Who is more BK friendly, Ford or Toyota?

[budgetgal]

Would love any input. I am just under 2 years past BK and was really hoping to cross that milestone, but my current old car isn't cooperating. My company is part of the Ford x pricing plan, so there is that to consider too. I love Honda and that is what my current car is that served me well for 10 + years, but I have heard they aren't BK friendly at all. I am probably going to take the plunge next weekend when the Memorial Day incentives hit. Any and all advice appreciated! Oh and my FICO is 682, I just pulled it. I have 2 auto loans on credit report that were fully paid, no lates and not included in bankruptcy.

[hrguy]

Never bought Ford, I heard at one point they were BK friendly, not so much anymore so not sure. I got Tier 1 with Toyota 3 months post BK7. All you need is a 650 or higher and you qualify for lease and finance incentives.

Honda will be BK friendly after 2 years or sooner if you have good experience prior to the BK with them.

[budgetgal]

Thanks so much for the reply! I am test driving at Toyota today! I had a used Toyota Celica back in the 90's that served me very well. I have never had a Ford. Happy to hear I should be able to work with Toyota!

[hrguy]

Good luck, keep us posted.

[justbroke]

Even after 6 months post bankruptcy I had no problem obtaining a refinance loan. The automaker's financing options are a little tougher, but if you are 2 years out and/or have a high Auto Enhanced FICO score, you should be able to finance. I was offered Tier 1 Toyota financing last year (less than 2 years from discharge). With a base FICO score of 686, the auto enhanced score is probably higher and you should be able to get Tier 1 financing almost anywhere.

If you do want to take advantage of X-Plan pricing and Ford will not finance (directly), try going to your favorite friends credit union! Terms are pretty great these days with many lenders.

[budgetgal]

Thanks Justbroke. I drove the Prius c and loved it! Heading to Ford now. X pricing looks like it only takes 1000 off on the less expensive models. I may be able to negotiate similar on a Toyota on my own. Now if I was looking at a top of the line Ford over $30,000, that is where you can save 3000 or more. I'm still in rebuiliding mode, so this car needs to be sensible. Will keep you guys posted!

[justbroke]

I too have found that X-Plan pricing has more significant savings in the upper tiers. I save $7K on my (2003) Mercury Mountaineer! I saved about $1,000 on my 2007 Ford Focus, and about $3K on my 2012 Focus Titanium. (No, I'm not pro-Ford or anything... it's just that the incentives combined with X-Plan have saved me real money and no haggling on price!)

[budgetgal]

I hear ya! Two of my coworkers got the Escape Titanium over Easter weekend and saved about 6000! I would only be saving about 1000. I'm settled on the Toyota Prius c now, so send good thoughts for my haggling this week! I will update as soon as I get my financing as to how I did!

[Logan]

I hear ya! Two of my coworkers got the Escape Titanium over Easter weekend and saved about 6000! I would only be saving about 1000. I'm settled on the Toyota Prius c now, so send good thoughts for my haggling this week! I will update as soon as I get my financing as to how I did!

Well?

[katztoo]

We applied for Capital 1 yesterday and were approved for 23,400 on a new car (we asked for 19,500) at 2.94% interest! We are only 6months since discharge and credit scores in the mid 600's. We plan on buying a new honda and see if they can beat that rate, if not its still a good interest rate. We expected a rejection and were shocked at our approvel. Looks like you have a better credit score so you shouldn' have any difficulty.

[ksgirl38]

I can't really say, but I have a Toyota and love mine. I had 2 Honda's before this one and I really like my Toyota better. I don't know if they are BK friendly, but since I reaffirmed I keep getting phone calls and emails asking me to trade up at 0% interest. At one time they were also offering 2 years free maintenance and that plus the 0% interest made it worth it.

[budgetgal]

Back with an update! Bought the car today! I got the 0 percent for 60 months on the Prius! I had a trade in and put down 1000 so financed 23619.92. I am over the moon! The score they pulled was 689, so pretty close to the 682 myfico gave me on the 15th when I pulled it. Toyota wants 650 or better to qualify. Love them! Thanks to this forum I have been able to rebuild and get this car! I filed in June of '11 and was discharged October of '11. There is life after BK! Love the Prius too. Will spend this coming weekend reading the manual and learning all about it! Thanks again for the advice!

[hrguy]

Way to go! Congrats, another point for Toyota

[ellis2156]

Toyota for sure. I am not yet discharged, but they are reporting to the credit bureau that I am making payments and send me statements etc both emailed and in the mail.

[justbroke]

Congratulations on your purchase, and, more importantly, your 0% Rate!