Approved!

There IS life after BK, my case was dischaged last week and closed yesterday.

I was approved for an 06 Focus ST through Ford Motor Credit.

11.85% intrest
$1000 down.

There is life after BK

Congrats!

Very awsome!!!! I had heard that Ford was good to work with. Guess I will be getting a ford at some point.

Oh and your rate is really not that bad. My first car loan was 14% in the 80's and I had perfect credit.

Ford has some amazing rebates right now, so far them seem easy to deal with.

I beleive Ford pulls from Experian, which was good because Experian was the only report I have gotten cleaned up so far.

So with postive payments on this, postive payments on my student loans and a credit card. I should be WELL on my way.

WOW, that's fantastic. That's a great rate for just out of BK.

There IS life after BK, my case was dischaged last week and closed yesterday.

I was approved for an 06 Focus ST through Ford Motor Credit.

11.85% intrest
$1000 down.

There is life after BK


Did you file BK 13 or 7?

Congrats Jared. And not a bad rate either!! WoooHooo!!! :yahoo: :clapping: :yahoo:

Did you file BK 13 or 7?

I filed chap 7, I picked up the car today.

Very good Good for you... :yahoo: :clapping:

Ford Motor Credit is BK-friendly. We bought a 2000 truck - very good condition, low mileage with a lot of extras last Fall. The interest rate was decent too. Thank goodness for them because several other car lots wouldnt even talk to us about financing. FMC didnt even require we give them a down payment.

Congratulations!

What was your FICO?

Callie - I assume you are asking Jared but for the record mine was 648 at the time. My husband's was lower and he is the one who got us approved for the truck.

I had been looking for a vehicle for months as everyone knows. We had a Dodge Truck lined up but I hate Dodges, but the deal was good. Well, I started switching to Ford E350 vans since i have my GMC. I took what you said and found a low mileage (22,500) 2006 E350 (1 ton) 12 passenger van and yes FORD CREDIT is BK friendly! Drove it home in record time, nothing down! 12.02 percent! Fully loaded E350 Super Duty XLT, 18,995.00 (the gas deal is driving the price for a used one down).

Thank you for this post Jared, it was a godsend. I was able to keep my GMC Sierra which has 5 payments left and dump my old Corsica, thank you so much, this Forum is great!!!!

My first Ford Escort, bought NEW in 1984, interst was 14.07, like you said with perfect credit. they use equifax here in the SE for the most part. I know that my equifax contains numerous mistakes, I have corrected none at this point. They said time on the job was the deciding factor.

Wend,

I was right there with you. My loan was at 14% and I thought nothing of it. Plus, I could not find a job to save my life. Times were not so great back then, but still we managed. Maybe its me, but I think times are worse now. Sure there are jobs, but back then, jobs included health insurance.

Also I am wondering if the long periods of credit worthiness will help repair faster. I have had perfect credit since 1980 when I was a college student.

I had been looking for a vehicle for months as everyone knows. We had a Dodge Truck lined up but I hate Dodges, but the deal was good. Well, I started switching to Ford E350 vans since i have my GMC. I took what you said and found a low mileage (22,500) 2006 E350 (1 ton) 12 passenger van and yes FORD CREDIT is BK friendly! Drove it home in record time, nothing down! 12.02 percent! Fully loaded E350 Super Duty XLT, 18,995.00 (the gas deal is driving the price for a used one down).

Thank you for this post Jared, it was a godsend. I was able to keep my GMC Sierra which has 5 payments left and dump my old Corsica, thank you so much, this Forum is great!!!!

Your welcome, I have to say so far I have been impressed with FMC not that they approved, me but there customer service seems wonderful.

I applied through RoadLoans and was declined, I was really statrting to get worried. I went to the Ford dealer and explained the story, I was approved through Ford Motor Credit in less then 10 minutes.

Glad I could help.

Ford Motor Credit judges a persons credit wortyness NOT purley based on credit score. I have never had a repo, and all my previous auto accounts had been closed out perfect. Also when you file BK your debt to income ratio has suddenly changed.

These internet websites are good, but I still think a dealer is the best at securing you a loan.

Jared - that is absolutely true because as I said in my earlier post my husband's credit score was not that high. FMC didnt look purely at that; they do an overall creditworthiness as in time on the job, income, etc. Roadloans does not do business in Tennessee so I didnt try them but it was ironical that when we purchased our son's truck last year(1 month post-BK) the lot where we bought the car would not take our app even with a co-signer so we had to go to my father in law to help. His credit score was 803 and the interest rate was decent but not what it should have been for someone with that credit score. His issues may have been income. Anyway, the truck got wrecked; insurance paid the whole thing off(thank goodness) and we were again faced with having to purchase another vehicle. FMC approved the truck which was newer, had a few more miles on it, had all the bells and whistles teenager boys want on a truck...tinted windows, big tires, etc....and we paid less for it. FMC even wrote and told us they were lowering our interest rate because it was figured too high...couldnt believe that one but they have made a believer out of me. They were there when no one else would so our next car will come from them.

That was my situation. Time on the job 24 years, income very high I guess so we were approved. Also never late on mortgage or vehicle. BK discharged two years ago.

Do you know what scores Ford motor accept low end ?

invest...not off-hand but I can tell you my son's truck is in my husband's name and his score is lower than mine - at least it was - dont know now. Anyway I dont know exactly what it was but my guess is mid 500's and FMC still approved the loan. What is really bizarre is after that I applied for ccs in his name and mine separately. His did not get approved but mine did..my last check of my FICO through the Credit Union was 625...dropped from 650 because of too many inquiries. FMC is very BK-friendly; I bet they approve you.

Oddly, my score on Experian went down to 609, Equifax, which I haven't touched is 625. Ford takes time on the job into account.

Hopefully , We were thinking about going and getting a Kia sonata .. They have a 8,000 minnimum trade right now... My car now is on it's way out.
thanks for the info..

We just got home from carmax wellfargo approved " 0 down " 16.85 % interest rate payment would be 285.00 for a 2001 mitsubishi monterro.. if we get extended warranty monthly payments 323.00... 66 months I believe.. We walked out to think about it ... still going to apply with ford credit to try to do better... if not well see ... in Limbo about all this beacuse of rate.. I expected to be high but... The finance manager said to get it then refinance 6 months when credit better and we could be rebuilding with Wells fargo in the mean time... So whatcha think ? Oh the car is priced at 12,000 without warranty .. 13,600.00 with warranty...
Anyone know do all the ford credit apps come back with down payments to be paid?

Does any one have a sample letter of request to purchase a car that goes to the trustee

Invest1,

Did you say the car only had 12,000 miles on it? If so, then I would think the original manufacture warranty would still apply...dont know about Mitsubishi....but 3 36000 for GM. which could mean that the mitsu would still have close to 20,00 miles and 2 years left on a bumber to bumper and possibly a 5 60000 on engine and transmission! You may not need an extended from carmax or other. check into it!

Options74,

I do. I will see if I cant get that posted to you later tonight when I get home from work.

I dont like Mitusbishi automobiles. The repairs on them are high and parts are really hard to get to. My brother has a mitsubishi galant and that thing has been a nightmare and was in the shop under the originial manugacturers warranty two months after he got it. Kia's arent that much better either. I think they loose value the fastest also. But those are basically throw away cars. I have a friend who has one and it has all sorts of problems and he bought it brand new with 13 miles on it. Dont want to sound negative just advise people about these two vehicle brands. I love Nissan myself. They seem to be very reliable.