Ford Motor Credit

onlineuse · 12-22-2006, 08:24 PM

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?

**HHM** · 12-23-2006, 12:02 PM

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

SinkingFast · 12-23-2006, 02:17 PM

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

http://www.bankruptcyforum.com/showt...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.

FilingOnMyOwn · 12-23-2006, 11:03 PM

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.

poorme · 12-24-2006, 05:41 AM

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.

SinkingFast · 12-24-2006, 09:09 AM

Quote:

Originally Posted by poorme

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??!!

poorme · 12-24-2006, 07:57 PM

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.

onlineuse · 12-27-2006, 02:49 PM

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.

12-22-2006, 08:24 PM	#1
onlineuse Registered User B/F Newbie Join Date: Nov 2006 Posts: 87	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?

12-23-2006, 12:02 PM	#2
HHM Moderator B/F Guru Join Date: Dec 2004 Posts: 9,515	Well, Ford needs to do something to sell units. So, I imagine that targeting sub-prime borrowers is part of that strategy.
	The information provided is not and should not be considered legal advice or establish an attorney/client relationship. Nor do I promise or guarantee that the information contained on this post or any linked site is accurate, correct, complete, or current. You should seek the advice of competent counsel licensed to practice in your state to answer specific legal questions. My favorite resources http://www.bankruptcylawnetwork.com/ http://askmethner.com

12-23-2006, 02:17 PM	#3
SinkingFast Registered User B/F Guru Join Date: Jan 2006 Posts: 6,857	Here's a thread for you where Ford was discussed back the end of summer: http://www.bankruptcyforum.com/showt...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.
	Filed Ch 7 - 09/06 Discharged - 12/2006 Officially Declared No Asset - 03/2007 Closed - 04/2007 I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation. Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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12-23-2006, 11:03 PM	#4
FilingOnMyOwn Registered User B/F Guru Join Date: Oct 2005 Posts: 1,793	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.

12-24-2006, 05:41 AM	#5
poorme Registered User B/F Contributor Join Date: Jan 2006 Location: Kentucky Posts: 394	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.

12-24-2006, 07:57 PM	#7
poorme Registered User B/F Contributor Join Date: Jan 2006 Location: Kentucky Posts: 394	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.

12-27-2006, 02:49 PM	#8
onlineuse Registered User B/F Newbie Join Date: Nov 2006 Posts: 87	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.