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Pricing Supplement No. 1 Effective at 10:00 A.M. May 11, 1998
PROSPECTUS and PROSPECTUS SUPPLEMENT, each Dated
March 26, 1998 Rule 424(b)(3)
Registration Statement
No. 333-41059
U.S.$5,000,000,000
FORD MOTOR CREDIT COMPANY
MEDIUM-TERM NOTES Due from 9 Months
to 30 Years from Date of Issue
Interest payable each March 15 and September 15 and at Stated Maturity
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The Notes offered hereby are Fixed Rate Notes as more fully described
in the accompanying Prospectus and Prospectus Supplement. Interest rates offered
by Ford Credit with respect to the Notes may differ depending upon, among other
things, the aggregate principal amount of Notes purchased in any single
transaction.
Issue Date: May 22, 1998
Stated Maturity: May 22, 2001
Interest Rate: 5.85% per annum
Minimum Denomination and
Purchase Amount: $1,000 and integral
multiples thereof
Agent's Discount or Commission .625%
Agent's Capacity ____ Agent _X__ Principal*
* If acting as principal, $5,000,000.00 aggregate principal amount
of the Notes are being purchased by Merrill Lynch & Co., Lynch, Pierce,
Fenner & Smith Inc. at the discount set forth above for resale to investors at
varying prices related to prevailing market prices at the time of resale.
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MERRILL LYNCH & CO.
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