Chances of qualifying for Ford Credit

[Anonymous]

I am looking to buy an F250.  I figure final price to be 50K.  I plan on putting 5K down, so I will be financing 45K.

My current credit scores range from 650 - 678.  However, I just noticed 2 small collections accounts on my credit report for medical bills.  I called each company and got them to agree to completely remove the collection if I paid the balance.  So I expect my score could go up next month.

Here are my issues.

1.  I have a repo with Ford Motor Credit.  This was from 1997.  Obviously, this is no longer on my credit report, but does Ford remember all history, and could I be blackballed?

2.  My credit report is showing 2 - 30 day late payments on a vehcle from 6 years ago.  It also shows the payments were brough current, and then the loan paid off with no issues.

I have since financed 4 vehicles with perfect payment history.

3.  I currently have 2 Volkswagens financed with VW credit (perfect payment history) that Volkswagen will be buying back from me. (Probably the same day I hopefully pick up my truck)  So the 2 vehicles will show on my credit report as me still owing a balance, when actually they were just paid off.

I will not be making the purchase until October, since that is when VW will be buying back my current vehicles, so I have some time to work on my score.

What is everybody's thoughts?

Thanks

Tim

[Schoolbuskid]

APPROVED!!!!

[Anonymous]

Congrats!!!!  Hopefully I will be able to say the same thing next year

[MakeItAMudLight]

As long as the income support sthe loan then ehis should be an easy approval.  Depending on the rebates versus special financing they may be able to get you a better deal elsewhere.  Remember the 0 or 1.9% special financing offers through Ford Motor Credit are only really good deals if you keep the vehicle the life of the loan.  Usually taking the rebates is the better deal.  

[RonM21]

I'm thinking the chances are good. If not there may be better optioms out there.

[Anonymous]

Depending on DTI/PTI you should have no issue in qualifying for a loan. As far as Ford Motor Credit it really depends on them, when I worked for a Honda dealership there were several times where honda finance would remember a repossession from 20 years ago and would not approve the customer. 

This actually leads me to a story. Honda was offering 0.9% for 60 months for one of their vehicle a few years ago. We have a customer come in at 9 pm, has an 800 beaon and a 50% advance purchasing a new vehicle. We do his paperwork and assume that Honda will quickly approve him the next morning. To my surprise he had a reposession on a CRX 17 year ago and honda at any level, all the way up to branch manager refused to give him a loan on a new vehicle.

Trying to keep the deal together I shopped around for additional financing, found 1.49 % and called the customer to let him know what had happened. He anwsered the phone saying "Hello, your calling from the finance department at the Honda dealsership right?" I said "yes sir". He said "Honda holds a grude dont they? What's my next best option?". I let him know what I had, he said he completely understood and came in later the next day to resign paperwork at my new approval. We both thought it was funny that Honda has the mind of a elephant.