Pricing Supplement No. 110 Dated August 1, 1997
(To Prospectus and Prospectus Supplement
Dated October 24, 1996) Rule 424(b)(3)
Registration Statement
U.S. $5,000,000,000 No. 33-64237
FORD MOTOR CREDIT COMPANY
Medium-Term Notes Due from 9 Months to 30 Years from Date of Issue
Ford Motor Credit Company has designated $75,000,000 aggregate
principal amount of its Medium-Term Notes Due from 9 Months to 30 Years from
Date of Issue having the specific terms set forth below. Chase Securities
Inc. has agreed to purchase $75,000,000 of the Notes at a price of 100% of
the principal amount for resale at an initial public offering price of 100%
of the principal amount. After the initial public offering, the public
offering price may be changed. See the accompanying Prospectus and
Prospectus Supplement for further information regarding the Notes described
in the Pricing Supplement.
Issue Date: August 6, 1997
Principal Amount: $75,000,000
Interest Rate Basis: USD-CMT-H.15
Spread: Plus 10 basis points (0.10%)
Interest Reset Dates: The Issue Date and thereafter on 7th day of the
months of November, February, May and
August
Interest Payment Dates: The 7th day of the months of November, February,
May, and August commencing November 7, 1997
Stated Maturity: August 7, 2000
Reference Agent: The Chase Manhattan Bank
"USD-CMT-H.15" means with respect to any Interest Determination Date and
the related Interest Reset Date:
The rate set forth in the most recently published U.S. Federal Reserve weekly
publication H.15 (519) which appears on Telerate Page 7051 two Business Days
prior to such Interest Reset Date (the "Interest Determination
Date") under the column titled "2 Yr" under the caption "Daily Treasury
Constant Maturities." If such rate is not displayed on Telerate Page 7051
with respect to such Interest Reset Date, then USD-CMT-H.15 for such Interest
Reset Date will be such 2 year Treasury Constant Maturity rate (or other
two-year United States Treasury rate) quoted on the Interest Determination
Date as may then be published by either the Board of Governors of the Federal
Reserve System or the United States Department of the Treasury that the
Reference Agent determines to be comparable to the rate provided above. If
such information is not provided, then USD-CMT-H.15 for the Interest Reset
Date will be calculated by the Reference Agent and will be a yield to
maturity, based on the arithmetic mean of the secondary market closing bid
side prices as of approximately 3:30 p.m. (New York City time) on the
Interest Determination Date reported, according to their written records, by
three leading primary United States government securities dealers (each a
"Reference Dealer") selected by the Reference Agent in the City of New York
for the most recently issued direct noncallable fixed rate obligations of the
United States ("Treasury Note") with an original maturity of approximately
two years and a remaining term to maturity of not less than one year. If the
Reference Agent cannot obtain three such Treasury Note quotations,
USD-CMT-H.15 for such Interest Reset Date will be calculated by the Reference
Agent and will be the yield to maturity based on the arithmetic means of the
secondary market bid side prices as of approximately 3:30 p.m. (New York City
time) on the Interest Determination Date of three Reference Dealers in the
City of New York (from five such Reference Dealers selected by the Reference
Agent and eliminating the highest quotation (or, in the event of equality,
one of the highest) and the lowest quotation (or, in the event of equality,
one of the lowest)), for Treasury Notes with an original maturity of greater
than two years and a remaining term to maturity closest to two years. If two
Treasury Notes with an original maturity of greater than two years have
remaining terms to maturity equally close to two years the quotes for the
Treasury Note with the shorter remaining term to maturity will be used. If
three or four (and not five) of the Reference Dealers are quoting as
described in this clause, then USD-CMT-H.15 will be based on the arithmetic
mean of the bid prices obtained and neither the highest nor lowest of such
quotes will be eliminated.
Interest payable on the Notes shall be computed on the basis of a 360-day
year of twelve 30-day months.
CHASE SECURITIES INC.
