Ford Credit

[Jman30]

I've seen on this forum several times that Ford is BK friendly for auto loans once your BK is discharged.

In my Chapter 13, I have a Ford Credit account. Once the 13 is over, I will own the vehicle free and clear and Ford Credit is being paid 100% back through the 13.

I know I will need a newer car after my 13 is done in another 2 years. Will having this closed account with Ford Credit reduce my chances of getting a loan through them, since I went in BK with them once before? Or will this not matter?

[Minnymouth]

If you maintain a good credit history with Ford thru your Chapter 13 you shouldn't have any problems with credit with them afterwards..... Especially since they are being paid back 100%.....

[jane taylor]

That's good to know. Our car is financed through Ford Credit as well. We have only been late twice and the person I talked with said she knew something bad must have happened to us. Believe it or not, we actually owe a little less than what it is worth!

[Jman30]

Ford credit was really the only creditor that I felt BAD about declaring bankruptcy on. I was always up to date with them for years, since 1999, and I only fell behind the last few months before we filed for BK.
They were always helpful, understanding and gave me extensions when they could. I felt bad knowing they would get a copy of my BK filing, like I had failed a friend that had tried to work with me.

Oh well....hopefully, once this is all over, I can get a new/used car and show my appreciation by going through Ford Credit again.

[VictorK21]

Can one detail how they went about getting a loan through Ford Credit?

[edwards2]

VictorK21 - we needed to buy a truck for my son to get to school and then work so I called a dealership several friends had told me about - not relative to BK but because the manager was a grad of the high school my son attends. They have an amazing network; an all boys private school with excellent academic standards. Anyway, I called him and he called back and said they had this truck which sounded perfect for my son. One month postBK we tried to get credit to buy him a vehicle but were turned down. It was embarrassing and I knew it was probably too soon but he needed a vehicle so we ended up having my father in law buy the vehicle. By doing that meant obviously we had to tell him about the BK - we didnt want to but we had to. His credit was 803!...Fast forwarding to a few months later the truck got totalled and luckily the insurance company paid the whole thing off...we were so blessed and my father in law was off the hook for the truck. My husband and my son went to look at the truck. It was a great deal...it had all the "stuff" teenagers want on it - tinted windows, big tires, etc., and was a better deal than the first one we got. I held my breath to see what was going to happen and my husband said Ford Motor Credit was going to finance it...I still didnt believe it because my husband is kind of backseat with finances so I thought he probably was mistaken that it was a done deal...but it was and right after the deal was made they lowered our interest rate! Couldnt believe it. Sorry to be so long winded but Ford Motor Credit bailed us out and I will be eternally grateful...no matter how much they make on it. By the way we also were approved for a Capital One auto loan but they are way too restrictive...you have to buy a vehicle with certain mileage, etc...the bottom line is will end up buying a newer vehicle for more money than you want to spend but if FMC had not come to our rescue we would have done it....good luck. I had heard they were BK friendly and they are. Our case was discharged in August 2005 and we bought the vehicle in October.

[Rona123]

So it sounds as though you can use Ford Credit to finance a used vehicle as well as a new one - is this the case?

And can you purchase a vehicle using Ford Credit through any of the manufacturers under the Ford umbrella, or does it specifically have to be a Ford dealership?

Thanks!
Ron

[poorme]

I went to one of those Stephen Snyder "after bankruptcy" seminars recently, and it was noted that Ford is way more friendly to post-bker's than other auto manufacturers. Can't say this is an endorsement, but apparently is based on substantial experiences over several years. They apparently have more 'programs' to choose from, and are willing to make loans to bk'd on their models...FORD in particular. Don't know so much about a Jag..but that would be nice! However - he did say that if you've ever screwed Ford then "say hello to crappy financing".

[lindas13]

I discharge from a chapter 13 in 2001 kept my loan with ford thru thebk day I got my bankupty dischage I went down to ford and was approved for a 6 pecent loan for a brand new mustang. Now this was at the time when the world trade center was taken down and all the car lots were offering 0 percent. So maybe that had something to do with it i dont know. I also had a home with 70,000 in equity left since it was protected in BK. The equity in my home help me re build my credit fast. after about a year i had credit cards and eveything again. 5 years later the bk didnt even show on my credit report. So the people that try to tell you you ruin for life dont believe it.

[TroubleinCalif]

1 years out of bk7 which included a repo with them and i got a 09 fusion with 9.99 and 1500 down. payments 260 a month. Thankyou Ford Credit......