03-09-2011 07:50 PM
I know they have a first time buyers program which obviously would not apply to you seeing as you just paid one off. Anyhow I would assume they are pretty lenient with credit.
03-10-2011 05:21 AM
What is your current FICO scores and tell us about your credit situation. Income, utilization, what you are looking to buy, etc. Approvals and interest rates for cars are not based solely on scores.
03-10-2011 06:41 AM
03-10-2011 09:53 AM
I would be shocked if you could obtain another auto loan. Your scores is not in good shape, but what will really hurt you is your past experience with Ford. Ford will issue a second car loan to almost anyone if they have a positive history with them... 30 days late and especially a 60 day late is not a positive history. They are also very recent, which is not good.
Until you get your scores back up in to the low to mid 600s, you will have problems. Your auto-enhanced FICO (if a lender chooses to use it) will also be extremely low... probably in the low 500s.
You have already done the damage by missing the payments - your best bet now is to try to send a goodwill letter for removal of the lates. With your util under 10%, there isn't really much you can do. You have 3 major derogs and multiple missed payments - your scores will suffer until each drops off at 7-7.5 yrs after the DOFD, with lesser impact over time.
03-10-2011 10:39 AM
Were you polite with FMC?
if they called did you talk to them like humans and explain your situation?
If you lied, evaded, and verbally abused them, when your deal goes for a manual review, which it will, that will easily be held against you.
Are you blacklisted from FMC? No.
You defiantely have some bad marks on your credit that you may want to age a little more naturally with a rebuilding attitude towards your future decisions.
You will probably get re-financed with FMC, assuming you did not burn any bridges when you were late. BUT you will need to have a good downpayment. FMC will probably be more willing to finance you, but you are going to need a 20%+ down- and do not expect tier 1.
11-06-2013 07:32 AM
I recently obtained a loan through FMC. I am a first time buyer with them, plus I traded in a 2011 Chevy truck. They did finance me with a 500 score and $2500 down on a $40,000 loan. They rolled $7k in negative equity from my Chevy. I got a term of 66months.
11-07-2013 09:04 AM
If you don't mind sharing you're income also. I am looking at buying a used Expedition in the next few months and am trying to figure out best options for financing. Does Ford have a Tier system? Would love to get into a new one if I could though!
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