We Know Ford Is Friendly...BUT

[yoyoma51]

We all know that Ford Motor Credit is BK friendly (and I can assume that includes Mercury & Lincoln, too).

BUT,

How about the other companies they own, such as Mazda & Volvo?

Any insights/experiences?

[MomIcantFindmy]

Ford is BK friendly?? How so?? I may need this information down the road sometime.

[yoyoma51]

There are many reports in this forum and others about how people were approved by Ford Motor Credit for a new car shortly (sometimes just a few months) after bankruptcy.

Usually, the interest rates were reasonable according to these reports.

[tiredofdebt1]

I am not too sure about Ford....but I got a new car Toyota Hilander w/ a Toyota Dealership the day after my 341 meeting...it has been great!

[brokeinmichigan]

tiredofdebt1--

Tell us about your Toyota deal, if you don't mind. As I mentioned on another thread, I have heard that Toyota was AWFUL for BK filers. Did you buy or lease? Big downpayment? Interest rate? However, I'd really like a Toyota, but we thought we'd have to settle for something else, because of the idea that Toyota was NOT BK friendly. Maybe not?

Thanks!

[Bandit]

Is GM BK friendly?

[Flamingo]

Is GM BK friendly?

It was for us - especially if you had a loan prior to your bankruptcy with them that you paid on time and nothing late. We got a new 2006 GM vehicle prior to our Chapter 13 discharge (we had already bought out early but were waiting for the discharge papers) at the promotional rate at that time of 0% financing for 4 years. They had it for 3 or 4 years and other promotional percentage rates with rebates. We had a good trade so it really worked well for us. We were told our prior paid off loan several years prior with GMAC worked to our advantage as did our credit scores which were in the high 600's at that time and we were also told that the way we conducted our payments during our Plan and other bills during our plan (i.e., mortgage payments) with nothing late also contributed greatly. That is why I always stress on here that when in a Chapter 13, do not ever be late with anything - it can work to your advantage in the long-run.

[poorme]

Ford does have a reputation of being more bk friendly over the years than other brands.

BUT, the key to getting approved by any captive lender is the wisdom, experience, and breadth of financing resources that the dealership's finance director - e.g. 'F&I' person has. Your first conversation with anyone at the dealership should be this person - NOT a salesmanwoman. In fact, don't convince yourself of the car you want until you get approved and know for how much and what the terms are. THEN you go out on the lot and select from the car models that fit what you're approved for. Once you let the sales guy get you hooked on a particular car without knowing you can get approved - the process becomes a circus and you're their clown.

[tiredofdebt1]

Well....i emailed their special financing dept...and a the financing manager called me the same day at Haley Toyota in Richmond, Va. He stated that i could come and check out some vehicles and that he has several lenders to work w/ me...but he stated that i had to wait until my 341 meeting. The next day.....i went to go pick up my vehicle....and they financed me through Prestige Financial. My interest rate was a lot lower than the vehicle i had pre-BK. They also have a rate reduction program where every 6 months your interest rate drops .5% as long as you pay on time and keep up your insurance. Oh yeah...no down payment. He also had another lender for me but i would've had to put down $1500......i went w/ the no down payment.....and purchased a Toyota Hilander. Very nice..and easy process...and they treated me as if i had a 700 credit score...no different.

[brokeinmichigan]

wow, tiredofdebt-

That's a great story! Hope we can get as lucky!

[tiredofdebt1]

i dont see why...i was lucky and i had just filed and finished my 341....you are already discharged..it should not be a problem.

[oldbaddebts]

As to Prestige Financial, I just used them to get an 06 Taurus between 341 and discharge. My scores prefile were around 480, I had previous repos and was surrendering a car I had for 6 months without paying a dime on it. I didn't like the deal the dealer in town offered with Prestige so I dealt with Larry Miller Toyota in Phoenix. They let me choose from any used vehicles at any Larry Miller dealer in the Phoenix area in the price range I wanted, they overnighted me a contract, I signed and returned, then they paid for a plane ticket to Phoenix from Vegas, had someone pick me up, I was in the dealership less than 5 minutes with full tank of gas and MY car to go home with.

You can take delivery with Prestige the day after the 341 in a CH 7. The pricing with Larry Miller Toyota is the internet price. It is not negotiable as it is already less than the "window" price. I paid $3k UNDER KBB Retail, and there is absolutely NO pressure. I took over a month to do it by my choice, and the poor salesman still answered his cell nearly every time I called, or he returned my call right away. The experience was actually 1000X better than it was when I had a 725 score and could get any vehicle on the lot.

One warning though..... The rate reduction requires automatic payments out of a checking account. They don't tell you until you get the loan. Otherwise keep insurance and your contact info current and you can still get 0.25% reduction every three months.

[SCORPIO07]

Tired what kind of car did you get.

[schel]

Is GM BK friendly?

Knew you would be the one to ask about GM/Chevy!!
Thats what we drive to. Hopefully they are.
Schel

[tiredofdebt1]

Scorpio...i have a Toyota Hilander