Ford Motor Credit courting subprime borrowers

Saw this today.

http://news.moneycentral.msn.com/provider/providerarticle.asp?Feed=FT&Date=20060824&ID=5967719

VERY INTERESTING........................Yes, now they realize that we do have money in our pockets to buy autos with..... Just like normal everyday folks!
We drive too!!!!

Statistics show that most people who file bankruptcy are not "deadbeats" etc..... they are honest, bill paying people that had crisis in their lives....

Really, we are excellent candidates to sell new autos too........

VERY INTERESTING........................Yes, now they realize that we do have money in our pockets to buy autos with..... Just like normal everyday folks!
We drive too!!!!

Statistics show that most people who file bankruptcy are not "deadbeats" etc..... they are honest, bill paying people that had crisis in their lives....

Really, we are excellent candidates to sell new autos too........

This is so true, Minny!

It's a shame that the major reason Ford moved off the dime is that their regular client base is shrinking because our group of big-time debtors is growing exponentially across the country. I think we'll see the other Detroit automakers following suit very soon.

Many of the local dealers are now making offers, cutting prices, offering employee pricing and bonus for buying new autos...... they even go to the point of mentioning that bankruptcy will not keep you from owning a new auto..... (bankruptcy friendly)....

Who better to sell a new auto too than someone who has NO DEBTS.....other than basic needs. May are even "waving" the downpayments to accommodate folks....

The housing market bubble has burst and now the auto dealers are going to have to do "something" to sell their vehicles........ something drastic......

People are just not buying unless its an unbelievable deal!!!!!

ok.. I bit the bullet and applied.. discharged 6/30/6 and scores in the low sixes.. let's see if I get approved.

Yep, was willing to burn an inquiry for this.. :-)

Good luck Georgia guy. I sure wish I was back in GA. Sucks up here in the midwest. Cannot wait to move back. Won't move back to cherokee though, too damn much traffic!!!!!!!

ok.. I bit the bullet and applied.. discharged 6/30/6 and scores in the low sixes.. let's see if I get approved.

Yep, was willing to burn an inquiry for this.. :-)

Hey GA. Did you get approved or what? I was talking to a Ford guy and he was telling me that they are being a bit more lenient with the 0.00% financing. Good luck!

I got it!!! However, when I went and looked there is not one single car at Ford that I REALLY want.. Other than the Mustang GT and that is not fitting the ole budget right now.. I just started thinking that I have an 04 Ford Ranger with 24k miles and only owe $2700 on the thing.. Not sure I wanna sink deep into debt again yet..

Hmmm....an 04 with 24K miles and you owe $2700? I would say stay right where you're at. Think about this; within the next year or so (depending on your monthly payments), you'll own the title. That's the best car/truck you'll ever own!

Now as for the Mustang GT, one of the 'baddest' looking cars on the road. What a nice job Ford did on the new models. I'm a Mustang lover.....used to have '69 Mach 1.

I think the whole key here is not to get too excited and as the man in the article said, don't buy more car than you can afford. I was going to send that link to my wife, but I decided against it since she would want to go car shopping!! LOL

It is so tempting when you are out of BK and debt free to get that "dream car"......I know myself, I would LOVE a Ford Truck....but I also know I don't want a car payment right now, since I know OWN the two cars I have after the BK.

BassBoy, I tend to agree with you.. And LORD HAVE MERCY the Ford dealership is calling today with it being the end of the month and all.. My goodness, i could get a killer deal today if I wanted but I am gonna have to pass and make the RIGHT deicision here.

If you have a vehicle that is 2 years old and only owe $2700 on it........WHY IN THE WORLD would you want to be out auto shopping......???

Best spend that money on savings, retirement, etc.......

Get togehter that "emergency fund" that you might need in the future......

My thoughts,

BassBoy, I tend to agree with you.. And LORD HAVE MERCY the Ford dealership is calling today with it being the end of the month and all.. My goodness, i could get a killer deal today if I wanted but I am gonna have to pass and make the RIGHT deicision here.

I think that's a great decision. And yes, stay out of debt for a while, if you can. Enjoy life, re-build, save some cash, and most importantly, plan for your future because you now know what can happen.

Best of luck to you.

I got it too. Which is better for me. I got a wonderful wonderful deal for a Mercury Montery. I was so excited and I have a great note too. I needed a car so bad...I was without transportation! I do advise you NOT to get another car if you don't need one.

Well,

I have slowly been getting tired (and a little scared) of my 1998 Nissan 200SX with 145,000 miles on it - green. The suspension was getting loud and a lot of things were wrong (light on the gear changer only came on some of the time, the stereo had been ripped out and stolen so no radio, brakes were loud, passenger seat wouldn't recline, etc.
Well, I had seen this posting and stopped with a friend at the Mercury dealer. So today I traded in my 1998 for a 2007 Mercury Milan and got an interest rate of 4.5% and my bankruptcy was discharged February!
My payment will be $50 higher than my 1998 Nissan when it had a payment and was over 8%.
I am putting a down payment ($6000) from my home refi and am glad someone was kind enough to mention the news about Ford/Lincoln/Mercury financing on the board.
I still wonder if I could have gotten the 0% if I had tried a little harder?


Jeff.

has anyone been successful at obtaining financing on a used vehicle through fomoco? i would like another truck, but i refuse to pay $30,000 for a 2006, when i can get a used one for almost half the price!

When I visited a Ford Dealer, the "Special Finance Manager" (as he is called.....and what's so special about it?) said NO WAY to going through Ford Motor Credit on a used vehicle. It was the same old crap every other dealership was telling me......gotta go with sub-pime lenders.

On the other hand, going with a new vehicle may a whole other story though. But like you, $30K for a new vehicle was outta the question in my case.

figured that was the case!

Oh, one more thing about the 0%...from what I've seen, you've got to have a beacon score of over 700 (I think it's 740). Ever read the disclaimers at the bottom of those auto ads?

When I visited a Ford Dealer, the "Special Finance Manager" (as he is called.....and what's so special about it?) said NO WAY to going through Ford Motor Credit on a used vehicle. It was the same old crap every other dealership was telling me......gotta go with sub-pime lenders.



The funny thing about this is that Ford is on the verge of bankruptcy. If they have a problem financing somebody out of bankruptcy, then we should have a problem buying a car from a company that is about to go bankrupt:D

sp114,

amen!!!!

The funny thing about this is that Ford is on the verge of bankruptcy. If they have a problem financing somebody out of bankruptcy, then we should have a problem buying a car from a company that is about to go bankrupt:D

You're right, sp114 - Ford is most definitely in financial trouble. According to Reuters:
"Ford Motor Co. said today (Friday, Sept 15) it will slash $5 billion in costs and one-third of its work force as it warned its auto business would not make a profit in North America for another three years. ... The auto giant announced it plans to eliminate as many as 44,000 jobs through buyouts and other cuts by 2008 as part of an attempt to reduce excess capacity and restore profitability." Definitely not a good time to be depending on employment in the automotive world.

The funny thing about this is that Ford is on the verge of bankruptcy. If they have a problem financing somebody out of bankruptcy, then we should have a problem buying a car from a company that is about to go bankrupt:D

So true. I was reading in our local paper that Ford will lose about $8-Billion this year. Holy smokes! They also bought out a lot retirements/pensions and let about 70,000 jobs go.

Back in May, two months out of discharge, I got approved for 0.9% with Ford and an average score of about 550. I bought a new 500 (really like it). I walked into the finance director's office and asked him if I could speak confidentially - he said yes and we closed the door. I laid out my bk story to him - turned out HE was only 6 mos out of bk himself. I firmly believe it was the personal effort and not going thru the dealership's 'mill' that got me the deal.

You can apply directly with Ford if you wish for the used car. The dealership will often try to send you subprime cause they make a bit more on the deal too. Otherwise, try another dealership and speak to the F&I mgr before you see a salesman.

Poor me,

speaking of that finance manager, I think there is way more of us out there than we know. Scary, isn't it?

Glad it worked out for you on your new vehicle--that is an awesome rate! There may even be hope for me. My scores suck but hopefully in a year or 2 that will change (hope)

There are A LOT OF US out here! I went to one of those after-bk seminars, and there were at least 500-600 people who showed up - all walks of life, and the most talked about topic was how many people around us are 'our buddies' and we don't know it.

Good luck - things will improve.