Ford Motor Credit

Just wondering, anyone finance with FMC after bankruptcy? I've been reading that they are actively targeting bad credit customers and even allowing for 0% etc.

Anyone done this recently?

Well, Ford needs to do something to sell units. So, I imagine that targeting sub-prime borrowers is part of that strategy.

Here's a thread for you where Ford was discussed back the end of summer:

http://www.bankruptcyforum.com/showthread.php?t=9430&highlight=ford

Make note, on page 2, PoorMe's post about getting 0.9% financing. I believe PoorMe is the person who spoke directly to the finance manager in advance of dealing with a sales rep. Explained his/her situation about the BK and all. Got approved for the promo low finance rate, no problem.

Ford/Mazda is very bk friendly. Some borrowers have even bk'ed on them, then immediately bought new vehicles with them. Not that I would recommend doing such a thing, but just to make a point they are very friendly.

Yes, I still echo my successful effort previously posted. I'm looking back on my credit reports and it is so nice to see 7 payments made on-time or before! I went to one of the Stephen Snyder seminars - it was free - and tried to use the tactics and experiences he advised about car buying. I had some unique personal situations that I was able to exploit -but you probably do as well - think about what you can use to highlight your discussion to your benefit. My FICOS were very low - avg 502 - but I was able to get my loan. Ask about getting a 'subvened' loan.

Yes, I still echo my successful effort previously posted. I'm looking back on my credit reports and it is so nice to see 7 payments made on-time or before! I went to one of the Stephen Snyder seminars - it was free - and tried to use the tactics and experiences he advised about car buying. I had some unique personal situations that I was able to exploit -but you probably do as well - think about what you can use to highlight your discussion to your benefit. My FICOS were very low - avg 502 - but I was able to get my loan. Ask about getting a 'subvened' loan.

Hey Poor,...........

Can you explain what a subvened loan is??!!

I'll probably mess this up - but will give it a shot. The definition of subvened is found to be "supported, or under support by". As I understand it in the auto business, these are low interest loans the dealer/finance company can provide whereby part of the financing is supplied directly by the manufacturer. In other words, the car company will contribute to the cost of the finance deal - making it easier for the dealership by not having so much on the line. Therefore, a better/lower rate is the result.

I found the actual link to the story on FT.com

http://www.xak.com/main/newsshow.asp?id=63987

Hey I look at it this way, Ford is nearly bankrupt so it makes sense that they are targeting consumers who are putting faith in them as a company.