Pricing Supplement No. 151 Dated November 26, 1997
(To Prospectus and Prospectus Supplement Rule 424(b)(3)
Dated October 24, 1996) 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 ("Ford Credit") has designated $200,000,000
aggregate principal amount of its Medium-Term Notes Due from 9 Months to 30
Years from Date of Issue having specific terms set forth below. Lehman
Brothers Inc. has agreed to purchase the Notes at a price of 99.7739% of
their principal amount for resale at an initial public offering price of 100%
of their 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 Floating Rate Notes
described in this Pricing Supplement.
Issue Date: December 4, 1997
Principal Amount: $200,000,000
Interest Rate Basis: USD-CMT-H.15
Spread: Plus 26 basis points (0.26%)
Interest Reset Dates: The Issue Date and thereafter on 13th day of the
months of January, April, July and
October
Interest Payment Dates: The 13th day of the months of January,
April, July, and October commencing January
13, 1998
Stated Maturity: July 13, 2001
Reference Agent: The Chase Manhattan Bank
"USD-CMT-H.15" means with respect to any CMT 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 one Business Day prior to such Interest
Reset Date on Telerate Page 7051 under the column titled "2 Yr" for the date
two Business Days prior to such Interest Reset Date (the "CMT Interest
Determination Date"). 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 for 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) for the CMT
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) for the CMT 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.
LEHMAN BROTHERS INC.
