EXHIBIT 12-A
<TABLE>
<CAPTION>
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(in millions)
Nine Months For the Years Ended December 31
------------------------ ---------------------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
---------- ---------- ----------- ---------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings
Income before income taxes $ 1,843.5 $ 1,571.6 $ 2,103.8 $ 1,812.2 $ 1,806.0 $ 2,240.2 $ 2,327.8
Less equity in net income of
affiliated companies 21.3 2.6 24.9 2.3 1.0 55.3 255.4
Fixed charges 6,588.4 5,324.0 7,219.3 6,936.8 6,294.4 6,257.9 6,007.3
---------- --------- --------- ---------- ----------- ---------- ----------
Earnings before fixed $ 8,410.6 $ 6,898.2 $ 9,298.2 $ 8,746.7 $ 8,099.4 $ 8,442.8 $ 8,079.7
charges ========== ========== ========== ========== ========== ========== ==========
Fixed Charges
Interest expense $ 6,565.3 $ 5,305.1 $ 7,193.4 $ 6,910.4 $ 6,268.2 $ 6,235.7 $ 5,987.8
Rents 23.1 18.9 25.9 26.4 26.2 22.2 19.5
---------- ---------- ----------- ---------- ---------- ---------- ----------
Total fixed charges $ 6,588.4 $ 5,324.0 $ 7,219.3 $ 6,936.8 $ 6,294.4 $ 6,257.9 $ 6,007.3
========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to fixed
charges 1.3 1.3 1.3 1.3 1.3 1.3 1.3
========== ========== =========== ========== ========== ========== ==========
</TABLE>
For purposes of the Ford Credit ratio, earnings consist of the sum of pre-tax
income from continuing operations before adjustment for minority interests in
consolidated subsidiaries, plus fixed charges. 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).
-31-
