I asked on the board what I would qualify for Ford Credit the other day, for an 02 Mustang Conv, with $10,000 down, with a BK7 last May. I applied at the dealer yesterday, and was told I was auto-declined by Ford. Then, the finance manager called me today, and said he convinced Ford Credit to accept me at 3.9%, as long as I did not take the rebate, and the salesperson called me back about an hour later to tell me the same thing, and asked when I wanted to get my car. I find that extremely hard to believe, to go from an auto-decline, to an "a" tier credit, with a BK7, the explanation given to me was the finance manager has a good relationship with Ford Credit, and he convinced them to take me, based on the $$$ down. Does this sound believeable, or do you think they will pull a fast one on me, and try to sign me at a higher rate? Thanks for the advice. I am going tomorrow, and will let you know what the finance contract says.
I personally do not trust ford or ford salespeople in anyway.I have gotten screwed by them and 2 people i know got screwed by them.I will never buy a ford from a ford dealer,at least not the one in my town. One example: My sis buys a ford with a cosigner because she has not so great credit.Well they both go in and sign some papers.The salesman tells her it will show on her CR and guess what,it never does.They just used her bad credit to charge a higher rate to the cosigner with good credit.Her name was no where on the car loan. This is my just my personal opinion.....
Re: Ford Credit, do you believe thi FORD MAY NEVER HAVE ACTUALLY DECLINED YOU................How familar are you with this dealership ??
Re: Ford Credit, do you believe thi why don't you call ford finance and ask your terms... if they want to keep the rebate for the financing you're just prepaying your interest (doing a buydown) so it's no favor really, they're getting their interest up front and not later by keeping the rebate. If Ford won't talk with you directly, go to another dealership and tell them NOT to pull you report, you're already approved by Ford and now you're doing some comparison shopping... see what they offer... if it's a standard buydown on the interest rate.. then it's up to you whether or not to buy the rate down or to keep the rebate. Let me guess, the rebate is a large one, right? Call Ford Finance, ask them directly what they'll give you... if it's any different, confirm that the financing is good at any Ford dealership... then walk on the deal at this place and buy somewhere else... If it is what they've said, then negotiate with them... see what they'd do without keeping the rebate, then calculate if they buydown is worth it or not... you might also ask what if they keep only part of the rebate... you get the idea... Once they're willing to finance you keeping the rebate or not should only change the rate some... but it shouldn't make a difference in whether or not they'll do the deal completely... I'm guessing the dealership wants your rebate... but let's see by calling directly. Ford is actually notorious for giving good financing to recent bks... the After Bankruptcy Foundation recommends them for recent bk auto financing. I know you're surprised to not be treated subprime... but get over the gratitude... they'll make money off you by selling the car and by financing you... so that's the reason they're doing it (it's not just a favor, they're corporate financing and it's their job to help push their products)... it's not like a bank where you don't buy their products... you just take their money. You can also use Ford Finance to buy a Mazda if you want... anyway, if you do well with them... they'll finance you again down the road... some people here have had issues with Ford, but they do give more than fair financing to recent bks... regardless of how you do the deal, congrats on the approval... and now that you have the approval, go make sure to protect yourself. You're not a cereal killer (yes, I did that on purpose)... you only filed a bk... you're still a good and worthy person... go into it with some healthy self esteem and come out not only with good financing but a good deal on the front end too... by the way, on the front end (the actual purchase of the car)... what's the cost and what are you paying??? is it a good deal? If you want a good read, buy Remar Suttons "How not to get taken every time"... It'll tell you some of the tricks they pull at the dealership... I used to date a sales manager so I know most of them they can be tricky if they smell blood... so just be smart about the deal... congrats on the new car
Re: Ford Credit, do you believe thi They may have given you a 0.00% loan and the DEALER is making 3.9% + the rebate... READ THE TERMS BEFORE SIGNING ANYTHING...
Re: Ford Credit, do you believe thi I used to do finance for a Chrysler dealer years ago and yes believe it or not a human voice can make a difference. I developed a business relationship with one of credit analyst at Chrysler financial and we got along great. We would â??jokeâ? when I got him on the phone I would say â??grab your tissue box I got a story for you.â? We would hash out the consumerâ??s report point for point and offer and counteroffer all the time. The business manager in a dealership is either your best friend or your worst enemy. This guy was your best friend today. Remember they want to sell cars. They donâ??t want to turn you away.
Re: Ford Credit, do you believe thi BRAVO BRAVO.........I could not have said it any better...But give them a call..Tell me which state you do live in and I can get you the number for your sales branch..
Hey, be in control of the purchase. Usually it is a rebate or low interest not both. You went to the lot and made demands. They refused. You walked. Now they will give you what you want. Of course they called you back. Someone at the dealership may even have had their ass chewed for letting you off the lot without a sale. As long as you are satisfied with the price you are paying for the car and your trade in if any; go pick up your new mustang tomorrow. P.S. The finance manager usually takes Sunday off and a poorly trained staff are there to deal with you until Monday afternoon. With $10K down, Ford wants to sell you a car and your BK doesn't matter to them much. The F.M. can do wonders with Ford credit. A friend was selling a large number of new Nissan Altima's to BKer's at low interest a few years ago. All the new car dealers are flexible with a down like yours.
Re: Ford Credit, do you believe thi I agree! I used to sell for Ford and Chrysler and I've sold cars con countless occasions where it was the business manager (F&I office) that made the deal go through. The guys from this dealership just might be telling the truth.
Re: Ford Credit, do you believe thi Absolutely... they might be but with 10k down... good god they should finance the car! so with that much down, I'm just wondering who really wants the rebate... and if they don't keep the rebate, what finance rate is being offered... with interest rates so low right now 3.9 isn't far off the 7.9 rates... and if the rebate is several thousand dollars then it might be worth it to keep the cash and take the slightly higher rate It really depends also on how long that the loan will really be outstanding. If the plan is 3 years or less to payoff then a few points on the rate won't outweigh the rebate... if they want to pay it down over 5 years or so then the difference on the rate might be greater than the rebate... I guess I also tend to negotiate a whole package at 2-3 dealers before making a decision because I can bat them against each other for the best overall deal on the front end and in the F&I office... trust, but verify.
Re: Ford Credit, do you believe thi I read somewhere earlier this year that Ford credit would be changing it's credit guidelines due to large losses last year in the sub prime market. I can't remember where I read that but wish I'd saved the link.
Re: Ford Credit, do you believe thi Always take the rebate and run. If you happen to pay the loan off early you are out both the rebate and the lower rate.
