Statement re Exchange Offer

Ford Motor Co
12 September 2005

Contact: Media:        
         Brenda Hines
         313.594.1099
         [e-mail]

         Equity Investment 
         Community: 
         Raj Modi
         313.323.8221
         [e-mail]

         Fixed Income Investment 
         Community: 
         Rob Moeller
         313.621.0881
         [e-mail]


FORD MOTOR CREDIT COMPANY PROPOSES REGISTERED EXCHANGE OFFERS FOR UP TO 
$2.4 BILLION  
 
DEARBORN, Mich., Sept. 12, 2005 - Ford Motor Credit Company announced today that
it intends to file with the Securities and Exchange Commission a registration
statement to offer to exchange debt securities of Ford Motor Credit for up to
$2.4 billion of outstanding debt securities of The Hertz Corporation having
similar terms. 

These exchange offers are being made in connection with the sale by Ford Motor
Company (NYSE: F) of Hertz to an investor group composed of Clayton Dubilier &
Rice, The Carlyle Group and Merrill Lynch Global Private Equity. Ford Motor
Credit would receive from the buyers of Hertz cash for any Hertz debt securities
that are exchanged. 

The Hertz debt securities that Ford Motor Credit is offering to exchange for
Ford Motor Credit debt securities are listed below: 

Outstanding Principal Amount      Debt Securities Issued by Hertz       Ford Credit Debt Securities to be Issued in     
                                        to be Exchanged                 Exchange for the Hertz Debt Securities 
 
$600,000,000                        6.350% Senior Notes                    6.350% Notes 
                                    due June 15, 2010                    due June 15, 2010 
 
$500,000,000                        7.40% Senior Notes                      7.40% Notes 
                                     due March 1, 2011                   due March 1, 2011 

$800,000,000                        7 5/8% Senior Notes                    7 5/8% Notes 
                                      due June 1, 2012                   due June 1, 2012 

$250,000,000                            6.9% Notes                         6.9% Notes 
                                     due August 15, 2014                due August 15, 2014 
 
 
$250,000,000                           7% Senior Notes                      7% Notes 
                                     due January 15, 2028               due January 15, 2028 

Consents to amend the indentures under which the Hertz debt securities have
been issued will also be sought as part of the exchange offers.

The exchange offers would be conditioned on, and are intended to close
simultaneously with, the consummation of the sale of Hertz by Ford to the
buyers. The sale is anticipated to be completed by year end. 

Ford Motor Credit Company is one of the world's largest automotive finance
companies and has supported the sale of Ford products since 1959. With about
16,000 employees, Ford Motor Credit operates in 37 countries and manages $160
billion in receivables. Ford Motor Credit is an indirect, wholly owned
subsidiary of Ford Motor Company. It provides automotive financing for Ford,
Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Mazda and Volvo dealers and
customers.

THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES AND IT IS NOT SOLICITING
AN OFFER TO BUY OR EXCHANGE SECURITIES IN THE UNITED STATES, NOR IS THIS PRESS
RELEASE AN OFFER TO SELL SECURITIES OR SOLICITING AN OFFER TO BUY OR EXCHANGE
SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION OR
SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAW OF ANY SUCH STATE OR JURISDICTION.

                      This information is provided by RNS
            The company news service from the London Stock Exchange