Ford Credit

Discussion in 'Credit Talk' started by Flagirl, Mar 22, 2001.

  1. Flagirl

    Flagirl Well-Known Member

    Hi all!
    I know I've seen posts about Ford Credit and they weren't very positive posts. My question is, my boyfriend is about to buy a new Ford Mustang Cobra. He's already been pre-approved through his bank for a loan at 7.99%. The dealership asked if he could keep the loan "in house" if he could get my b-friend a better intrest rate. What do you all with Ford credit experiences think of this? He's got good credit and I would hate for him to go with Ford Credit and have them screw it up.
    Any advice is appreciated.
  2. DaveLV

    DaveLV Well-Known Member

    Hehehe.. let's put it this way. I'm suing them today. Just filed the court paperwork. I'm leaving work now but will post further details about my situation with them when I get home.
  3. Hal

    Hal Well-Known Member

    Stick with the bank. The dealer is trying to get their Comission on the financing, they do not have his best interests in mind.
  4. Darrell

    Darrell Guest

    My experience with Ford Credit has been a good one. They gave me a 4.9 percent interest rate
    on my new car last year, and I hear some models now have financing as low as 2.9 percent.

    It wouldn't hurt at least to talk to the dealer. Don't let them run you bf's credit until you hammer out a deal and agree on a rate.
  5. Marypc

    Marypc Well-Known Member

    There is a class action lawsuit against Ford now, involving incorrect and exhorbitant late fees charged to lease customers. Just a thought...
  6. Cadillac408

    Cadillac408 Well-Known Member

    Just don't go there....

    Tell him to stay with his bank.
  7. DaveLV

    DaveLV Well-Known Member

    Okay -- here are the details I promised.

    My wife totaled my Ford Probe that was financed through Ford Motor Credit in October of 1998. In December my insurance company paid what I assumed was the balance of my loan. I never heard from Ford again and got on with my life.

    Early this month while I was in the final stages of deciding to embark on this credit repair journey, I ordered my Experian report. On the report was a listing for a repossession from Ford Credit dated December, 1998 with a balance owing of $8,540. I was going to let Lexington deal with its removal, because it was obviously an incorrect entry.

    When I ordered my merged report to send to Lexington, I saw the (false!) repoession was on all three reports.

    Monday I got a letter from a local lawyer's office demanding $2,000 in payment of my Ford account. Mind you, I didn't hear a peep out of them for 2 1/2 years. I just send the lawyer a letter asking them to figure how Ford calculates the balance on this, and if it includes any penalties or interest charges. I don't figure I owe a penny more than the difference between my insurance payoff and the loan balance as of December, 1998.

    I figured since they had an obviously wrong entry in my reports for more than two years (obviously wrong because it was NOT a repo and they are NOT asking me for $8,540 today) I would sue them in small claims court to see if I could get them to just drop the whole matter and remove the repo. I sent my demand for payment letter to them today, and can file the suit 10 days after they receive it.
  8. Cadillac408

    Cadillac408 Well-Known Member

    WHOA! :-O
  9. breeze

    breeze Well-Known Member

    Dave LV

    Good for you!!!
    They put "repossession" on my Mom's credit report also. They had added physical damage insurance to her loan in the second year. I'm an agent, so I sent them what they needed as proof of insurance, and told them to take *their* coverage off. Mom paid the loan off, and 2 yrs later went to trade the car in, and she couldn't find the title!! I called Ford Credit for her, and they said they never released the title, and they were going to repossess the car, that she still owed $1,200 on the loan - it was the insurance premium for the phisical damage coverage they were supposed to have taken off!!! She went ahead and paid them.

    They left the repossession on her report, and she never knew it. I am helping her get another car, checked her credit first, and discovered the "repossession."
    I sent Ford and the CRA's a copy of the title and the contract where the car had been traded in, and threatened to sue. The CRA's deleted the entry.

    BTW my Mom is 79, never dealt with credit until after my Dad died. To her, if a company says you owe them, you have to pay or you're a bad person. I am teaching her, hehe.

  10. jzilla

    jzilla Well-Known Member

    Re: Ford

    My roomate bought a truck with Ford financing. She rolled it a month after she got it. Apparently, the insurance company payed all but 2000. They have it on all three of her CR reports as a reposession and have since tried to freeze her checking account(which she closed 6 mos. prior). They have stated on her reports that they have charged it off as a bad debt but they are still trying to sue her.

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