Need Car...and help

daveyboy!!!!!!!!!!!!!!!!!!!!!

I wrote a thread to you about a month or so ago and you never replied, I was hoping you would show back up. How did the e*trade thing go?


You can apply online with Ford Credit, then you can go to any Ford dealership and get what you want.

I have told this story here a million times, but Ford actually financed me a car with scores in the 490's, I put a couple of thousand down and got 10% financing. Traded that in a year later and got my current car, at 7%, bought a smaller car 3 months after that and got 2.9%. Our scores on the 7% and 2.9% were about 550.

I am telling you, if you got some cash to put down and crappy scores, Ford will be good to you. Make your payments on time and you have it made with them.

I will never buy a car from anyone else again, everyone else wanted to charge me 21% interest or was denied. Ford gave me that chance and I will never forget it.

 

Hi Daveyboy - I need to get to Phil or you need to come to SF LOL!

You can go to Cap One - then click auto - then click - CUSTOM Financing - they only require $1000 down and will go to 72 months - but expect 13-15%.

aarrff - dogman

 

Davey, I applied through the main Ford site online, I cannot remember what I asked for but they sent me a letter saying that I was approved but under different conditions than what I asked for. It will be 2 years in Feb since I started my car quest with Ford.

Ford did pull all three of our reports, our scores on all 3 were at 490, nothing above a 500. We put down $3200 cash, and I did lease my first Escape. The interest rate was decent at 10% and I was able to trade off in a year with no rollover for a 2002 Escape I bought in March of 2002. I bought a Ford Focus for my mother in April at 2.9%, I took that instead of the cash back because my interest rate would have been around 7-8%. The Focus is the only one on a purchase, both Escapes are on lease deals. Which I truly love. How many people can trade off a car they had right at a year with absolutely no rollover or penalty? The Ford lease penalty only happens if you keep the car until lease end and have an overage in miles.

I was over 6000 miles on my first one, but since I traded before lease end there was no penalty.

I did not have to have a down payment on either of the last two cars I bought, but I wish I had.

On the car I bought in March we had a setback ith some medical bills, Ford called me at 10 days past due and asked what they could do. The put my payment at the end of the note, and I had only had it for 2 months, they don't do things like that very often, but I was a return customer, you also get returning customer rebates when you buy another car.

I do know that many people here had success with Ford when there was no more hope. I was denied or offered 21% interest by every dealer in a 2 state area. I knew we had some cash coming so on a whim applied at the Ford website.

As for approval, I had my letter from Ford so went to the dealership of my choice and worked out a deal from there.

You can call the main Ford Credit HQ, there is a number on the site and ask about what you are approved for and what interest rate etc.

Sorry to get so long and involved here, but I have just been thrilled with them. Ford was the stepping stone I needed to get myself out of my credit hell. I will never forget that.

I kept the bank I had, but intend to go ahead and send in my paperwork for the E*Trade account. I was worried about sending in the deposit without knowing if all the checks were complete and that time. I didn't hear back from you, so put a hold on it. Will take care of that right away.

 

dont waste your time. Sell your car (never trade it in!!) , take your cash, pick the car, demand the terms.

This is a buyers market, economic spending is at an all time LOW.

They don't want your car if its only worth $4000, its not a "lot-sellable" so they'll only give you the auction book on it.

Really. Sell the car personally, ebay , whatever, take the wad of cash in person (bring a buddy with a gun if its in the ghetto), and tell them what you want.

Don't waste your time fishing online, you'll end up with a sour deal. Cash in hand makes the salesman and finance manage salivate (regardless of score).

 

I am sorry Davey, good luck and let us know how it goes.

 

For those of you with luck via Ford Credit is that for only new cars or can you get used car financing as well?

 

You can also get Ford Credit financing on their used cars.

Davey, call a dealership, believe me, you won't be turned down.

 

iamsam,

What kind of derogs did you have with that 498 score? Was it just low because of limited credit history or did you have collections, charge offs or late pays?

Just asking because my score is about 550 on Equifax, but I still have two derogs and I'll be interested in a new Ford soon.

 

Have any of you tried Americredit?.....they financed me!!



-Sal

 

The Ford dealer has the power to override a certain number of denials...but be prepared to pay up to 21%. They are more strict with online apps,
having the dealer try it might get you in. But watch the interest rate.

Household Auto will finance you with those scores.
Expect 15-18% and 10% down, up to $1000.
They will go 72 mos if the car has fewer than 25K miles. Household will allow you to refinance the loan with them after 6 months of on time payments for a 2-4% rate drop, no fees added.

Wells Financial also approved me with scores similar to yours. You can try them online, some dealers have access to them as well.

Do you have home equity? Could you use that?


Whoever you go with, make sure that you can refinance with no prepayment penalty, and get a good trade/down payment so that you CAN refinance in a few monthswithout being upside sown in the loan.

Good luck. It took me several denials, but I got it done. So can you!

Radi8

 

Can you try a Credit Union?

My scores were in a worse toilet than they are now a few months ago when I got my used car. I think my equifax was like 490 (it is now 556). My credit union basically told me that they generally never approve anyone with these scores, but I did have a previous car loan with them which I had never been late on even once. I only owed like 2k on it. My loan officer who is now one of their branch managers/VP for several branches told me that if I could pay off the loan she would finance me up to 10k (which was more than the 7250.00 that my current car cost-- I got a great deal from a friend who had been leasing a pretty little VW Golf. She did not want to pay penalities so she bought the car outright for all she had left on the entire lease-- she had since purchased a new VW Beetle. I got a 1998 late model Golf fully loaded with only 45k miles for less than 7000k not counting the taxes and title which then put me up to 7250.00).

At any rate, I was able to pay off my older car loan with a little help from a friend who fwd me the cash since I knew I would have the money coming in the next month, and I received a car loan with only 6.25% interest.

So my recommendations is to see if you can get in with a credit union if you have not already-- and see what kind of programs or what they can do with you in those regards. I was very pleasantly surprised.

 

rblues, are scores were 490 because of everything you could imagine, chargeoffs, medical collections, chapter 7, you name it, it was on there.

Davey,I was denied online at first also, but they sent a letter saying I was denied under the conditions I applied for. There is absolutely no reason for you to pay 21%, none at all. Our dealer was really great and went to bat for us. We only paid 10% because we leased and had good cash down, if we had financed the interest would have been 14-15%. I was totally against the idea of lease, until I got one.

I know it isn't any fun to go to the dealer, Davey, but if you have the cash to put down plus a trade-in there is no reason Ford won't finance at a decent rate. The difference is that the online application is totally score driven, when you apply at a dealership and Ford receives the loan app and there are special considerations a real person looks at it. It would be to your advantage to ask for references and go visit a dealer.

If they will approve us, they will approve just about anyone, money talks. Sam

 

wife just got denied through Ford Motor Credit online yesterday. tu 577, eqix 587, experian 600. $8,000 down for a $32,000 rig? (25% down). very low debt to income, 8.5 year job history, 50k/year income.

Just send a long, long, long letter to Ford Motor Credit online. I/We may have killed any chance or they may change there mind?

Time will tell. But we will fight to the bitter, bitter end on this.

john