Just thought I'd post this info for anyone needing it. Drove off the lot with a new Taurus yesterday!! Thought it would be impossible. No down payment, 2.9%. My Equifax score is 614. My TU fako is 564. Those are the 2 reports Ford Motor Credit pulled for me. On TU, I have 2 charge offs, one unpaid, one settled. And 2 late accounts. 8 positive accts (opened in the past 2 months) On EQ, I have on settled charge off and 2 paid collections and one unpaid collection. 8 positives (opened in the past 2 months) The salesman said, You've got good credit. The only problem we may encounter is no other loan history over 1000.00. Called back the next day and said not a problem! Good credit!!??? Look at my scores!!
Congrats! my wife got an explorer through ford credit. so far so good. When you look at your name on the main board...the "p" looked like a "d". lol..i thought it said dickleg!
Congratulations! A word of advice though - don't let yourself ever get late on it - for Ford will NOT remove them. (don't mean that as a negative comment - just FYI) Enjoy the new car! I had a Taurus once and it was great - I think it's even still running and it's over 200,000 miles! Mommy2cats
Wow congrats I have read that Ford is pretty easy to get credit with lower scores. I will have to keep them in mind next time I am looking for a Ford! Thanks for the info
Congrats. Just make sure you aren't late! Not being derogatory towards you, but Ford Credit has relaxed their lending standards in a bid to raise car sales for their parent. Its a great opportunity for alot of people "on the fence" to get a second chance in a brand new car (instead of the usual "second chance" car that is used and the interest rate is 18%!) Last year, before I started cleanup, I purchased a car through Ford Credit and they approved 30K 100% financing at 0% for 60 months. I was shocked. I think my scores were all in the lowly 600s at the time. I had a CC I didn't know was sent to collection in 1998 for 2K (ex-wife who didn't take me off the card like the divorce decree demanded). In my favor I had 4 loans of varying amount paid off/never late with Ford Credit over the past 20 years. I had another vehicle on my credit report and most other lenders had the stipulation they would loan me money only if the other vehicle was used as trade in. Ford didn't require that. Now, Ford sends me pre-approved offers every 6 months for 50K. I love this racket!
I'm looking for a new car soon, although I don't think I'll be able to get financing through ford since I had filed BK on them in '98 ('97 repo) My scores are TU 599 FAKO, TU FICO 606, EXP 630, EQ 630. I bought a car 8 months after BK was financed through HAFC @ 20.9% paid it off in June, but it's got 179k miles on it, and she's getting tired. So I have a dilema I need both a house and a car...which one to try to get first... PolarisA3
From what I have learned, I would go for the house first. If you finance a car, it will raise your monthly debt ratio alot, which is a big factor as far as most mortgages go. go to a 'how much can i afford' mortgage calculator online and play around with your monthly debt obligations. A $300-400 car payment makes a VERY big difference on that ratio. Plug in some numbers, with and without a new car payment, you will be amazed at the differences in 'how much you can afford'
