Document:

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                                                                     EXHIBIT 4-P

                              DECLARATION OF TRUST
                                       OF
                          FORD CREDIT CAPITAL TRUST III

         DECLARATION OF TRUST, dated as of December 7, 2001, between Ford Motor
Credit Company, a Delaware corporation, as Sponsor, and Douglas J. Cropsey,
Stacy P. Thomas, and Chase Manhattan Bank USA, National Association, as
Trustees. The Sponsor and the Trustees hereby agree as follows:

         1. The trust created hereby shall be known as "Ford Credit Capital
Trust III" (the "Trust"), in which name the Trustees, or the Sponsor to the
extent provided herein, may conduct the business of the Trust, make and execute
contracts, and sue and be sued.

         2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trustees the sum of $10. The Trustees hereby acknowledge receipt of such amount
in trust from the Sponsor, which amount shall constitute the initial trust
estate. The Trustees hereby declare that they will hold the trust estate in
trust for the Sponsor. It is the intention of the parties hereto that the Trust
created hereby constitute a business trust under Chapter 38 of Title 12 of the
Delaware Code, 12 Del C. Sec. 3801 et seq. (the "Business Trust Act"), and that
this document constitute the governing instrument of the Trust. The Trustees are
hereby authorized and directed to execute and file a certificate of trust with
the Secretary of State of the State of Delaware in accordance with the
provisions of the Business Trust Act. The Trust is hereby established by the
Sponsor and the Trustees for the purposes of (i) issuing preferred securities
("Preferred Securities") representing undivided beneficial interests in the
assets of the Trust in exchange for cash and investing the proceeds thereof in
debt securities of the Sponsor, (ii) issuing and selling common securities
("Common Securities") representing undivided beneficial interests in the assets
of the Trust to the Sponsor in exchange for cash and investing the proceeds
thereof in additional debt securities of the Sponsor and (iii) engaging in such
other activities as are necessary, convenient or incidental thereto.

         3. At the time of issuance of the Preferred Securities, the Sponsor and
the Trustees will enter into an amended and restated Declaration of Trust (the
"Amended and Restated Declaration of Trust"), satisfactory to each such party
and having substantially the terms described in the Prospectus (as defined
below), to provide for the contemplated operation of the Trust created hereby
and the issuance of the Preferred Securities and Common Securities referred to
therein. Prior to the execution and delivery of the Amended and Restated
Declaration of Trust, the Trustees shall not have any duty or obligation
hereunder or with respect to the trust estate, except as otherwise required by
applicable law or as may be necessary to obtain prior to such execution and
delivery any licenses, consents or approvals required by applicable law or
otherwise. Notwithstanding the foregoing, the Trustees may take all actions
deemed necessary or advisable to effect the transactions contemplated in the
Amended on Restated Declaration of Trust.

         4. The Sponsor and the Trustees hereby authorize and direct the
Sponsor, as the sponsor of the Trust, in its discretion (i) to prepare and
distribute on behalf of the Trust a registration statement for filing with the
Securities and Exchange Commission (the "Commission"), including one or more
prospectuses, together with any necessary or desirable amendments thereto and
any exhibits contained therein or forming a part thereof (the "Prospectus")
relating to the registration under the Securities Act of 1933, as amended, of
the

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Preferred Securities and the Common Securities of the Trust; (ii) to prepare and
distribute on behalf of the Trust a registration statement on Form 8-A for
filing with the commission (the "1934 Act Registration Statement") (including
all pre-effective and post-effective amendments thereto) relating to the
registration of the Preferred Securities and the Common Securities of the Trust
under Section 12 (b) of the Securities Exchange Act of 1934, as amended; (iii)
to file with The New York Stock Exchange and execute on behalf of the Trust a
listing application and all other applications, statements, certificates,
agreements and other instruments as shall be necessary or desirable to cause the
Preferred Securities to be listed on The New York Stock Exchange; (iv) to file
and execute on behalf of the Trust such applications, reports, surety bonds,
irrevocable consents, appointments of attorneys for service of process and other
papers and documents as shall be necessary or desirable to register the
Preferred Securities under, or obtain for the Preferred Securities on exemption
from, the securities or "Blue Sky" laws of such jurisdictions as the Sponsor, on
behalf of the Trust, may deem necessary or desirable; (v) to execute on behalf
of the Trust such underwriting or purchase agreements and related agreements
with one or more underwriters, purchasers, or agents relating to the offering of
the Preferred Securities, as the Sponsor, on behalf of the Trust, may deem
necessary or desirable; (vi) to execute on behalf of the Trust any or all
documents, papers or instruments as may be desirable in connection with any of
the foregoing; and (vii) to employ or otherwise engage employees and agents (who
may be designated as officers with titles) and managers, contractors, advisors,
or consultants and provide for reasonable compensation to carry out any of the
purposes of the Trust. In the event that any filing referred to in clauses
(i)-(iv) above is required by the rules and regulations of the Commission, the
New York Stock Exchange or state securities or blue sky laws, to be executed on
behalf of the Trust by the Trustees, the Sponsor and any of the Trustees
appointed pursuant to Section 6 hereof are hereby authorized and directed to
join in any such filing and to execute on behalf of the Trust any and all of the
foregoing, it being understood that Chase Manhattan Bank USA, National
Association, in their capacity as Trustee of the Trust, shall not be required to
join in any such filing or execute on behalf of the Trust any such document
unless required by the rules and regulations of the Commission, the New York
Stock Exchange or state securities or blue sky laws. In connection with all of
the foregoing, the Sponsor and each Trustee, solely in its capacity as Trustee
of the Trust, hereby constitutes and appoints Emily E. Smith-Sulfaro, as his,
her or its, as the case may be, true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for the Sponsor or such Trustee
or in the Sponsor's or such Trustee's name, place and stead, in any and all
capacities, to sign any and all registration statements and any amendments
(including post-effective amendments) to any registration statement referred to
herein and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done in connection therewith, as fully to
all intents and purposes as the Sponsor or such Trustee might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute or substitutes, shall do or cause to be done by virtue
hereof.

         5. This Declaration of Trust may be executed in one or more
counterparts.

         6. The number of Trustees initially shall be three (3) and thereafter
the number of Trustees shall be such number as shall be fixed from time to time
by a written instrument signed by the Sponsor which may increase or decrease the
number of Trustees; provided that to the extent required by the Business Trust
Act, one Trustee shall either be a natural person who is a resident of the State
of Delaware or, if not a natural person, an entity which has its principal place
of business in the State of Delaware or otherwise meets the requirements of
applicable Delaware law (the "Delaware Trustee"). Subject to the foregoing, the
Sponsor is entitled to appoint or remove without cause any Trustee at any time.
Any Trustee may resign upon thirty days prior

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notice to the Sponsor; provided, however, that no resignation of the Delaware
Trustee shall be effective until a successor Delaware Trustee has been appointed
and has accepted such appointment by instrument executed by such successor
Delaware Trustee and delivered to the Trust, the Sponsor and the resigning
Delaware Trustee. Notwithstanding any other provision of this Declaration, the
Delaware Trustee shall not be entitled to exercise any of the powers, nor shall
the Delaware Trustee have any of the duties and responsibilities of the Regular
Trustees described in this Declaration. The Delaware Trustee shall be a Trustee
for the sole and limited purpose of fulfilling the requirements ofss.3807 of the
Business Trust Act.

         7. The Trust may terminate without issuing any Preferred Securities or
Common Securities at the election of the Sponsor.

         8. The Declaration of Trust shall be governed by and construed in
accordance with the laws of the State of Delaware.

         IN WITNESS WHEREOF, the parties hereto have caused this Declaration of
Trust to be duly executed as of the day and year first above written.

                                        FORD MOTOR CREDIT COMPANY,
                                        as Sponsor

                                        By: /s/ Stacy P. Thomas
                                        --------------------------------
                                               Name:  Stacy P. Thomas
                                               Title:  Assistant Secretary

                                        /s/ Douglas J. Cropsey
                                        --------------------------------
                                        Douglas J. Cropsey, as Trustee

                                        /s/ Stacy P. Thomas
                                        --------------------------------
                                        Stacy P. Thomas, as Trustee

                                        CHASE MANHATTAN BANK USA,
                                            NATIONAL ASSOCIATION,  as Trustee

                                        By: /s/ John J. Cashin
                                        -------------------------------
                                               Name: John J. Cashin
                                               Title:   Vice President<PAGE>
                                                                     EXHIBIT 4-Q

                                     FORM OF
                               GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT, dated as of [__________________], is executed
and delivered by Ford Motor Credit Company, a Delaware corporation (the
"Guarantor"), and [_________________________] as the Guarantee Trustee (as
defined herein) for the benefit of the Holders (as defined herein) from time to
time of the Preferred Securities (as defined herein) of Ford Credit Capital
Trust [ ], a Delaware statutory business trust (the "Issuer").

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of [___________________] among the trustees of the
Issuer named therein, Ford Motor Credit Company, as Sponsor, and the Holders
from time to time of undivided beneficial interests in the assets of the Issuer,
the Issuer is issuing as of the date hereof up to $___________________________
aggregate liquidation amount of its preferred securities designated the [_____%]
Preferred Securities (the "Preferred Securities") representing undivided
beneficial interests in the assets of the Issuer and having the terms set forth
in Exhibit B to the Declaration;

         WHEREAS, the Preferred Securities will be issued by the Issuer upon
deposit of the Guarantor's Debentures (as defined herein) with the Issuer as
trust assets; and

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires to irrevocably and unconditionally agree, to
the extent set forth herein, to pay to the Holders of the Preferred Securities
the Guarantee Payments (as defined herein) and to make certain other payments on
the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for
the benefit of the Holders from time to time of the Preferred Securities.

                                    ARTICLE I

SECTION 1.1 Definitions.

         In this Guarantee Agreement, unless the context otherwise requires:

         (a) capitalized terms used in this Guarantee Agreement but not defined
in the preamble above have the respective meanings assigned to them in this
Section 1. 1 or as otherwise defined herein;

         (b) a term defined anywhere in this Guarantee Agreement has the same
meaning throughout;

         (c) all references to "the Guarantee Agreement" or "this Guarantee
Agreement" are to this Guarantee Agreement as modified, supplemented or amended
from time to time;

         (d) all references in this Guarantee Agreement to Articles and Sections
are to Articles and Sections of this Guarantee Agreement unless otherwise
specified;

         (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Guarantee Agreement unless otherwise defined in this Guarantee
Agreement or unless the context otherwise requires; and

         (f) a reference to the singular includes the plural and vice versa.

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

         "Commission" means the United States Securities and Exchange
Commission.

         "Common Securities" means the securities representing undivided
beneficial interests in the assets of the Issuer, having the terms set forth in
Exhibit C to the Declaration.

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         "Corporation" means corporations, associations, companies (including
limited liability companies) and business trusts or any similar entity.

         "Covered Person" means any Holder or beneficial owner of Preferred
Securities.

         "Debentures" means the series of subordinated debentures issued by the
Guarantor designated the [__%] Subordinated Debentures due [____].

         "Distributions" means the periodic distributions and other payments
payable to Holders of Preferred Securities in accordance with the terms of the
Preferred Securities set forth in Exhibit B to the Declaration.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Guarantee Agreement.

         "Guarantee Payments" shall mean the following payments or
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by the Issuer: (i) any accrued and unpaid
Distributions and the redemption price, including all accrued and unpaid
Distributions to the date of redemption (the "Redemption Price"), with respect
to the Preferred Securities called for redemption by the Issuer but if and only
to the extent that in each case the Guarantor has made a payment to the Trust of
interest or principal on the Debentures and (ii) upon a voluntary or involuntary
dissolution, winding-up or termination of the Issuer (other than in connection
with the distribution of Debentures to Holders or the redemption of all the
Preferred Securities upon the maturity or redemption of the Debentures as
provided in the Declaration), the lesser of (a) the aggregate of the liquidation
amount and all accrued and unpaid Distributions on the Preferred Securities to
the date of payment, to the extent the Issuer has funds available therefor, and
(b) the amount of assets of the Issuer remaining available for distribution to
Holders in liquidation of the Issuer (in either case, the "Liquidation
Distribution").

         "Guarantee Trustee" means [_____________________] until a Successor
Guarantee Trustee has been appointed and accepted such appointment pursuant to
the terms of this Guarantee Agreement, and thereafter means each such Successor
Guarantee Trustee.

         "Holder" shall mean any holder, as registered on the books and records
of the Issuer, of any Preferred Securities; provided, however, that in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any entity directly or indirectly controlling
or controlled by or under direct or indirect common control with the Guarantor;
provided further, that in determining whether the Holders of the requisite
liquidation amount of Preferred Securities have voted on any matter provided for
in this Guarantee Agreement, then for purposes of such determination only (and
not for any other purposes hereunder), if the Preferred Securities remain in the
form of one or more Global Certificates (as defined in the Declaration), the
term "Holders" shall mean the holder of the Global Certificates acting at the
direction of the Preferred Security Beneficial Owners (as defined in the
Declaration).

         "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, and any officers, directors, shareholders, members, partners,
employees, representatives or agents of the Guarantee Trustee.

         "Indenture" means the Indenture dated as of February 1, 1985, as
supplemented between the Guarantor and JPMorgan Chase Bank, formerly known as
The Chase Manhattan Bank, as trustee, and any supplemental indenture thereto,
pursuant to which the Debentures are to be issued.

         "Majority in liquidation amount of the Preferred Securities" means,
except as otherwise required by the Trust Indenture Act, Holder(s) of
outstanding Preferred Securities voting together as a single class, who are the
record owners of Preferred Securities whose liquidation amount (including the
stated amount that would be paid on redemption, liquidation or otherwise, plus
accrued and unpaid Distributions to the date upon which the voting percentages
are determined) represents more than 50% of the liquidation amount of all
outstanding Preferred Securities. In determining whether the Holders of the
requisite amount of Preferred Securities have voted, Preferred Securities which
are owned by the Guarantor or any entity directly or indirectly controlling or
controlled by or under direct or indirect common control with the Guarantor or
any other obligor on the

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Preferred Securities shall be disregarded (to the extent known to be so owned by
the Guarantee Trustee) for the purpose of such determination.

         "Offer" means the offer by the Issuer to sell Preferred Securities in
consideration for the deposit by the Guarantor of Debentures as trust assets of
the Issuer, all as described in a Prospectus dated
[______________].

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Preferred Securities" has the meaning set forth in the first WHEREAS
clause above.

         "Redemption Price" means the amount payable on redemption of the
Preferred Securities in accordance with the terms of the Preferred Securities.

         "Responsible Officer", with respect to the Guarantee Trustee, shall
mean any officer within the Guarantee Trustee's Corporate trust department,
including without limitation, any vice-president, any assistant vice-president,
the secretary, any assistant secretary, the treasurer, any assistant treasurer,
any trust officer or assistant trust officer or any other officer of the
Guarantee Trustee customarily performing functions similar to those performed by
any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is
referred because of that officer's knowledge of and familiarity with the
particular subject.

         "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as a Guarantee Trustee under Section 4. 1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

                                   ARTICLE II

                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

         (a) This Guarantee Agreement is subject to the provisions of the Trust
Indenture Act that are required or demed to be part of this Guarantee Agreement
and shall, to the extent applicable, be governed by such provisions.

         (b) If and to the extent that any provision of this Guarantee Agreement
limits, qualifies or conflicts with the duties imposed by. Sec. 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

         (c) The application of the Trust Indenture Act to this Guarantee
Agreement shall not affect the nature of the Preferred Securities as equity
securities representing undivided beneficial interests in the assets of the
Issuer.

SECTION 2.2 Lists of Holders of Preferred Securities.

         (a) The Guarantor shall provide the Guarantee Trustee with such
information as is required under Sec. 312(a) of the Trust Indenture Act at the
times and in the manner provided in Sec. 312(a).

         (b) The Guarantee Trustee shall comply with its obligations under Sec.
310(b), 311 and 312(b) of the Trust Indenture Act.

SECTION 2.3 Reports by the Guarantee Trustee.

         Within 60 days after [____________] of each year (commencing with the
year of the first anniversary of the issuance of the Preferred Securities), the
Guarantee Trustee shall provide to the Holders of the Preferred

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Securities such reports as are required by Sec. 313 of the Trust Indenture Act,
if any, in the form, in the manner and at the times provided by Sec. 313 of the
Trust Indenture Act. The Guarantee Trustee shall also comply with the
requirements of Sec. 313(d) of the Trust Indenture Act.

SECTION 2.4 Periodic Reports to Guarantee Trustee.

         The Guarantor shall provide to the Guarantee Trustee, the Commission
and the Holders of the Preferred Securities, as applicable, such documents,
reports and information as required by Sec. 314(a)(l)-(3) (if any) of the Trust
Indenture Act and the compliance certificates required by Sec. 314(a)(4) and (c)
of the Trust Indenture Act, any such certificates to be provided in the form, in
the manner and at the times required by Sec. 314(a)(4) and (c) of the Trust
Indenture Act (provided that any certificate to be provided pursuant to Sec.
314(a)(4) of the Trust Indenture Act shall be provided within 120 days of the
end of each fiscal year of the Issuer).

SECTION 2.5 Evidence of Compliance with Conditions Precedent.

         The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Guarantee
Agreement which relate to any of the matters set forth in Sec. 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given pursuant to
Sec. 314(c) shall comply with Sec. 314(e) of the Trust Indenture Act.

SECTION 2.6 Events of Default; Waiver.

         (a) Subject to Section 2.6(b), Holders of Preferred Securities may by
vote of at least a Majority in liquidation amount of the Preferred Securities,
(A) direct the time, method and place of conducting any proceeding for any
remedy available to the Guarantee Trustee, or exercising any trust or power
conferred upon by the Guarantee Trustee or (B) on behalf of the Holders of all
Preferred Securities waive any past Event of Default and its consequences. Upon
such waiver, any such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Guarantee Agreement, but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

         (b) The right of any Holder of Preferred Securities to receive payment
of the Guarantee Payments in accordance with this Guarantee Agreement, or to
institute suit for the enforcement of any such payment, shall not be impaired
without the consent of each such Holder.

SECTION 2.7 Disclosure of Information.

         The disclosure of information as to the names and addresses of the
Holders of the Preferred Securities in accordance with Sec. 312 of the Trust
Indenture Act, regardless of the source from which such information was derived,
shall not be deemed to be a violation of any existing law, or any law hereafter
enacted which does not specifically refer to Sec. 312 of the Trust Indenture
Act, nor shall the Guarantee Trustee be held accountable by reason of mailing
any material pursuant to a request made under Sec. 312(b) of the Trust Indenture
Act.

SECTION 2.8 Conflicting Interest.

         The Declaration shall be deemed to be specifically described in this
Guarantee Agreement for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

                                   ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Guarantee Trustee.

         (a) This Guarantee Agreement shall be held by the Guarantee Trustee on
behalf of the Issuer for the benefit of the Holders of the Preferred Securities.
The Guarantee Trustee shall not transfer its right, title and interest in the
Guarantee Agreement to any Person except a Successor Guarantee Trustee on
acceptance by such Successor Guarantee Trustee of its appointment to act as
Guarantee Trustee or to a Holder of Preferred Securities

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exercising his or her rights pursuant to Section 5.4. The right, title and
interest of the Guarantee Trustee to the Guarantee Agreement shall vest
automatically in each Person who may hereafter be appointed as Guarantee Trustee
in accordance with Article IV. Such vesting and cessation of title shall be
effective whether or not conveyancing documents have been executed and
delivered.

         (b) If an Event of Default occurs and is continuing, the Guarantee
Trustee shall enforce this Guarantee Agreement for the benefit of the Holders of
the Preferred Securities.

         (c) This Guarantee Agreement and all moneys received by the Trust
hereunder in respect of the Guarantee Payments will not be subject to any right,
charge, security interest, lien or claim of any kind in favor of, or for the
benefit of that Guarantee Trustee or its agents or their creditors.

         (d) The Guarantee Trustee shall after the occurrence of an Event of
Default, transmit by mail, first class postage prepaid, to the holders of the
Preferred Securities, as their names and addresses appear upon the register,
notice of all Events of Default known to the Guarantee Trustee, unless such
defaults shall have been cured before the giving of such notice; provided that
the Guarantee Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of
directors and/or Responsible Officers, of the Guarantee Trustee in good faith
determine that the withholding of such notice is in the interests of the Holders
of the Preferred Securities. The Guarantee Trustee shall not be deemed to have
knowledge of any default except any default as to which the Guarantee Trustee
shall have received written notice or a Responsible Officer charged with the
administration of this Guarantee Agreement shall have obtained written notice.

         (e) The Guarantee Trustee shall not resign as a Trustee unless a
Successor Guarantee Trustee has been appointed and accepted that appointment in
accordance with Article IV.

SECTION 3.2 Certain Rights and Duties of the Guarantee Trustee.

         (a) The Guarantee Trustee, before the occurrence of an Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Guarantee Agreement, and no implied covenants shall be read into this Guarantee
Agreement against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6(a)), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Guarantee Agreement, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

         (b) No provision of this Guarantee Agreement shall be construed to
relieve the Guarantee Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

                  (i)  prior to the occurrence of an Event of Default and after
                       the curing or waiving of all such Events of Default that
                       may have occurred:

                      (A) the duties and obligations of the Guarantee Trustee
                      shall be determined solely by the express provisions of
                      this Guarantee Agreement, and the Guarantee Trustee shall
                      not be liable except for the performance of such duties
                      and obligations as are specifically set forth in this
                      Guarantee Agreement, and no implied covenants or
                      obligations shall be read into this Guarantee Agreement
                      against the Guarantee Trustee; and

                      (B) in the absence of bad faith on the part of the
                      Guarantee Trustee, the Guarantee Trustee may conclusively
                      rely, as to the truth of the statements and the
                      correctness of the opinions expressed therein, upon any
                      certificates or opinions furnished to the Guarantee
                      Trustee and conforming to the requirements of this
                      Guarantee Agreement; but in the case of any such
                      certificates or opinions that by any provision hereof are
                      specifically required to be furnished to the Guarantee
                      Trustee, the Guarantee Trustee shall be under a duty to
                      examine the same to determine whether or not they conform
                      to the requirements of this Guarantee Agreement;

<PAGE>
                  (ii)  The Guarantee Trustee shall not be liable for any error
                        of judgment made in good faith by a Responsible Officer
                        of the Guarantee Trustee, unless it shall have proved
                        that the Guarantee Trustee was negligent in ascertaining
                        the pertinent facts;

                  (iii) The Guarantee Trustee shall not be liable with respect
                        to any action taken or omitted to be taken by it in good
                        faith in accordance with the direction of the Holders of
                        Preferred Securities as provided herein relating to the
                        time, method and place of conducting any proceeding for
                        any remedy available to the Guarantee Trustee, or
                        exercising any trust or power conferred upon the
                        Guarantee Trustee under this Guarantee Agreement; and

                  (iv)  No provision of this Guarantee Agreement shall require
                        the Guarantee Trustee to expend or risk its own funds or
                        otherwise incur personal financial liability in the
                        performance of any of its duties or in the exercise of
                        any of its rights or powers, if it shall have reasonable
                        ground for believing that the repayment of such funds or
                        liability is not reasonably assured to it under the
                        terms of this Guarantee Agreement or adequate indemnity
                        against such risk or liability is not reasonably assured
                        to it.

         (c)      Subject to the provisions of Section 3.2(a) and (b):

                  (i)   Whenever in the administration of this Guarantee
                        Agreement, the Guarantee Trustee shall deem it desirable
                        that a matter be proved or established prior to taking,
                        suffering or omitting any action hereunder, the
                        Guarantee Trustee (unless other evidence is herein
                        specifically prescribed) may, in the absence of bad
                        faith on its part, request and rely upon a certificate,
                        which shall comply with the provisions of Sec. 314(e) of
                        the Trust Indenture Act, signed by any authorized
                        officer of the Guarantor;

                  (ii)  The Guarantor Trustee (A) may consult with counsel
                        (which may be counsel to the Guarantor or any of its
                        Affiliates and may include any of its employees)
                        selected by it in good faith and with due care and the
                        advice or opinion of such counsel with respect to legal
                        matters shall be full and complete authorization and
                        protection in respect of any action taken, suffered or
                        omitted by it hereunder in good faith and in reliance
                        thereon and in accordance with such advice and opinion
                        and (B) shall have the right at any time to seek
                        instructions concerning the administration of this
                        Guarantee Agreement from any court of competent
                        jurisdiction;

                  (iii) The Guarantee Trustee may execute any of the trusts or
                        powers hereunder or perform any duties hereunder either
                        directly or by or through agents or attorneys and the
                        Guarantee Trustee shall not be responsible for any
                        misconduct or negligence on the part of any agent or
                        attorney appointed by it in good faith and with due
                        care;

                  (iv)  The Guarantee Trustee shall be under no obligation to
                        exercise any of the rights or powers vested in it by
                        this Guarantee Agreement at the request or direction of
                        any Holders of Preferred Securities, unless such Holders
                        shall have offered to the Guarantee Trustee reasonable
                        security and indemnity against the costs, expenses
                        (including attorneys' fees and expenses) and liabilities
                        that might be incurred by it in complying with such
                        request or direction; provided that nothing contained in
                        this clause (iv) shall relieve the Guarantee Trustee of
                        the obligation, upon the occurrence of an Event of
                        Default (which has not been cured or waived) to exercise
                        such of the rights and powers vested in it by this
                        Guarantee Agreement, and to use the same degree of care
                        and skill in this exercise, as a prudent person would
                        exercise or use under the circumstances in the conduct
                        of his or her own affairs; and

                  (v)   Any action taken by the Guarantee Trustee or its agents
                        hereunder shall bind the Holders of the Preferred
                        Securities and the signature of the Guarantee Trustee or
                        its agents alone shall be sufficient and effective to
                        perform any such action; and no third party shall be
                        required to inquire as to the authority of the Guarantee
                        Trustee to so act, or as to its compliance with any of
                        the terms and provisions of this Guarantee Agreement,
                        both of which shall be conclusively evidenced by the
                        Guarantee Trustee's or its agent's taking such action.
<PAGE>

SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee.

         The recitals contained in this Guarantee Agreement shall be taken as
the statements of the Guarantor and the Guarantee Trustee does not assume any
responsibility for their correctness. The Guarantee Trustee makes no
representations as to the validity or sufficiency of this Guarantee Agreement.

                                   ARTICLE IV

                                GUARANTEE TRUSTEE

SECTION 4.1 Qualifications.

         (a)      There shall at all times be a Guarantee Trustee which shall:

                  (i)      not be an Affiliate of the Guarantor; and

                  (ii)     be a corporation organized and doing business under
                           the laws of the United States of America or any State
                           or Territory thereof or of the District of Columbia,
                           or a corporation or Person permitted by the
                           Commission to act as an institutional trustee under
                           the Trust Indenture Act, authorized under such laws
                           to exercise corporate trust powers, having a combined
                           capital and surplus of at least $50,000,000, and
                           subject to supervision or examination by Federal,
                           State, Territorial or District of Columbia authority.
                           If such corporation publishes reports of condition at
                           least annually, pursuant to law or to the
                           requirements of the supervising or examining
                           authority referred to above, then for the purposes of
                           this Section 4.1(a)(ii), the combined capital and
                           surplus of such corporation shall be deemed to be its
                           combined capital and surplus as set forth in its most
                           recent report of condition so published.

         If at any time the Guarantee Trustee shall cease to satisfy the
requirements of clauses (i)-(ii) above, the Guarantee Trustee shall immediately
resign in the manner and with the effect set out in Section 4.2. If the
Guarantee Trustee has or shall acquire any "conflicting interest" within the
meaning of Sec. 310(b) of the Trust Indenture Act, the Guarantee Trustee and the
Guarantor shall in all respects comply with the provisions of Sec. 310(b) of the
Trust Indenture Act.

         Any corporation into which the Guarantee Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Guarantee Trustee
shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Guarantee Trustee, shall be a Successor
Guarantee Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article without the execution or filing of any
paper or any further act on the part of any of the parties hereto.

SECTION 4.2 Appointment, Removal and Resignation of Guarantee Trustee.

         (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed
or removed without cause at any time by the Guarantor.

         (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee possessing the qualifications
to act as Guarantee Trustee under Section 4.1(a) has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor.

         (c) The Guarantee Trustee appointed to office shall hold office until
his successor shall have been appointed or until its removal or resignation.

         (d) The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument (a "Resignation Request") in
writing signed by the Guarantee Trustee and delivered to the Guarantor, which
resignation shall take effect upon such delivery or upon such later date as is
specified therein; provided, however, that no such resignation of the Guarantee
Trustee shall be effective until a Successor

<PAGE>

Guarantee Trustee possessing the qualifications to act as Guarantee Trustee
under Section 4.1(a) has been appointed and has accepted such appointment by
instrument executed by such Successor Guarantee Trustee and delivered to
Guarantor and the resigning Guarantee Trustee.

         (e) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of a Resignation Request, the resigning Guarantee
Trustee may petition any court of competent jurisdiction for appointment of a
Successor Guarantee Trustee. Such court may thereupon after such notice, if any,
as it may deem proper and prescribe, appoint a Successor Guarantee Trustee.

                                    ARTICLE V

                                    GUARANTEE

SECTION 5.1 Guarantee.

         The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer) as and when due, to the Holders of record as of the date
upon which such Guarantee Payments are due, regardless of any defense, right of
set-off or counterclaim which the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay
such amounts to the Holders.

SECTION 5.2 Waiver of Notice.

         The Guarantor hereby waives notice of acceptance of this Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Issuer
or any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands. Notwithstanding anything to the contrary herein, the Guarantor retains
all of its rights to (i) extend the interest payment period on the Debentures
and the Guarantor shall not be obligated hereunder to make any Guarantee
Payments during any extended interest payment period with respect to the
Distributions (as defined in the Declaration) on the Preferred Securities and
(ii) redeem or change the maturity date of the Debentures, in each case to the
extent permitted by the Indenture.

SECTION 5.3 Obligations Not Affected.

         The obligations, covenants, agreements and duties of the Guarantor
under this Guarantee Agreement shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

         (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;

         (b) the extension of time for the payment by the Issuer of all or any
portion of the Distributions (other than an extension of time for payment of
Distributions that results from the extension of any interest payment period on
the Debentures), Redemption Price, Liquidation Distribution or any other sums
payable under the terms of the Preferred Securities or the extension of time for
the performance of any other obligation under, arising out of, or in connection
with, the Preferred Securities;

         (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Preferred Securities, or
any action on the part of the Issuer granting indulgence or extension of any
kind;

         (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

         (e) any invalidity of, or defect or deficiency in, the Preferred
Securities;

<PAGE>

         (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or

         (g) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances. There shall be no
obligation of the Holders to give notice to, or obtain consent of, the Guarantor
with respect to the happening of any of the foregoing.

SECTION 5.4 Enforcement of Guarantee.

         The Guarantor and the Guarantee Trustee expressly acknowledge that (i)
this Guarantee Agreement will be deposited with the Guarantee Trustee to be held
for the benefit of the Holders; (ii) the Guarantee Trustee has the right to
enforce this Guarantee Agreement on behalf of the Holders; (iii) Holders
representing not less than a Majority in liquidation amount of the Preferred
Securities have the right to direct the time, method and place of conducting any
proceeding for any remedy available in respect of this Guarantee Agreement
including the giving of directions to the Guarantee Trustee, or exercising any
trust or other power conferred upon the Guarantee Trustee under this Guarantee
Agreement, and (iv) any Holder may institute a legal proceeding directly against
the Guarantor to enforce such Holder's rights under this Guarantee Agreement,
without first instituting a legal proceeding against the Issuer, the Guarantee
Trustee, or any other Person.

SECTION 5.5 Guarantee of Payment.

         This Guarantee Agreement creates a guarantee of payment and not merely
of collection. This Guarantee Agreement will not be discharged except by payment
of the Guarantee Payments in full (without duplication of amounts theretofore
paid by the Issuer).

SECTION 5.6 Subrogation.

         The Guarantor shall be subrogated to all (if any) rights of the Holders
against the Issuer in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement; provided, however, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Guarantee Agreement. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

SECTION 5.7 Independent Obligations.

         The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 Limitation of Transactions.

         So long as any Preferred Securities remain outstanding, the Guarantor
will not declare or pay any dividend on, or redeem, purchase, acquire or make a
distribution or liquidation payment with respect to, any of its common stock or
preferred stock, or any other securities similar to the Preferred Securities or
the Debentures, or make any guarantee payments with respect thereto, if at such
time (i) the Guarantor shall be in default with respect to its Guarantee
Payments or other payment obligations hereunder, (ii) there shall have occurred
and be continuing any event of default under the Indenture or (iii) the
Guarantor shall have given notice of its selection of an Extension Period (as
defined in the Indenture) and such period, or any extension thereof, is
continuing;
<PAGE>
provided that the Guarantor will be permitted to pay dividends (and cash in lieu
of fractional shares) upon the mandatory conversion of any of its preferred
stock in accordance with the terms of such stock. In addition, so long as any
Preferred Securities remain outstanding, the Guarantor (i) will remain the sole
direct or indirect owner of all of the outstanding Common Securities and shall
not cause or permit the Common Securities to be transferred except to the extent
such transfer is permitted under Section 9. 1 (c) of the Declaration; provided
that any permitted successor of the Guarantor under the Indenture may succeed to
the Guarantor's ownership of the Common Securities and (ii) will not take any
action which would cause the Issuer to cease to be treated as a grantor trust
for United States federal income tax purposes except in connection with a
distribution of Debentures as provided in the Declaration.

SECTION 6.2 Subordination.

         This Guarantee Agreement will constitute an unsecured obligation of the
Guarantor and will rank (i) subordinate and junior in right of payment to all
other liabilities of the Guarantor, including the Debentures, except those made
pari passu or subordinate by their terms, and (ii) senior to all capital stock
now or hereafter issued by the Guarantor and to any guarantee now or hereafter
entered into by the Guarantor in respect of any of its capital stock.

                                   ARTICLE VII

                                   TERMINATION

SECTION 7.1 Termination.

         This Guarantee Agreement shall terminate and be of no further force and
effect upon full payment of the Redemption Price of all Preferred Securities,
upon the distribution of Debentures to Holders of Preferred Securities and
Common Securities in exchange for all of the Preferred Securities and Common
Securities or upon full payment of the amounts payable in accordance with the
Declaration upon liquidation of the Issuer. Notwithstanding the foregoing, this
Guarantee Agreement will continue to be effective or will be reinstated, as the
case may be, if at any time any Holder must restore payment of any sums paid
with respect to the Preferred Securities or this Guarantee Agreement.

                                  ARTICLE VIII

                    LIMITATION OF LIABILITY; INDEMNIFICATION

SECTION 8.1 Exculpation.

         (a) No Indemnified Person shall be liable, responsible or accountable
in damages or otherwise to the Guarantor or any Covered Person for any loss,
damage or claim incurred by reason of any act or omission performed or omitted
by such Indemnified Person in good faith and in a manner such Indemnified Person
reasonably believed to be within the scope of the authority conferred on such
Indemnified Person by this Guarantee Agreement or by law, except that an
Indemnified Person shall be liable for any such loss, damage or claim incurred
by reason of such Indemnified Person's negligence or willful misconduct with
respect to such acts or omissions.

         (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders of Preferred Securities might properly be paid.

<PAGE>

SECTION 8.2 Indemnification.

         (a) To the fullest extent permitted by applicable law, the Guarantor
shall indemnify and hold harmless each Indemnified Person from and against any
loss, damage or claim incurred by such Indemnified Person by reason of any act
or omission performed or omitted by such Indemnified Person in good faith and in
a manner such Indemnified Person reasonably believed to be within the scope of
authority conferred on such Indemnified Person by this Guarantee Agreement,
except that no Indemnified Person shall be entitled to be indemnified in respect
of any loss, damage or claim incurred by such Indemnified Person by reason of
negligence or willful misconduct with respect to such acts or omissions.

         (b) To the fullest extent permitted by applicable law, expenses
(including legal fees) incurred by an Indemnified Person in defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the
Guarantor prior to the final disposition of such claim, demand, action, suit or
proceeding upon receipt by the Guarantor of an undertaking by or on behalf of
the Indemnified Person to repay such amount if it shall be determined that the
Indemnified Person is not entitled to be indemnified as authorized in Section
8.2(a).

                                   ARTICLE IX

                                  MISCELLANEOUS

SECTION 9.1 Successors and Assigns.

         All guarantees and agreements contained in this Guarantee Agreement
shall bind the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the Preferred
Securities then outstanding. Except in connection with a consolidation, merger
or sale involving the Guarantor that is permitted under Article Eight of the
Indenture, the Guarantor shall not assign its obligations hereunder.

SECTION 9.2 Amendments.

         Except with respect to any changes which do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Guarantee Agreement may only be amended with the prior approval of the Holders
of not less than a Majority in liquidation amount of the Preferred Securities.
The provisions of Section 12.2 of the Declaration concerning meetings of Holders
shall apply to the giving of such approval.

SECTION 9.3 Notices.

         Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, duly signed by the party giving such
notice, and delivered, telecopied or mailed by first class mail as follows:

         (a) if given to the Guarantor, to the address set forth below or such
other address as the Guarantor may give notice of to the Holders:

                  Ford Motor Credit Company
                  One American Road
                  Dearborn, Michigan 48126
                  Facsimile No.: (313) 390-6815
                  Attention: Treasurer

         (b) if given to the Guarantee Trustee, to the address set forth below
or such other address as the Guarantee Trustee may give notice to the Holders:

                  [---------------------]
                  [---------------------]
                  [---------------------]

<PAGE>

         (c) if given to any Holder of Preferred Securities, at the address set
forth on the books and records of the Issuer.

         All notices hereunder shall be deemed to have been given when received
in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 9.4 Genders.

         The masculine, feminine and neuter genders used herein shall include
the masculine, feminine and neuter genders.

SECTION 9.5 Benefit.

         This Guarantee Agreement is solely for the benefit of the Holders and
subject to Section 3. 1 (a) is not separately transferable from the Preferred
Securities.

SECTION 9.6 Governing Law.

         THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO ITS PRINCIPLES OF CONFLICTS OF LAWS.

SECTION 9.7 Counterparts.

         This Guarantee Agreement may be executed in counterparts, each of which
shall be an original; but such counterparts shall together constitute one and
the same instrument.

         THIS GUARANTEE AGREEMENT is executed as of the day and year first above
written.

                                     FORD MOTOR CREDIT COMPANY

                                     By: ___________________________________
                                     Name:
                                     Title:

                                     [___________________________],
                                     as Guarantee Trustee

                                     By: _____________________________________
                                     Name:
                                     Title:

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