)
		On-balance sheet
				Retail installment & lease		$	421		$	524		$	915		$	1,094
				Wholesale			17			8			17			16
				Other			14			14			13			21
				Total		$	452		$	546		$	945		$	1,131
		Loss-to-receivables (LTR) Retail installment & lease					1.81	%*		1.86	%		1.92	%*		1.91	%
				Wholesale			0.35			0.19			0.19			0.21
				Total including other			1.50	%*		1.58	%		1.54	%*		1.62	%
		Allowance for credit losses (in billions)				$	3.2		$	3.1		$	3.2		$	3.1
		Allowance as a pct. of end-of-period receivables					2.42	%		2.19	%		2.42	%		2.19	%
Managed **
				Retail installment & lease		$	608		$	614		$	1,293		$	1,282
				Wholesale			19			8			20			16
				Other			14			14			13			21
				Total		$	641		$	636		$	1,326		$	1,319
		Loss-to-receivables (LTR) Retail installment & lease					1.75	%		1.56	%		1.81	%		1.60	%
				Wholesale			0.18			0.09			0.10			0.09
				Total including other			1.35	%		1.25	%		1.37	%		1.29	%
				Memo: Ford Credit U.S. retail & lease			1.72	%		1.23	%		1.77	%		1.32	%
Sales of Receivables
	Income related to securitizations and whole-loan sales:
		Gain-on-sale of finance receivables				$	51		$	18		$	284		$	231
		Interest income, excess spread, servicing fees					621			501			1,279			926
				Total income related to securitizations and whole loan sales		$	672		$	519		$	1,563		$	1,157
	Impact of securitizations on net financing margin:
		Impact of current-period securitizations				$	(12	)	$	(12	)	$	(300	)	$	(244	)
		Impact of prior-period securitizations					(853	)		(633	)		(1,470	)		(1,152	)
				Total impact of securitizations on financing margin		$	(865	)	$	(645	)	$	(1,770	)	$	(1,396	)
	Pre-tax impact of securitizations and whole-loan sales					$	(193	)	$	(126	)	$	(207	)	$	(239	)
		Tax					72			47			77			89
	After-tax impact of securitizations and whole-loan sales					$	(121	)	$	(79	)	$	(130	)	$	(150	)
* Includes credit losses on reacquired receivables
			Total excluding credit losses on reacquired receivables				1.44	%		1.58	%		1.51	%		1.62	%

** See page 4 for additional information

3

Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS

In evaluating Ford Credit’s financial performance, Ford Credit management uses financial statements and other financial measures in accordance with Generally Accepted Accounting Principles (GAAP). Included below are brief definitions of key terms, information about the impact of on-balance sheet securitization and a reconciliation of other measures.

KEY TERMS:

• Managed receivables: receivables reported on Ford Credit’s balance sheet and receivables Ford Credit sold in off-balance sheet securitizations and continues to service.

• Serviced-only receivables: receivables that Ford Credit sold in whole-loan sale transactions where Ford Credit retained no interest, but continues to service.

• Managed credit losses: credit losses associated with receivables reported on Ford Credit’s balance sheet plus credit losses associated with receivables that Ford Credit sold in off-balance sheet securitizations and continues to service.

IMPACT OF ON-BALANCE SHEET SECURITIZATION: retail installment receivables reported on Ford Credit’s balance sheet includes receivables sold in securitizations. These receivables are available only to pay securitization investors and other participants and are not available to pay the obligations of Ford Credit or the claims of Ford Credit’s creditors. Debt reported on Ford Credit’s balance sheet includes debt issued to securitization investors which is payable solely out of collections on the receivables supporting the securitization and is not the obligation of Ford Credit.

RECONCILIATION OF MEASURES:

Finance Receivables and Operating Leases			Managed Receivables
			On-Balance		Off-Balance
			Sheet		Sheet		Total
					(in billions)
June 30, 2003
	Retail installment contracts		$	76.8	$	34.2	$	111.0
	Wholesale			20.7		21.8		42.5
	Other finance receivables			9.4		0.0		9.4
	Net investment in operating leases			26.9		0.0		26.9
		Total	$	133.8	$	56.0	$	189.8
December 31, 2002
	Retail installment contracts		$	68.4	$	48.9	$	117.3
	Wholesale			16.4		22.5		38.9
	Other finance receivables			9.8		0.0		9.8
	Net investment in operating leases			31.6		0.0		31.6
		Total	$	126.2	$	71.4	$	197.6
June 30, 2002
	Retail installment contracts		$	78.9	$	44.6	$	123.5
	Wholesale			16.5		21.1		37.6
	Other finance receivables			10.7		0.0		10.7
	Net investment in operating leases			35.5		0.0		35.5
		Total	$	141.6	$	65.7	$	207.3

Leverage Calculation			June 30,
									March 31,			December 31,
			2003			2002			2003			2002
									(in billions)
	Total debt		$	146.2		$	142.1		$	137.3		$	140.3
	Total securitized receivables outstanding			56.0			65.7			73.3			71.4
	Retained interest in securitized receivables			(14.5	)		(11.5	)		(18.1	)		(17.6	)
	Adjustments for cash and cash equivalents			(9.7	)		(4.2	)		(11.7	)		(6.8	)
	Adjustments for SFAS No. 133			(6.6	)		(3.3	)		(6.1	)		(6.2	)
		Total adjusted debt	$	171.4		$	188.8		$	174.7		$	181.1
	Total stockholder’s equity		$	12.9		$	13.7		$	13.2		$	13.6
	Adjustments for SFAS No. 133			0.4			0.5			0.5			0.5
	Adjustments for minority interest			*			*			*			*
		Total adjusted equity	$	13.3		$	14.2		$	13.7		$	14.1
Managed leverage = adjusted debt / adjusted equity				12.9			13.3			12.8			12.8
	Memo: Financial statement leverage = total debt / stockholder’s equity			11.3			10.4			10.4			10.3

* Less than $50 million

4