I posted here several months ago about trying to get a loan with Ford Credit. Last week I brought home a $23,000 brand new Ford Escape sport utility. I put $4,000 down and got 9.9% financing on a lease. I did not want a lease, but I was led to believe that this was the only way Ford would finance me. My credit sucks, sucks, sucks. 15-18 negatives on each of the three bureaus, my husband also. I am worried that I did not do the right thing, but with our credit, how could I go wrong on this? I was denied by all the other lenders. Can someone make me feel a little better about this?
It should make you feel better to know that you're not the only one that feels this way. How do you feel when your behind that driver seat? There are alot of folks out there who have AAA credit and lease automobiles all the time. Just feel lucky "you" were able to drive that kind of money off the lot with your credit history.So,ENJOY the new ride and don't stress over it,life's too short.
I would not have been able to get it except that my husband only makes about $55,000 a year. He has his taxes taken out at a single rate so every year we get a huge refund, this year it was $6,000. We have two small children also. I knew we had to have a massive amount down, we could never have gotten it otherwise. All I have ever heard about Ford Credit on here was deragatory, so I am a little leary about them. Plus, I have been driving pure junk since my very nice car was repo'd back in 1997. Thank you for the kind words, it is appreciated.
Not everyone here has had a bad experience with Ford Credit. They financed my Mustang in 1996 with 2500 down @6.9%. Nobody else would come close after my Ch 7 BK in 1993. I've since paid it off, without ever having had any problems. Congrats on the new ride! Cadman
I hesitate to say anything LOL But here goes. Considering your credit history 9.9% is a very good rate. Enojoy the new vehicle and don't second guess yourself to much here. I am now half way through my auto loan (purchase not lease) with Ford. They have been fine with me. I hope Shyguy sees this thread and posts here. He leased and had some intelligent reasons why a Ford lease worked for him. If Ford is like Mercedes (used to lease them), Ford will probably offer you incentives to buy the car at the end of the lease.
Re: I hesitate to say anything I find it hard to believe that you got a lease if your credit is as bad as you say. I know someone who is a owner of a Dodge dealership and another one who is a sales manager at a Ford dealership. They both told me your credit must be A1A to lease. And at the rate you quote something is definetely fishy. Are you sure they ran YOUR credit?? Anyway take it and run! Good luck Shawn
Re: I hesitate to say anything Well, of course I am sure that they ran my credit. My husband's and mine both. Our credit IS that bad, the majority of it old hospital bills, bankruptcy, a repo after bankruptcy, and two credit card charge offs after bankruptcy. Nothing fishy about it, they called us and asked about the major baddies and worked with the local Ford office to get us something. I had orginally applied online for their super cheap car, the Focus. I am very sure that the $4,000 down is the only reason that we got it. Plus, the Escape's are the car du jour right now, not nearly enough of them being made, everyone wants one, and equity is staying really high in them. They really could not lose on us is my feeling about it. This dealership I went to is good, I know people with worse credit than mine that they are able to get financed. If you got the money down, that is. I don't care all that much that it is a lease, 9.9 is better than a buy at 21%.
Ford Credit - AWFUL Experience Not to discourage, as everyone has different experiences.. but I had to tell you my FORD story! Back in the fall of 2000 we had our 1994 T-bird breakdown so, we towed it to the dealership and they said $1500 to fix it.. there we were - faced with putting $1500 in to it or trying for a new vehicle. So, we sat down to begin the process... We went in and chose a 2000 Explorer Sport with a price tag os $22,000.It was a friday night and the dealer let us drive the Explorer Sport home and told us to return the next day to sign the papers since he wasn't able to get everything through that evening. We stopped back by on Saturday and the salesman told us we needed to come back on Monday because they were backedup on applications and that he didn't have the paperwork.. um ,ok. So, we called on Monday and was told that they were still working on it... and we called almost EVERY single day for two weeks and got the same run around..in the meantime we STILL had the damn vehicle and we hadn't even signed the papers (which made us leery)They kept telling us that we had been approved through Ford credit and that they were having trouble getting all the stuff together. Finally, after three weeks and putting 1000 miles on the BRAND NEW Explorer Sport,we decided that we had had enough of the run around and chose to tow our car to another dealership and if they couldn't help, we were going to just get the damn car fixed! They tell us that the only way we can get financing is to put down $3000. (if i had $3000, I'd have gotten my car fixed) So, we dropped off the keys and they were like "Oh, ok.. thnaks" we were shocked.. what the hell was going on? So.. we have our car towed to another town and we sit down with yet another Ford dealership... we told them the whole story and that we had been approved thru Ford Credit, etc... this dealership had one new Explorer Sport on the lot..so, being desperate, we went for it. They keep us there for 4 hours and tell us we were NEVER approved thru Ford credit at all! They finally say.. .well, we can't get you approved on the NEW vehicle, but we can get you financing on the used Explorer on the lot... we go and look at this vehicle.. it was a 1997, full of kool-aid and vomit stains and the mileage was in the 70,000 mile range... yea right. I said I don't want that piece of @!#$! So, we towed our car to the garage and our mechanic fixed it for $600 instead of the $1500 Ford wanted to fix it. Then, later than evening the dealership called and said they 'really wanted us in the new vehicle" and thet they were able to 'get us a deal' ... they offered us 19% on the financing! I laughed outloud. The guy says "well, your credit is bad.. this is the best rate you'll ever get" I said.. my credit was decent enough to buy a HOUSE.. I'm not paying 19% on ANYTHING! They ran us around like crazy... we finally decided to buy a new vehicle in December and after many months of researching the best car for us, we decided on a loaded Mazda Protege for $18,000, which has excellent reliability. Mazda came back with an offer of $1500 for our trade-in, and I got a rate of 7.9%.. which I thought was very good for our credit history. (we have a bankruptcy, although we reaffirmed our car and had excellent history on that loan) Plus, I got no payment for 90 days. So, anyway... obviously there are horror stories from many companies... so, you always have to try..but am NEVER going to buy a Ford again..in fact, we are so thrilled with our Mazda, I think we are Mazda folk for life!!
Re: Ford Credit - AWFUL Experi Hi Shelly, Just back from Southeast Asia and Japan. An interesting experience you had with Ford Motor Credit. I used to own a 1984 Mazda 626 Hatchback, a couple of years ago, but fell asleep one evening, after an all-nighter, cramming for exams and ran into a tree on campus. Embarassing to say the least! Shelly, did you know that Ford Motor Company, coproduces the Mazda Protege with parts from their plant in Hiroshima, Japan? Then sending the parts to Thailand for assembly and pre-assembly. To lessen the tariffs on imports, Ford Motor Company and Mazda, assemble many of the Mazdas, at the Ford Motor Plant in Flat Rock, Michigan. This is not to discourage you regarding your new purchase or downplay, your experiences with Ford Motor Credit Shelly, but in these increasingly consolidated and merged industries, if you are slighted by one member of an industry, such as Ford Motor Credit, it is becoming even more difficult, to completely rid yourself from doing business with some company, you would otherwise avoid. Congratulations, on your new Mazda purchase, they're fun cars to drive, but just don't blink too many times behind the wheel, lol. TommyC
Re: Ford Credit - AWFUL Experi Ford Credit and Mazda Credit are one in the same!!! Ford ownes a 50% share of Mazda. Ford Credit and Mazda Credit USA have the same boss William Clay Ford. Sorry...
Ford - great to me so far Bohemian, Last fall, just a few months after my Chapter 7 was discharged, Ford leased me a new Taurus at its best rate (the one Ford was advertising on TV for "qualified customers only"). While some people on the list have had problems with Ford Credit, its post-bankruptcy program has been great for others on the list like myself. (Remember, every creditor has probably make life miserable for at least one person on this list. There's a credit card everyone here covets that I wouldn't have again if you paid me because the company's agents happily break the FCRA.) I wish I could have leased an Escape. We needed a car and couldn't wait; the Escapes came out about a month later. My wife and I test drove one while waiting for the dealership to do our 3,000-mile service. It's the first SUV she's ever liked, so I've been promised we can get one when we become a two-car family (after we buy a house). (But I haven't been promised I'd get to drive it.) By that time, my credit should be much, much better. As for Shawn saying leases are harder, every car dealer I've talked with told me leases are easier. I would have rather bought, but I'm thrilled to lease at the rate I got than to have to purchase for 15% or more. And my end-of-the-lease purchase figure is pretty good. I think Shelly just got a bad dealer. The Ford dealers we talked to we're wonderful. We also talked to Honda dealers (forget it -- as arrogant as ever, and I'm a former Honda owner) and Olds dealers. We originally planned to get an Olds because we liked the Intrigue we were leasing when I filed Chapter 7. But the Olds dealer treated us the way the Ford dealer treated Shelly, so we made a list of other cars we liked -- Accord, Taurus and Focus. The Ford dealers -- all three we talked to -- looked at my credit reports and said no problem. We picked the one that had the car we liked on the lot, and the business manager was able to get us a deal. So don't worry, be happy! Think about it; everyone else turned you down, and Ford gave you 9.9%. How many people with bad credit get 9.9? Use your lease to rebuild your credit. Also, if you stop by Ford dealership for service, ask the finance or business manager if you have a perfect payment history if Ford will finance your purchase of the Eacape at your lease's end. Finally, if you build your credit with Ford, you're building your credit with the companies Ford owns, such as Mazda, Volvo, Jaguar. For the discussion Jim and I had about the pros and cons of Ford (and other) leases, go to: http://consumers.creditnet.com/phorum/read.php?f=1&i=35429&t=35429
Hmmmm, something aint right Ford/Mazda couldn't finance me because of my credit. But I got financed for a Lexus.....go figure! )
To: Mother2 Re: Ford Ford has good rates available to clients who have had a BK like Shyguy and myself. If you just have bad credit, forget it. This is one of those facts of life that is best to accept not argue about. On the other hand there are lenders such as Chevron, Mobil etc. that just will not extend credit to anyone who has had a BK.
