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
 (Date of earliest event reported)  April 14, 1994

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


INCORPORATED IN DELAWARE           1-6368            38-1612444
- ------------------------   ----------------------- -------------
(State of other juris-     (Commission File Number) (IRS Employer
diction of incorporation)                          Identification
                                                        No.)


  THE AMERICAN ROAD, DEARBORN, MICHIGAN                48121
- ----------------------------------------             ----------
(Address of principal executive offices)             (Zip Code)


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





<PAGE>
ITEM 5.  OTHER EVENTS

     On April 14, 1994, Ford Motor Company ("Ford" or the
"Company") announced the following corporate actions occurring on
such date:

     Stock Split and Dividend Increase.  The Company's Board of
Directors declared (i) a 2-for-1 stock split in the form of a 100
percent stock dividend on the Company's Common Stock and Class B
Stock, contingent upon stockholder approval of an increase in the
number of authorized shares of the Company and (ii) a cash
dividend of 45 cents a share on the Company's outstanding Common
Stock and Class B Stock for the second quarter of 1994,
representing an increase of 12.5% over the 40 cents a share paid
in the first quarter of 1994.

     Sale of First Nationwide Bank.  An agreement was entered
into between First Nationwide Bank, a Federal Savings Bank (the
"Bank") and First Madison Bank, FSB ("First Madison") for the
sale of substantially all of the Bank's assets to, and the
assumption of substantially all of the Bank's liabilities by,
First Madison.  The Bank is a wholly owned subsidiary of First
Nationwide Financial Corporation ("FNFC"), which in turn is a
wholly owned subsidiary of Ford.  

     The stated sale price for the Bank is $1.1 billion, slightly
higher than tangible net book value at December 31, 1993.  The
final settlement, depending on the actual closing date, is
expected to consist of about $750 million of cash and about $350
million of assets and tax benefits that are not included in the
sale.  In total, Ford is expected to retain, through FNFC,
approximately $1.2 billion of commercial real estate and other
assets as of the closing date.  These retained assets generally
are of lower quality than those included in the sale.  In
addition, for the three-year period ending in November 1996,
First Madison has the option of requiring FNFC to repurchase up
to $500 million of the assets included in the sale that become
nonperforming.  This repurchase obligation will be guaranteed by
Ford. 

     Ford expects the sale to result in an after-tax charge of
about $440 million against Ford's 1994 first quarter earnings,
reflecting the non-recovery of goodwill and reserves for
estimated losses on the assets to be retained and repurchased by
FNFC.  These assets will be liquidated over time as market
conditions permit.  Historically, FNFC (including the Bank) has
not had a significant effect on Ford's operating results.

     Acquisition of Remaining Shares of Hertz.  Ford reached
agreement to purchase the capital stock of The Hertz Corporation ("Hertz")
owned by a Hertz management group.  Hertz will then redeem the capital stock
<PAGE>
of Hertz owned by AB Volvo.  This will result in Hertz
owned subsidiary of Ford.  Ford, AB Volvo and the Hertz management group
presently own 54%, 26% and 20%, respectively, of the outstanding common
stock of Hertz.     

     News releases, each dated April 14, 1994, announcing the
foregoing actions are filed as Exhibits 20.A, 20.B and 20.C to
this Current Report on Form 8-K, and are incorporated by
reference herein.

Item 7.  Financial Statements, Pro Forma Financial Information
and Exhibits.


                                 EXHIBITS

DESIGNATION             DESCRIPTION                  METHOD OF
                                                     FILING
- -----------             -----------------------      ----------
Exhibit 20.A            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to stock split and divi-
                        dend increase.

Exhibit 20.B            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to sale of First Nation-
                        wide Bank.

Exhibit 20.C            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to acquisition of remaining
                        shares of Hertz.



                                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:  April 15, 1994              By: /s/ R. P. Conrad
                                   ------------------------
                                    R. P. Conrad
                                    Assistant Secretary
<PAGE>
                                      
                           EXHIBIT INDEX


DESIGNATION             DESCRIPTION                  METHOD OF               

                                                     FILING
- -----------             ----------------------       -----------
Exhibit 20.A            News release dated           Filed with
                        April 14, 1994 relating      this Report
                        to stock split and divi-
                        dend increase.

Exhibit 20.B            News release dated           Filed with 
                        April 14, 1994 relating      this Report
                        to sale of First Nation-
                        wide Bank.

Exhibit 20.C            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to acquisition of remaining
                        shares of Hertz.
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{"company-data": {"conformed-name": "FORD MOTOR CREDIT CO", "cik": "0000038009", "assigned-sic": "6141", "irs-number": "381612444", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-06368", "film-number": "94522925"}, "business-address": {"street1": "THE AMERICAN RD", "street2": "PO BOX 6044", "city": "DEARBORN", "state": "MI", "zip": "48121", "phone": "3133223000"}, "mail-address": {"street1": "PO BOX 6044", "street2": "THE AMERICAN ROAD", "city": "DEARBORN", "state": "MI", "zip": "48121"}}
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
 (Date of earliest event reported)  April 14, 1994

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

INCORPORATED IN DELAWARE           1-6368            38-1612444
- ------------------------   ----------------------- -------------
(State of other juris-     (Commission File Number) (IRS Employer
diction of incorporation)                          Identification
                                                        No.)

  THE AMERICAN ROAD, DEARBORN, MICHIGAN                48121
- ----------------------------------------             ----------
(Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code   313-322-3000
ITEM 5.  OTHER EVENTS

     On April 14, 1994, Ford Motor Company ("Ford" or the
"Company") announced the following corporate actions occurring on
such date:

     Stock Split and Dividend Increase.  The Company's Board of
Directors declared (i) a 2-for-1 stock split in the form of a 100
percent stock dividend on the Company's Common Stock and Class B
Stock, contingent upon stockholder approval of an increase in the
number of authorized shares of the Company and (ii) a cash
dividend of 45 cents a share on the Company's outstanding Common
Stock and Class B Stock for the second quarter of 1994,
representing an increase of 12.5% over the 40 cents a share paid
in the first quarter of 1994.

     Sale of First Nationwide Bank.  An agreement was entered
into between First Nationwide Bank, a Federal Savings Bank (the
"Bank") and First Madison Bank, FSB ("First Madison") for the
sale of substantially all of the Bank's assets to, and the
assumption of substantially all of the Bank's liabilities by,
First Madison.  The Bank is a wholly owned subsidiary of First
Nationwide Financial Corporation ("FNFC"), which in turn is a
wholly owned subsidiary of Ford.  

     The stated sale price for the Bank is $1.1 billion, slightly
higher than tangible net book value at December 31, 1993.  The
final settlement, depending on the actual closing date, is
expected to consist of about $750 million of cash and about $350
million of assets and tax benefits that are not included in the
sale.  In total, Ford is expected to retain, through FNFC,
approximately $1.2 billion of commercial real estate and other
assets as of the closing date.  These retained assets generally
are of lower quality than those included in the sale.  In
addition, for the three-year period ending in November 1996,
First Madison has the option of requiring FNFC to repurchase up
to $500 million of the assets included in the sale that become
nonperforming.  This repurchase obligation will be guaranteed by
Ford. 

     Ford expects the sale to result in an after-tax charge of
about $440 million against Ford's 1994 first quarter earnings,
reflecting the non-recovery of goodwill and reserves for
estimated losses on the assets to be retained and repurchased by
FNFC.  These assets will be liquidated over time as market
conditions permit.  Historically, FNFC (including the Bank) has
not had a significant effect on Ford's operating results.

     Acquisition of Remaining Shares of Hertz.  Ford reached
agreement to purchase the capital stock of The Hertz Corporation ("Hertz")
owned by a Hertz management group.  Hertz will then redeem the capital stock
of Hertz owned by AB Volvo.  This will result in Hertz
owned subsidiary of Ford.  Ford, AB Volvo and the Hertz management group
presently own 54%, 26% and 20%, respectively, of the outstanding common
stock of Hertz.     

     News releases, each dated April 14, 1994, announcing the
foregoing actions are filed as Exhibits 20.A, 20.B and 20.C to
this Current Report on Form 8-K, and are incorporated by
reference herein.

Item 7.  Financial Statements, Pro Forma Financial Information
and Exhibits.

                                 EXHIBITS

DESIGNATION             DESCRIPTION                  METHOD OF
                                                     FILING
- -----------             -----------------------      ----------
Exhibit 20.A            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to stock split and divi-
                        dend increase.

Exhibit 20.B            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to sale of First Nation-
                        wide Bank.

Exhibit 20.C            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to acquisition of remaining
                        shares of Hertz.

                                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:  April 15, 1994              By: /s/ R. P. Conrad
                                   ------------------------
                                    R. P. Conrad
                                    Assistant Secretary
EXHIBIT INDEX

DESIGNATION             DESCRIPTION                  METHOD OF               

                                                     FILING
- -----------             ----------------------       -----------
Exhibit 20.A            News release dated           Filed with
                        April 14, 1994 relating      this Report
                        to stock split and divi-
                        dend increase.

Exhibit 20.B            News release dated           Filed with 
                        April 14, 1994 relating      this Report
                        to sale of First Nation-
                        wide Bank.

Exhibit 20.C            News release dated           Filed with  
                        April 14, 1994 relating      this Report
                        to acquisition of remaining
                        shares of Hertz.