Ford Motor Credit Earns $775 Million in 2007

Fourth Quarter 2007 Earnings of $186 Million Reported

DEARBORN, Mich., January 24, 2008 – Ford Motor Credit Company reported net income of $775 million in 2007,* down $508 million from earnings of $1,283 million a year earlier. On a pre-tax basis, Ford Motor Credit earned $1,215 million in 2007, down $738 million from 2006.

The decrease in full year earnings primarily reflected the non-recurrence of credit loss reserve reductions, higher borrowing costs, higher depreciation expense for leased vehicles and higher costs due to our North American business transformation initiative. These were offset partially by lower net losses related to market valuation adjustments from derivatives and lower expenses primarily reflecting improved operating costs.

In the fourth quarter of 2007, Ford Motor Credit's net income was $186 million, down $93 million from a year earlier. On a pre-tax basis, Ford Motor Credit earned $263 million in the fourth quarter, compared with $406 million in the previous year. The decrease in fourth quarter earnings primarily reflected the non-recurrence of credit loss reserve reductions, higher borrowing costs and higher depreciation expense for leased vehicles, offset partially by lower expenses and the non-recurrence of losses related to market valuation adjustments from derivatives.

"We had a good year in 2007 with a business that performed consistently and predictably," said Mike Bannister, chairman and CEO. "With our sound business fundamentals, we have a strong foundation for the future."

Ford Motor Credit expects its earnings in 2008 to be about equal to its earnings in 2007.

On December 31, 2007, Ford Motor Credit's on-balance sheet net receivables totaled $141 billion, compared with $135billion at year-end 2006. Managed receivables were $147 billion, down from $148 billion a year ago.

On December 31, 2007, managed leverage was 9.8 to 1.

Ford Motor Credit Company LLC is one of the world's largest automotive finance companies and has supported the sale of Ford Motor Company products since 1959. Ford Motor Credit is an indirect, wholly owned subsidiary of Ford. It provides automotive financing for Ford, Lincoln, Mercury, Jaguar, Land Rover, Mazda and Volvo dealers and customers. More information can be found at http://www.fordcredit.com and at Ford Motor Credit's investor center, http://www.fordcredit.com/investorcenter/.

* The financial results discussed herein are presented on a preliminary basis; final data will be included in our Annual Report on Form 10-K for the year ended December 31, 2007.

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Cautionary Statement Regarding Forward Looking Statements

Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

Automotive Related:

* Continued decline in Ford's market share;
* Continued or increased price competition for Ford vehicles resulting from industry overcapacity, currency fluctuations or other factors;
* An increase in or acceleration of market shift away from sales of trucks, sport utility vehicles, or other more profitable vehicles, particularly in the United States;
* A significant decline in industry sales and our financing of those sales, particularly in the United States or Europe, resulting from slowing economic growth, geo-political events or other factors;
* Lower-than-anticipated market acceptance of new or existing Ford products;
* Continued or increased high prices for or reduced availability of fuel;
* Adverse effects from the bankruptcy or insolvency of, change in ownership or control of, or alliances entered into by a major competitor;
* Economic distress of suppliers that has in the past or may in the future require Ford to provide financial support or take other measures to ensure supplies of components or materials;
* Work stoppages at Ford or supplier facilities or other interruptions of supplies;
* Single-source supply of components or materials;
* Inability to implement Memorandum of Understanding with UAW to fund and discharge retiree health care obligations because of failure to obtain court approval or otherwise;
* The discovery of defects in Ford vehicles resulting in delays in new model launches, recall campaigns or increased warranty costs;
* Increased safety, emissions (e.g., CO2), fuel economy or other regulation resulting in higher costs, cash expenditures and/or sales restrictions;
* Unusual or significant litigation or governmental investigations arising out of alleged defects in Ford products or otherwise;
* A change in Ford’s requirements for parts or materials where it has entered into long-term supply arrangements that commit it to purchase minimum or fixed quantities of certain parts or materials, or to pay a minimum amount to the seller ("take-or-pay contracts");
* Adverse effects on our results from a decrease in or cessation of government incentives;
* Adverse effects on Ford’s operations resulting from geo-political or other events;
* Substantial negative operating-related cash flows for the near- to medium-term affecting Ford’s ability to meet its obligations, invest in its business or refinance its debt;
* Substantial levels of indebtedness adversely affecting Ford’s financial condition or preventing Ford from fulfilling its debt obligations (which may grow because Ford is able to incur substantially more debt, including additional secured debt);

Ford Credit Related:

* Inability to access debt or securitization markets around the world at competitive rates or in sufficient amounts due to additional credit rating downgrades, market volatility, market disruptions or otherwise;
* Higher-than-expected credit losses;
* Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles;
* Collection and servicing problems related to our finance receivables and net investment in operating leases;
* Lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;
* New or increased credit, consumer or data protection or other regulations resulting in higher costs and/or additional financing restrictions;
* Changes in Ford’s operations or changes in Ford’s marketing programs could result in a decline in our financing volumes;

General:

* Labor or other constraints on Ford's or our ability to restructure its or our business;
* Substantial pension and postretirement healthcare and life insurance liabilities impairing Ford’s or our liquidity or financial condition;
* Worse-than-assumed economic and demographic experience for postretirement benefit plans (e.g., discount rates, investment returns, and health care cost trends);
* Currency or commodity price fluctuations; and
* Changes in interest rates.

We cannot be certain that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional discussion of these risk factors, see Item 1A of Part I of our 2006 10-K Report and Item 1A of Part I of Ford's 2006 10-K Report.

Source: FORD MOTOR CREDIT COMPANY LLC

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