Ford Credit

[jack]

hi everyone

im 2 months out of bankruptcy and wanted to ask if it is too early to apply for a car loan thru ford credit, ive been seing that they are Bk friendly, also will they need a large down payment?

[SinkingFast]

Have you looked at your Credit Reports since the BK?? Worked on cleaning up any errors that might be there??

That's where I would start. Check out your Credit Reports and see what you need to clean up first before you start applying for loans with anyone.

There's been a service mentioned on here,......... True Credit or something like that. It's a flat $15/mo for a single person or a couple. Many people here have used it to clean up their credit.

[nervous]

It has been the same amount of time for our bankrupcy as yours. We did apply to ford credit and was turned down. However Capital one finance took us. 18% interest though. Maybe others have had better luck with Ford.

[edwards2]

We applied for a truck loan the month after BK because our son had to have a vehicle to get to school and work. We were turned down but my father in law signed for the truck. A few months later the truck got totalled - not my son's fault. The insurance company paid the truck OFF...we were shocked - happily. We didnt owe a penny and so off we went to buy another truck. As luck would have it a friend recommended a dealership who had a manager who had helped them. In fact the manager was a graduate of the school my son attends. Anyway, we found a great truck - better than the last one with all the bells and whistles 16 year young men like for less money. It had a better paint job as well. Only difference was about 15K more miles on it. We got approved by Ford Motor Credit. I was really nervous too and so happy. A month later Ford said they made a mistake and lowered our interest rate. It isnt as high as some I have seen but it is doable. Customer Service at FMC is really good too - they are really nice and very helpful. We didnt think they would approve us but they did so give it a try....By the way I had cleaned up some of our credit reports at the time we applied but still had a ways to go and they still approved us...thank goodness!

[robivi3]

That's odd edwards, they lowered mine also. We feel that we did very well. i only felt ripped off on one vehicle i bought new, a 1987 Mitsubishi Mighty Max. High pressure and overpriced.

pre bk -2001- I found the window sticker from my 2001 GMC last night. we selected a white GMC in 2001 priced at 22,500 with no extras. I told the sales manager that I would be back the next day but wanted to look at Nissans (I wanted to see one, not buy it, yuck, that ain't a truck in any way). He took my number and said, "please do, you'll be back". He was right. i went back the next morning armed with 20 years on the job and a 770 rating. As luck would have it the dealer was moving that week and they didn't want to move all the vehicles and put miles on them. He told me, "since you came back pick out one of those eight trucks over there, for the same price plus the rebate". I saw my red GMC sitting there looking so pretty with the 26,500.00 price tag. i took her for 21,300.00 with the rebate @ 5.3%. I still have her, she is still beautiful, she was hit lightly in the right rear and repaired. She has not one scratch on the side except from a roof shingle from Wilma. She has 85,000 miles and is as loved today as the day i got her. I have never felt ripped off in any way by Pines Pontiac GMC and the follow up catered dinners since were excellent. Big Red still gets about 18mpg.

On the Van, my 2006 E350 XLT Super Duty with all options retails for $34,000.00. We got it with 20,000 miles for $19,000.00. She Carfaxes as a one owner bus delivered straight from manufacturer to the lease company less than one year ago. I was a diesel mechanic for 19 and a half years and have worked in dealers also. I know what i am looking at and they had to prod me to get me to drive the van, it wasn't necessary. The interest ia 10.75% with just under 2 years from discharge. I believe this van will be enjoyed just like Big Red. I am very happy that I stayed with my rule and stuck with a dealer. I do not believe it was a ripoff in any way, they don't need to resell troubled titles or vehicles, they don't want the hassle. Big Red was brand new, the only difference. The downside, 10.2 miles per gallon, but NO DOUBLE TRIPS ANYMORE, we can carry everything!

[newstart]

Does anybody know if you buy a vehicle from a ford dealer that is not a ford could you still be financed by ford motor credit?

[cruserone]

they will. the only difference will probably be the interest rate will probably be higher on a used car than on a brand new ford.

[edwards2]

newstart...my son's truck is a 2000 Chevrolet Silverado.

[newstart]

That's good to know edwards2. I am trying to trade in my ford explorer and get something that is better on gas. I didn't want to purchase another ford but I want to be financed by ford motor credit. Thanks again for the info.

[edwards2]

You are welcome...good luck...let us know how it goes...

[newstart]

I was turned down by ford credit, going to try wfs now and if that doesn't work I guess I'll be stuck with what I already have.