FICO requirements for FORD? anyoner

Discussion in 'Credit Talk' started by Maggie75, Jul 28, 2002.

  1. Maggie75

    Maggie75 Well-Known Member

    anyone know about Ford credit and their requirements for auto loan? I know they are BK friendly, according to previous post so kindly listed by NanaC. Can anyone confirm if they pull Equifax or a tri=merge? all of my scores are about the same, TU FICO & EQ FICO are in the 640's, no open disputes at this time to artificially inflate scores.

    I know I will not qualify for zero percent financing, but am hoping for 3-6%. Does this sound realistic?

    BK discharged in Dec2000, filed June1996. still shows on all reports, of course. Also, Collection listed on all three CRA's as "library felon." I think they will ignore that, and it will give them something to laugh at. at least that's what one salesman told me. no lates since late mortgage payment in April 2001.all other negatives on all three reports are related to 13BK.

    will they be more interested in salary and availability of income after house payment, insurance, gas/food/utilities? I do not have another car payment, only 2 open cards with balances (minimum payment is only $30total) and SallieMae loan for $62 with $6Kbalance. Mortgage is 8 years old. Have 4 times $300 payment as available for carpayment , ie leftover takehome pay.

    Anyone? if not Ford, other financing suggestions? am considering Focus ZX5, will need about $16k with TTL, would prefer small down, if at all possible.

    thanks
     
  2. picantel

    picantel Well-Known Member

    WE got a ford lease about 7 months ago. At the time our score for TU was about 580 but since auto dealers have their own scoring model it got bumped to like 604 or 614. We qualified, after answering a buncha questions and having a foreclosure on the report, for a second tier lease which was 3.25%. If we had gotten a loan it woulda been 15.99%. Needless to say we were and still are thrilled. We are also looking for a mortgage now. What I found out from auto looking and mortgage looking is that it is a total buyers market now. The homes have all been for sale for many months now and the dealerships when we went were pretty much empty and they are desperate for sales.
     
  3. Maggie75

    Maggie75 Well-Known Member

    thank you

    I am hoping someone who works for Ford Credit or a dealership will post. I feel certain that my scores will be higher for an auto loan model than for CRA FICO, but would like to know what tier I would wind up in.

    I hadn't really considered the leasing option, since I would plan to keep a car for several years, and having a new model car every 2 or 3 years not that important to me.

    maybe I'll visit the dealership on the last day of the month?
     
  4. techman

    techman Well-Known Member

    I have a client who works for Ford credit and he told me the following.

    Scores from mid 500's and up will get you a loan probably not 0% though. It also depends on what you are buying. A person with marginal credit trying to buy a loaded Expedition will be turn down.( even if they have a large d/p ) Someone with the same scores but buying a practical model ( like you are ) will get approved. He says it shows responsibility on the buyers part. Basic reliable transpotation VS keeping up with the Jones'.

    My brother borrowed 19K to buy a truck and only had 2K d/p. His scores were an average of 579.
     
  5. picantel

    picantel Well-Known Member

    You do not have to dump the lease after 3 years. We bought a 2002 ford windstar and in 3 years we have the option of buying it for around $9000 which includes all taxes and everything.
     
  6. Erica

    Erica Well-Known Member

    I just got a FMC loan in June. They gave me 12% on a 2001 Saturn for 5 years. My FICO was around 650 at the time. I had one paid collection from 1997 on my equifax, and no other negs....

    Good luck
     
  7. Maggie75

    Maggie75 Well-Known Member


    Erica,
    let me confirm, you didn't have any BK related entries on your CR's when you applied (ie,I mean one that had been discharged but is not 7 years from filing yet?)

    if you don't mind saying, how much of a down payment did you have to make on what total amount, including TTL?

    I think you and I before have noticed that we're really close in our scores.

    I just pulled FICO for Equifax today, and it is up to 660 today. Did you only have one hard inquiry from Ford, and was it with Equifax, or did you shop around for financing?

    Thanks for your post :),
     
  8. mtnair

    mtnair Well-Known Member

    I'd check information on the net about the Focus, it has some pretty serious safety issues from what I researched. I was also going to buy a Ford Focus, but didn't.
     
  9. Maggie75

    Maggie75 Well-Known Member


    do you have any links on the safety issue?

    what did you purchase instead? doesn't Toyota have a similiar looking product?
     
  10. KHM

    KHM Well-Known Member

    Maggie-
    When I bought my Ford in january I asked TONS of questions. At the time MY TU score was a 670, when the dealership pulled it was a 718 (something like that) they said there was a difference because I had several perfectly paid car loans.

    When Ford pulled, he said they pulled a tri-merged report (cause my Honda loan wasn't showing on TU) and for some reason it didn't report on their tri-merged report.

    I don't know WHO they use for tri merge, but the only inquiry that showed up was the dealer on TU and Ford on TU only.

    I got 9.5 (purchased it) because we used the cash rebate. I WOULD have gotten the 6.9, if we didn't take the rebate.

    IF you plan on purchasing *I* would take any rebates, get the higher interest rate for 3-6 months then refinance at a CU. Thats what I did, and I actually have positive equity in my Ford now. BTW my rate now at the CU is 5.75.
     
  11. Maggie75

    Maggie75 Well-Known Member

    thanks for the reply

    One other option is that I have an xplan through work, and finance guy at one dealership said even with the rebates, the price for that would be better than what they could offer on special deals. So I wouldn't get a rebate if I went that route, and I would have to put down $amt. But I guess I would have to check out both options. I can use my plan at Toyota or GM or Ford.

    Thank you for pointing out that I could take the higher rate, and then refinance in a few months. My 13BK will fall off in June of 2003, and all negatives are associated with the BK, 5 or 6 on each CR, though they are not exactly the same on each (though Beall's and Foley's are for some reason.) so refinancing in about 9-12 months should be fairly easy. I would think my scores will be in the 700's then.

    The comments above about the Focus and its safety investigations (not recalls ) really caught me by surprise. WOW ! I pulled some websites and saw that most of them are related to the 2000 and 2001 models but the 2002 is on some safety related issues as well. I think I am going to check out the Toyota Matrix and see what its safety record looks like, the model and styling are similar to the zx5.

    I really NEED a new car, this is not just new car fever.
     
  12. KHM

    KHM Well-Known Member

    Maggie-
    What about a Honda Civic?
     
  13. Maggie75

    Maggie75 Well-Known Member

    hadn't considered that manufacturer...do you have one? are they the same size, hatchback style? I am going to go look at website...I also need to check to see if my xplan is good at Honda in case I want to use that option...any suggestions on models?

    BTW, do you know anything about their FICO score requirements for financing? will they accept a discharged BK from over 6yrs ago? I don't recall any threads about them being BK friendly, though I will go look for posts on the subject...

    have never owned a Honda, though I have had a Celica and a Camry and was very pleased with both of the Toyota products.
     
  14. KHM

    KHM Well-Known Member

    I have a Honda Accord and I love it. I used to be an American car only girl, but I will always buy foreign cars and american trucks.

    The Accord is nice especially with my 2 kids, the back seat is really roomy. The Civic is a smaller version, to me it seems a little larger than a Focus. The Civic has hatchbacks as well as 4 doors.

    Its worth checking them out. Everyone I talked to that owns a Honda says they are great. I have 60K miles on mine and (knock on wood) have only had to do regulary scheduled maintenence on them ie oil changes, belts, brakes, tires.
     
  15. topazmoon

    topazmoon Well-Known Member

    I filed Bk in November 2001 and was discharged in March 2002. I purchased a Ford Focus Station Wagon in April 2002 at 2.9% with $2000 down so I could get my payments below $300 ($297/month). My scores at the time were:
    EQ: 671
    TU: 624
    EX: 643

    Ford was very willing to work with me when no one else would even give me the time of day. Every other place where I tried to secure car financing demanded 50% down and/or 18% APR or a cosigner. Ford only required 10% down, but I came up with more to knock my payments down. The best part was I qualified for the same 2.9% financing like everyone else.

    I have to admit I had never purchased an American car before and would have been loathe to consider one in the past. However I have been very pleased with my Focus Station Wagon and think she is my favorite car by far...sorry Toyota, Nissan, Mazda and Honda.

    Here's the link to my adventure in buying my Focus
    http://consumers.creditnet.com/stra...ench+Blue+Ford+Focus+Station+Wagon#post171676
     

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