Car loan: Ford Credit or Sover

Discussion in 'Credit Talk' started by Sorin, Jan 5, 2001.

  1. Sorin

    Sorin Well-Known Member

    HI there

    I'd like to hear some opinions on those to companies. I'm approved for Ford Credit at a 10.25% rate and now I've received a letter from Sovereign offering 8.65% if I put down an extra $2000. My car is supposed to arrive around February 1st, so I'll have to decide by then. The question: is it worth to bite the bullet and put the money down?

    I'm most interested in opinions about their CS and any other stories (positive or negative) you have on them... I've heard some bad things about FC but I know nothing about Sovereign (except the fact that they have a branch fairly close to my place)
  2. Cadillac408

    Cadillac408 Well-Known Member

    Here I go Bashing Ford Credit

    Just don't go there! Leave Ford Credit alone and go with Sovereign. Why? Well....nevermind, it makes me ill just thinking about it. Besides, it's nice when your finace place has a branch close by. Fireside who has my auto loan is 2 minutes from my house! I like the security that if for some reason I have a problem w/ my payment, I can go right there. Ford Credit doesn't give a f*&% and wants you to Western Union Quick Collect them money ASAP!

    Trust me, just put down the extra $2k. It's worth it and you're only benifiting by doing this.
  3. Jim

    Jim Well-Known Member

    Here I go again promoting Ford

    I almost didn't answer this one because 2 other people on the board don't like Ford credit. But my experience has been great.

    I have made 21 out of 48 auto payments. I always pay 7 -10 days early so that there are no late payments. Ford updates all 3 CRA's so my credit is rising fast. The loan I got is for 2.9% and I received it 1 month after my B.K. was finalized.

    By the way my income is very high and I have assets despite the B.K. so I was viewed a little differently than others who declare B.K. I love my Ford truck and I will never go back to leasing luxury cars again.

    Whomever you get a loan from make sure they report to all 3 CRA's and never be late on a payment.

    Good luck
  4. Cadillac408

    Cadillac408 Well-Known Member

    So, It's safe to assume...

    I guess I'm going to assume then that Ford Credit only gives people w/ high incomes and assets the five star treatment. What about us poor broke ass m'fckers that are 1 1/2 paychecks from being homeless? I'm like the working poor here! The only *asset* that I have is the one below my back!
  5. jamie

    jamie Well-Known Member

    RE: So, It's safe to assume...

    OK, My turn. I paid all my bills on time, assumed I was paid in full when my title came back to me. Then 2 years after the fact when I ordered a credit report found out that the account was charged off. I don't know title was returned before all this happend. The CRA's are showing an open balance and FC keeps telling me it is paid in full. Ford has not responded to any of the correspondance I have sent them. Phone calls prove worthless. The latest attempt to get answers was a letter sent to FC to the address that Experian says they verified this with. Guess What? Returned, Address Unknown.
    My point? Stay away from Ford Credit, they can screw up a 1 car funeral.
  6. creditwork

    creditwork Well-Known Member

    RE: Car loan: Ford Credit or S

    We just moved our account to Sovereign Bank in New Jersey. We are very pleased with their service and the fact that the account is free as long as we keep a minimum balance of $100. I am considering using them to refinance my Mitsubishi once the 0% APR period expires.
  7. Jim

    Jim Well-Known Member

    MP$40. Hey get a life.

    Ford has done fine by me and millions of other customers. Weren't you the guy (gal) who had 22 late payments?

    The point I was making is that Ford has been reliable, interest rates are based numerous factors and that when you have bad credit you have to be careful about paying your bills in a TIMELY manner.

    There is nothing personal here in my post. Nor am I attacking anyone. I just answered the question.
  8. roni

    roni Well-Known Member

    Hold on Jim

    This is not like you. Now, I read your post and you have not paid off your Ford auto loan. If you read Jamie's post you will see that his/her account is incorrectly reported to the the CB's after paid off, and he/she is having difficulty getting it updated even after getting the title. This board is about sharing. Negative and positive info is welcomed as long as it is helpful. Jamie's post may be helpful in that you can check your reporting instead of finding out 2 years later as in Jamie's case. I know you are glad they gave you a loan but come on. No company is perfect and most screw consumers in some way. If not most of us wouldnot be at this forum. Well, as usual that is just my opinion.


    P.S.: You never responded to my post. You too good for me now? lol.
  9. Cadillac408

    Cadillac408 Well-Known Member


    First of all, I don't appreciate you attacking me. All I was doing was stating my opinion on Ford Credit. Yes I am the GAL that had (22) 30 day lates and (1) 60 late on a 48 month loan. I have 80% of the financial records for this account and I can only see where there could MAYBE be 1 or 2 30 day lates and NO 60 day lates period! I have faxed this information to Ford and they STILL refuse to update my account. Also, the account is listed as a paid charge off! I have NO CLUE how they figured that. I just don't even what to talk about it anymore. Forget it.

    And if you call me getting a life not personal, then you must really be smoken crack! So, for a means to an end, I would like to get *personal* and tell both you and Ford Credit to SUCK IT!
  10. roni

    roni Well-Known Member

    Oh boy!

    Girl, you came out swinging. Dont worry about it ok.


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