SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549



                                    FORM 8-K

                                 CURRENT REPORT



                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                        Date of Report: September 10, 2002
                        (Date of earliest event reported)


                            FORD MOTOR CREDIT COMPANY
             (Exact name of registrant as specified in its charter)


                                    Delaware
                 (State or other jurisdiction of incorporation)


       1-6368                                             38-1612444
(Commission File Number)                      (IRS Employer Identification No.)


                   One American Road, Dearborn, Michigan 48126
               (Address of principal executive offices) (Zip Code)



         Registrant's telephone number, including area code 313-322-3000






<PAGE>


Item 5.  Other Events.
----------------------

Ford Motor Company ("Ford") disagrees with the conclusions in a Goldman, Sachs
& Co. report dated September 6, 2002, entitled "Ford's Cash Position May be Less
Robust Than It Appears". The report essentially contends that Ford's Automotive
cash is overstated by as much as $10 billion because of the way Ford's
Automotive sector pays Ford Motor Credit Company subsidies (or subvention
amounts) for low interest rate retail and lease financing programs that Ford
sponsors. The effect of low-rate financing on Ford's Automotive operating cash
balances is less than half of the amount indicated in the Goldman Sachs report
and the effect on cash flow is even smaller. In addition, it is important to
understand the following points:

     o    Ford's accounting  for  subsidies to Ford Credit for low-rate
          financing programs has been consistent for many years and is described
          in Ford's and Ford Credit's 2001 10-K Reports.

     o    Ford's Automotive  sector  recognizes  a  reduction  to revenue  for
          the subvention  amount  when  a  vehicle  is  sold  to the  dealer  or
          the marketing  programs  change  (i.e.,  the amount of  subvention  on
          the vehicle is recognized  upfront as a reduction to Automotive
          revenue).  Ford Credit recognizes interest subvention as revenue over
          the life of the contract.

     o    Ford's Automotive  sector pays Ford Credit for the  interest
          subvention over the life of the contract; the payments are
          front-loaded, which is consistent with the terms of the contracts
          placed. In other words, the subvention  payment flows are similar to
          how Ford Credit would receive payments  from the  customer if the
          customer  were paying at a market interest rate. Again, this has been
          Ford's practice for many years.

     o    Ford  Credit does not  presently  require a capital  contribution.  In
          fact, Ford expects to receive a dividend from Ford Credit this year.





                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.

                                            FORD MOTOR CREDIT COMPANY
                                            -------------------------
                                            (Registrant)


Date:  September 10, 2002            By: /s/ S. P. Thomas
                                             -------------------
                                             S. P. Thomas
                                             Assistant Secretary
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SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                        Date of Report: September 10, 2002
                        (Date of earliest event reported)

                            FORD MOTOR CREDIT COMPANY
             (Exact name of registrant as specified in its charter)

                                    Delaware
                 (State or other jurisdiction of incorporation)

       1-6368                                             38-1612444
(Commission File Number)                      (IRS Employer Identification No.)

                   One American Road, Dearborn, Michigan 48126
               (Address of principal executive offices) (Zip Code)

         Registrant's telephone number, including area code 313-322-3000
Item 5.  Other Events.
----------------------

Ford Motor Company ("Ford") disagrees with the conclusions in a Goldman, Sachs
& Co. report dated September 6, 2002, entitled "Ford's Cash Position May be Less
Robust Than It Appears". The report essentially contends that Ford's Automotive
cash is overstated by as much as $10 billion because of the way Ford's
Automotive sector pays Ford Motor Credit Company subsidies (or subvention
amounts) for low interest rate retail and lease financing programs that Ford
sponsors. The effect of low-rate financing on Ford's Automotive operating cash
balances is less than half of the amount indicated in the Goldman Sachs report
and the effect on cash flow is even smaller. In addition, it is important to
understand the following points:

     o    Ford's accounting  for  subsidies to Ford Credit for low-rate
          financing programs has been consistent for many years and is described
          in Ford's and Ford Credit's 2001 10-K Reports.

     o    Ford's Automotive  sector  recognizes  a  reduction  to revenue  for
          the subvention  amount  when  a  vehicle  is  sold  to the  dealer  or
          the marketing  programs  change  (i.e.,  the amount of  subvention  on
          the vehicle is recognized  upfront as a reduction to Automotive
          revenue).  Ford Credit recognizes interest subvention as revenue over
          the life of the contract.

     o    Ford's Automotive  sector pays Ford Credit for the  interest
          subvention over the life of the contract; the payments are
          front-loaded, which is consistent with the terms of the contracts
          placed. In other words, the subvention  payment flows are similar to
          how Ford Credit would receive payments  from the  customer if the
          customer  were paying at a market interest rate. Again, this has been
          Ford's practice for many years.

     o    Ford  Credit does not  presently  require a capital  contribution.  In
          fact, Ford expects to receive a dividend from Ford Credit this year.

                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.

                                            FORD MOTOR CREDIT COMPANY
                                            -------------------------
                                            (Registrant)

Date:  September 10, 2002            By: /s/ S. P. Thomas
                                             -------------------
                                             S. P. Thomas
                                             Assistant Secretary