Ford Motor Credit

[car67]

Had my 341 couple weeks back just got a reaffirmation offer
on a truck that I have with them Market value is 22k
owe 30k..... Smart money says heck no to reaffirming
at 30k you can take the truck and sell it and I will drive
my other car....... However if I like my truck can I offer Ford
the 22k and tell them to rewrite the loan to make the
payment affordable now at 900 plus rewrite it to 400 ish
extend the payment? Is this possible has anyone tried this?

[Tbornetun]

They might be willing to negotiate if they know you are planning on NOT reaffirming otherwise. I have had Wells Fargo of all people, negotiate a reaff for 1/2 the balance owed with lower payments. It can't hurt to try.

[car67]

Heck no not going to reaffirm upside down vehicle..... Not the brightest thing to do... But is a good truck and if they accept market value and make the payment affordable then yea I am willing to work with them

[car67]

Well Ford is not flexible LOL policy is not to negotiate and to take the truck so they can sell at market value but will take a week to send agent LOL asked me where to pick it up I said same place it has been since I bought it check your records Ford.. Agent was very nasty and smug..... Glad I got a choice not held hostage! WHEW

[123ABC]

In this economy they might be willing to work with you. I renegotiated my car loan (not Ford, a credit union) from a payment of 576/month to 346/month in order for me to reaffirm. Worth a try right?

[car67]

Nope they dont negotiate turn truck in and sell at market value to next bidder was the message I got today

[123ABC]

Do they then sell them to one of thier dealers or something? My credit unions feeling on it were they knew they could only get about 2k at auction and if I was willing to pay the thing off with renegotiated terms then they were willing to take thiem.

I used to have a T Shirt that said "Boys are stupid. Throw rocks at them"

Im changing it to "Banks are stupid. Throw rocks at them!"

[car67]

Well I thought my offer was logical in scope of everything, if a large company wants to take property back to sell at market value with an offer on the table to buy at market value in a reaffirmation agreement then I dont understand business very well? Lets see they are going to pay a repo company to pick up a vehicle store it process and then auction the rig off to a wholesaler who will sell the vehicle on the used market....... Sure the repo man gets $1000 plus for fees and the wholesaler makes a few thousand too and Ford loses more in this process Seems to me Ford is taking a loss this way but thats fine tooo I am not liable at this point and to top it off after discharge can get a new truck at bad economy rates cause of slow sales ahha go figure how the ball falls these days!

[BradyFL]

We had discharge on 8/13- Try Car Max, we bought a 07 Pathfinder, with interest rate of 16 pts, not the best but we are both professionals and were upside down quite a bit on cars so we did not reaffirm

[Rick9972]

We were upside down on our truck and was not going to reaffirm. Citi sent a reaffirm offer to lawyer anyway and we rejected it. Lawyer gave us their number and said that if we wanted to keep the truck, make them an offer. The worse thing that can happen is you turn it back in to them. We made an offer and they made a counter offer, and we made another offer that was accepted.

Owed 26000 @ 16.5%
Offered 18000 @ 9%

We settled for 21500 @ 7%

Lawyer was pleased with the deal and we reaffirmed.

[car67]

sweet well always a way to work things out if given a chance!

[outsidetool]

Nope they dont negotiate turn truck in and sell at market value to next bidder was the message I got today

Yeah that's about how my experience at the first of this year went in my Ch 7 with Ford Credit. My numbers were similar to yours; owed around $30k on a 2006 F150 valued at around $22k. They did not want to negotiate a thing. While I liked my truck, my attorney had urged me from the first moment to not seek to keep it. My payment was $800/month--0% interest--so when I'd bought the thing it seemed like a nice way to pay off upside down equity I'd financed in the deal at the 0%. While Ford Credit would have done the reaffirmation under the same terms, including the 0% interest rate, my atty warned me that they tended to be bastards--turn out even a day late on a subsequent payment they may consider the contract broken and want the truck back even if they did lose money. Well, I let them have it back, bought a little economy car and I'm happy. My final statement from Ford Credit showed that they sold the truck for $21,700; costs for the 'repo' crew, sales prep, and sales commissions all came to around $2000. So they ate $10k. After dealing with their smartass collections dept for several months, I actually didn't feel bad about it.