SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
                                  _______

                                 FORM 10-K
(Mark One)

XX  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
--- EXCHANGE ACT OF 1934 (FEE REQUIRED)

For the fiscal year ended December 31, 1998

                                     OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the transition period from                  to                    .

Commission file numbers 0-21686

                      FORD CREDIT AUTO LOAN MASTER TRUST
         SERIES 1992-1, 1992-2, 1994-1, 1995-1, 1996-1 AND 1996-2 
          (Ford Credit Auto Receivables Corporation - Originator)
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)

      Delaware                               38-2973806
------------------------           ----------------------------
(State of Incorporation)           (Employer 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

Securities registered pursuant to Section 12(b) of the Act: NONE

Securities registered pursuant to Section 12(g) of the Act: NONE
                                      
      Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(c) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.  XX  Yes.     No.
      -----    -----     


<PAGE>
<Page 2>                              PART I.

ITEM 1.                              Business

The Ford Credit Auto Loan Master Trust (the "Trust") was created on
February 5, 1992 pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement") dated as of December 31, 1991 among
Ford Motor Credit Company ("Ford Credit"), as servicer, Ford Credit
Auto Receivables Corporation (the "Company"), as seller, and The Chase
Manhattan Bank (the "Trustee"), as successor trustee.  Pursuant to the
Pooling and Servicing Agreement, the Company transferred to the trust
property primarily consisting of wholesale receivables generated from 
time to time in a portfolio of revolving financing arrangements with
automobile dealers to finance their automobile and light truck
inventory, collections as to the receivables, security interests in
the vehicles financed thereby and certain other property.  Such
property was obtained by the Company pursuant to the Receivables
Purchase Agreement dated as of December 31, 1991 between the Company,
as purchaser, and Ford Credit, as seller.

The Company has registered with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, and sold to
the general public the Series 1992-1, 6 7/8% Auto Loan Asset Backed
Certificates (the "Series 1992-1 Certificates") in the initial
principal amount of $1,000,000,000, the Series 1992-2, 7 3/8% Auto
Loan Asset Backed Certificates (the "Series 1992-2 Certificates") in
the initial principal amount of $700,000,000, the Series 1994-1, Floating
Rate Auto Loan Asset Backed Certificates (the "1994-1 Certificates") in the
initial principal amount of $1,000,000,000, the Series 1995-1, 6.50% Auto
Loan Asset Backed Certificates (the "1995-1 Certificates") in the initial
principal amount of $1,000,000,000, the Series 1996-1, 5.50% Auto Loan Asset
Backed Certificates (the "1996-1 Certificates") in the initial principal
amount of $800,000,000 and the Series 1996-2 Variable Rate Auto Loan Asset
Backed Certificates (the "1996-2 Certificates") in the initial principal
amount of $960,000,000.  In April 1997, the Company sold pursuant to
Regulation S under the Act, the Series 1997-1 Floating Rate Auto Loan Asset
Backed Certificates (the "Series 1997-1 Certificates") in the initial amount
of $750,000,000.  The Series 1992-1 Certificates, Series 1992-2
Certificates, Series 1994-1 Certificates, Series 1995-1 Certificates, Series 
1996-1 Certificates, Series 1996-2 Certificates and Series 1997-1 were
created pursuant to the Series 1992-1 Supplement dated as of December 31,
1991 to the Pooling and Servicing Agreement (the "1992-1 Supplement"), the
Series 1992-2 Supplement dated as of March 31, 1992 to the Pooling and
Servicing Agreement (the "1992-2 Supplement"), the Series 1994-1 Supplement
dated as of June 30, 1994 to the Pooling and Servicing Agreement (the "1994-1
Supplement"), the Series 1995-1 Supplement dated as of June 30, 1995 to the
Pooling and Servicing Agreement (the "1995-1 Supplement"), the Series 1996-1
Supplement dated as of December 31, 1995 to the Pooling and Servicing
Agreement (the "1996-1 Supplement"), the Series 1996-2 Supplement dated as of
December 31, 1995 to the Pooling and Servicing Agreement (the "1996-2
Supplement") and the Series 1997-1 Supplement dated as of March 31, 1997 to
the Pooling and Servicing Agreement (the "1997-1 Supplement"), respectively. 
Each Series of Certificates represents an undivided interest in certain
assets of the Trust.<PAGE>
<Page 3>
ITEM 2.  PROPERTIES
-------------------
For information regarding the property of the Trust, see the Pooling and
Servicing Agreement and the Current Reports on Form 8-K incorporated by 
reference herein.  For additional information regarding the Certificates,
see Exhibit 99. 

ITEM 3.  LEGAL PROCEEDINGS

Nothing to report.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Nothing to report.


                                  PART II.



ITEM 5. MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
        STOCKHOLDER MATTERS

There were 14 Series 1994-1 Certificateholders, 61 Series  1995-1
Certificateholders, 47 Series 1996-1 Certificateholders and 13 Series 1996-2
Certificateholders at February 19, 1999.  There is no established public
trading market for any of the Certificates.  The Series 1992-1 and Series
1992-2 were repurchased from the Trust in 1997.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE.

Nothing to report.


<PAGE>
<Page 4>                               PART III.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1994-1     Boston Safe Deposit and   $198,885        19.9%
Floating Rate      Trust Company
Auto Loan         c/o Mellon Bank N.A.
Asset Backed      Three Mellon Bank Center
Certificates      Pittsburgh, PA 15259

Series 1994-1     Chase Manhattan Bank      $120,405        12.0%
Floating Rate     4 New York Plaza
Auto Loan         13th Floor
Asset Backed      New York, NY  10004
Certificates

Series 1994-1     Citibank N.A.             $199,910        20.0%
Floating Rate     P. O. Box 30576
Auto Loan         Tampa, FL  33630-3576
Asset Backed      
Certificates

Series 1994-1     State Street Bank and     $386,835         38.7%
Floating Rate      Trust Company
Auto Loan         Global Corp Action Dept JAB5W
Asset Backed      P.P. Box 1631
Certificates      Boston, MA  02105-1631

Series 1995-1     Bank of New York          $108,235        10.8%
6.50% Auto Loan   925 Patterson Plank Rd.
Asset Backed      Secaucus, NJ  07094
Certificates

Series 1995-1     Bankers Trust Company     $ 97,545         9.7%
6.50% Auto Loan   c/o BT Services
Asset Backed       Tennessee Inc.
Certificates      648 Grassmere Park Drive
                  Nashville, TN  37211

                  <PAGE>
<Page 5>

ITEM 12. (CONTINUED)
  

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1995-1     Boston Safe Deposit       $ 97,340         9.7%
6.50% Auto Loan    & Trust Co.
Asset Backed      c/o Mellon Bank N.A.
Certificates      Three Mellon Bank Center
                  Pittsburgh, PA  15259

Series 1995-1     Bank of Toyko-Mitsubishi  $110,000        11.0%
6.50% Auto Loan    Trust Company (The)
Asset Backed      Trust Operations Dept.  
Certificates      Plaza 3, Fifth Floor
                  Harborside Fin'l Ctr.
                  Jersey City, NJ 07311-1904

Series 1995-1     Chase Manhattan Bank,     $274,132        27.4%
6.50% Auto Loan   4 New York Plaza
Asset Backed      13th Floor
Certificates      New York, NY  10004

Series 1995-1     State Street Bank and      $121,220        12.1%
6.50% Auto Loan    Trust Company
Asset Backed      Global Corp Action Dept JAB5W
Certificates      P.P.Box 1631
                  Boston, MA  02105-1631

                  

<PAGE>
<Page 6>
ITEM 12. (CONTINUED)
  

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1996-1     Bankers Trust Company     $104,854        13.1%
5.50% Auto Loan   c/o BT Services 
Asset Backed       Tennessee, Inc.
Certificates      Custody Services
                  648 Grassmere Park Road
                  Nashville, TN  37211

Series 1996-1     Boston Safe Deposit       $199,045        24.9%
5.50% Auto Loan    & Trust Co.
Asset Backed      c/o Mellon Bank N.A.
Certificates      Three Mellon Bank Center
                  Pittsburgh, PA  15259

Series 1996-1     Prudential Securities     $104,110        13.0%
5.50% Auto Loan    Custody
Asset Backed      c/o ADP Proxy Services
Certificates      Edgewood, NY  11717

Series 1996-1     State Street Bank and      $121,870        15.2%
5.50% Auto Loan   Global Corp Action Dept.
Asset Backed       JAB5W
Certificates      P. O. Box 1631
                  Boston, MA  02105-1631

<PAGE>
<Page 7>
ITEM 12. (CONTINUED)
  

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1996-2     Bankers Trust Company     $171,500        17.9%
Variable Auto     c/o BT Services
Loan Asset         Tennessee, Inc.
Backed            Custody Services
Certificates      648 Grassmere Park Road
                  Nashville, TN  37211 

Series 1996-2     Chase Manhattan Bank       $ 72,725        7.6%
Variable Auto     4 New York Plaza
Loan Asset        13th Floor
Backed            New York, NY 10004
Certificates 

Series 1996-2     Citibank N.A.             $221,900        23.1%
Variable Auto     P. O. Box 30576
Loan Asset        Tampa, FL  33607
Backed       
Certificates 

Series 1996-2     State Street Bank and     $396,245        41.3%
Variable Auto      Trust Company
Loan Asset        Global Corp Action Dept. JAB5W
Backed            P.O.Box 1631
Certificates      Boston, MA  02105-1631 
      






* As of February 19, 1999<PAGE>
<Page 8>
ITEM 13.      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Nothing to report.

                                  PART IV.

ITEM 14.      EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
              FORM 8-K

   (a)3.     Exhibits
             
Designation  Description                Method of Filing
-----------  -----------                ----------------  
Exhibit 3.1  Restated Certificate of    Filed as Exhibit 3.1 to
             Incorporation of Ford      Ford Credit Auto
             Credit Auto Receivables    Receivables Corporation's
             Corporation.               Registration Statement on
                                        Form S-1 (No. 33-44432)
                                        and incorporated herein
                                        by reference.

Exhibit 3.2  By-Laws of Ford Credit     Filed as Exhibit 3.2 to 
             Auto Receivables           Ford Credit Auto
             Corporation.               Receivables Corporation's
                                        Registration Statement on
                                        Form S-1 (No. 33-44432)
                                        and incorporated herein
                                        by reference. 
                                        
Exhibit 4.1  Conformed copy of Pooling  Filed as Exhibit 4.1 to 
             and Servicing Agreement    Ford Credit Auto
             dated as of December 31,   Receivables Corporation's
             1991 among Ford Credit     Registration Statement on
             Auto Receivables           Form S-1 (No. 33-47582)
             Corporation, as seller,    and incorporated herein
             Ford Motor Credit Company  by reference.
             as servicer, and The Chase  
             Manhattan Bank, as trustee.


Exhibit 19.1 Distribution Date Statement  Filed as Exhibit 19 to
             for Collection Period        Ford Credit Auto Loan
             ended January 31, 1998.      Master Trust Current
                                          Report on Form 8-K
                                          dated February 19, 1998 
                                          and incorporated herein
                                          by reference.

<PAGE>
<Page 9>
Designation  Description                Method of Filing
-----------  -----------                ----------------  

Exhibit 19.2 Distribution Date Statement  Filed as Exhibit 19 to
             for Collection Period ended  Ford Credit Auto Loan
             February 28, 1998.           Master Trust Current
                                          Report on Form 8-K
                                          dated March 23, 1998
                                          and incorporated herein
                                          by reference.
              
Exhibit 19.3 Distribution Date Statement  Filed as Exhibit 19 to
             for Collection Period ended  Ford Credit Auto Loan
             March 31, 1998.              Master Trust Current
                                          Report on Form 8-K
                                          dated April 7, 1998
                                          and incorporated herein
                                          by reference.

Exhibit 19.4 Distribution Date Statement  Filed as Exhibit 19 to
             for Collection Period        Ford Credit Auto Loan
             ended April 30, 1998.        Master Trust Current
                                          Report on Form 8-K
                                          dated April 30, 1998 and
                                          incorporated herein by
                                          reference.


Exhibit 19.5  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended May 31, 1998.          Master Trust Current
                                           Report on Form 8-K
                                           dated May 31, 1998 and
                                           incorporated herein by
                                           reference.

<PAGE>
<Page 10>
ITEM 14.     (Continued)

Designation  Description                Method of Filing
-----------  -----------                -----------------
Exhibit 19.6  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended June 30, 1998.         Master Trust Current
                                           Report on Form 8-K
                                           dated June 30, 1998 and
                                           incorporated herein by
                                           reference.

Exhibit 19.7  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended July 31, 1998          Master Trust Current
                                           Report on Form 8-K
                                           dated July 31, 1998
                                           and incorporated 
                                           herein by reference.

Exhibit 19.8  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended August 31, 1998.       Master Trust Current
                                           Report on Form 8-K
                                           dated August 31, 1998
                                           and incorporated herein
                                           by reference.

Exhibit 19.9  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended September 30, 1998.    Master Trust Current
                                           Report on Form 8-K
                                           dated September 30, 1998
                                           and incorporated herein
                                           by reference.
Exhibit 19.10 Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended October 31, 1998.      Master Trust Current
                                           Report on Form 8-K
                                           dated October 31, 1998
                                           and incorporated herein
                                           by reference.
 
<PAGE>
<Page 11>
ITEM 14.     (Continued)

Designation  Description                Method of Filing
-----------  -----------                -----------------
Exhibit 19.11 Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended November 30, 1998.     Master Trust Current
                                           Report on Form 8-K
                                           dated November 30, 1998
                                           and incorporated herein 
                                           by reference.

Exhibit 19.12 Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended December 31, 1998.     Master Trust Current
                                           Report on Form 8-K
                                           dated December 31, 1998
                                           and incorporated herein 
                                           by reference.

Exhibit 99.1  Selected Information         Filed with this report. 
              relating to the Series 
              1992-1 Certificates, 
              Series 1992-2 
              Certificates, Series 
              1994-1 Certificates,
              Series 1995-1 Certificates,
              Series 1996-1 Certificates,
              Series 1996-2 Certificates
              and Series 1997-1 Certificates.


<PAGE>
<Page 12>
    (b) Reports on Form 8-K                  

Date of Report                                  Item

October 31, 1998                          Item 5 - Other Events
November 30, 1998                         Item 5 - Other Events 
December 31, 1998                          Item 5 - Other Events 



                                 SIGNATURES


Pursuant to the requirements of Section 13 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.


                             Ford Credit Auto Loan Master Trust
                                       (Registrant)

                                                                  
    
                                                                  
    
March 26, 1999                      By: /s/ Richard P. Conrad
                                    ------------------------
                                    Richard P. Conrad
                                    (Assistant Secretary of Ford
                                    Credit Auto Receivables
                                    Corporation, originator of
                                    Trust)<PAGE>
<Page 13>         
                 EXHIBIT INDEX

Exhibit 
Number              Description of Exhibit            Page
--------            ----------------------            ----
Exhibit 3.1         Restated Certificate of           *   
                    Incorporation of Ford Credit 
                    Auto Receivables Corporation.     

Exhibit 3.2         By-Laws of Ford Credit Auto       *   
                    Receivables Corporation.
                                                          
Exhibit 4.1         Conformed copy of Pooling and     *
                    Servicing Agreement dated as 
                    of December 31, 1991 among 
                    Ford Credit Auto Receivables
                    Corporation, as seller, Ford
                    Motor Credit Company, as 
                    servicer, and Chemical Bank,
                    as trustee.

Exhibit 19.1        Distribution Date Statement       *  
                    for Collection Period       
                    ended January 31, 1998.     
                                          

Exhibit 19.2        Distribution Date Statement       *
                    for Collection Period ended  
                    February 28, 1998.            
                                           
              
Exhibit 19.3        Distribution Date Statement       *   
                    for Collection Period ended   
                    March 31, 1998.               
                                           
Exhibit 19.4        Distribution Date Statement       *  
                    for Collection Period         
                    ended April 30, 1998.       
                                           

<PAGE>
<Page 14>

Exhibit 
Number              Description of Exhibit            Page
--------            ----------------------            ----
Exhibit 19.5        Distribution Date Statement       *
                    for Collection Period         
                    ended May 31, 1998.          
                                             
Exhibit 19.6        Distribution Date Statement       *
                    for Collection Period         
                    ended June 30, 1998.           

Exhibit 19.7        Distribution Date Statement       *
                    for Collection Period         
                    ended July 31, 1998          
                                           
Exhibit 19.8        Distribution Date Statement       *
                    for Collection Period         
                    ended August 31, 1998.        
                                          
Exhibit 19.9        Distribution Date Statement       *
                    for Collection Period         
                    ended September 30, 1998.    
                                            
Exhibit 19.10       Distribution Date Statement       *
                    for Collection Period 
                    ended October 31, 1998.      
                                           
Exhibit 19.11       Distribution Date Statement       *
                    for Collection Period    
                    ended November 30, 1998.  
                                            
Exhibit 19.12       Distribution Date Statement       *
                    for Collection Period   
                    ended December 31, 1998.   

Exhibit 99.1        Selected Information         Filed with this report. 
                    relating to the Series
                    1992-1 Certificates, 
                    Series 1992-2 
                    Certificates, Series 
                    1994-1 Certificates,
                    Series 1995-1 Certificates,
                    Series 1996-1 Certificates,
                    Series 1996-2 Certificates
                    and Series 1997-1 Certificates.