Question about getting a Ford Credit loan...

[sjr1]

We currently have a lease through Ford Credit with 2 years left on it. We just filed Chapter 7 and plan to keep the lease. We've been late (30 day late) 3 times. If we aren't late again, do you think Ford will extend us financing for another car in a year or so? I am anticipating needing to replace our second car in that timeframe and would like to try Ford.

But, all of the posts say that Ford is BK friendly IF you've never been late. If you have been late in the past, do you think 12 on time payments since the last late will allow financing to go through?

[Flamingo]

What I/we think and what will happen with you personally as to your credit can be two different things but from what I have experienced and have been told by creditors in purchasing a vehicle with BK on your records, if, in the past, you have had on time, paid in full, loans with say GMAC, Ford Credit, etc., your chances of getting a loan are much higher than if you did not. It happened with us with GMAC and we were given the preferred financing options at that time of 0% interest. We have had GMAC loans in the past all paid on time and in full and we were told that was a factor.

The best thing for you to do is consult with the finance folks at a Ford dealership about your situation and see what they can do for you. Your late payments on your lease may work against you but it never hurts to see what, if anything, can be done for you.