Ford Motor Credit courting subprime borrowers

[Sickthing]

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!

[BassBoy]

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.

[Sickthing]

figured that was the case!

[BassBoy]

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?

[sp114]

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

[debtisbad]

sp114,

amen!!!!

[lrprn]

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

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.

[BassBoy]

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

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.

[poorme]

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.

[debtisbad]

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)

[poorme]

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.