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PyRo189
Valued Member

New Car

Just a quick story about  my recent experience I had been in the market for a Ford Focus ST and been declined by numerous banks. Keep in mind my DTI is kinda high due to recent move and my wife is out of work and my average FICO being a 630. I took a last ditch effort and went into the dealer on 3/31 knowing they push every sale possible for bonus and sales goals. The finance guy was able to get me qualified at 1.9% with Ford Motor Credit on 72 months keeping my payment at $400 a month on $28.857. Quite pleased when nobody would approve Ford pushed a sale through making a amazing customer experience.

Message 1 of 12
11 REPLIES 11
settleordelete
Regular Contributor

Re: New Car

Congratulations! And Thanks for sharing your experience with Ford Motor Credit.
I've been where you are trying to go and I don't wanna go back.
Message 2 of 12
Appleman
Valued Contributor

Re: New Car

Congrats on getting approved. Sometimes the dealer finance department can surprise you. You are spot on with the dealership needing to hit some end of month goals, the dealer can have some pull in pushing a loan through.

Message 3 of 12
Anonymous
Not applicable

Re: New Car


@Appleman wrote:

Congrats on getting approved. Sometimes the dealer finance department can surprise you. You are spot on with the dealership needing to hit some end of month goals, the dealer can have some pull in pushing a loan through.


I agree about the dealer having some pull. Case in point, when my GF went to buy her new car, one local Honda dealer ran her with Ally, and they would not approve. Different dealer, more expensive car, approved by Ally, and out the door in under 55 minutes.

Guess dealer #1 wasn't as friendly with Ally as dealer #2 was..

Message 4 of 12
SMikulski49
Regular Contributor

Re: New Car

Congrats, enjoy the car Smiley Happy

Message 5 of 12
Dj4Money
Established Contributor

Re: New Car

 Congrats -


 That is the car I have been targeting overall since it came out in 2013. 

 

 Did you get an ST1, ST2 or ST3?

 

 PIctures or it didn't happen! 

 

 

Message 6 of 12
whaddupmia07
Established Member

Re: New Car

Wow that's awesome! I hope to have an experience like that with Mazda financing. My CU offered me a rate of 5.89. Not too bad but of course I want something a lot better than that. My current scores are EQ 662, TU 671, EX 669. I hope to go to the dealership Friday.


@PyRo189 wrote:

Just a quick story about  my recent experience I had been in the market for a Ford Focus ST and been declined by numerous banks. Keep in mind my DTI is kinda high due to recent move and my wife is out of work and my average FICO being a 630. I took a last ditch effort and went into the dealer on 3/31 knowing they push every sale possible for bonus and sales goals. The finance guy was able to get me qualified at 1.9% with Ford Motor Credit on 72 months keeping my payment at $400 a month on $28.857. Quite pleased when nobody would approve Ford pushed a sale through making a amazing customer experience.


 

Current Scores: EQ 662 TU 671 EX 669
Goal: 700 across the board
Message 7 of 12
PyRo189
Valued Member

Re: New Car

I got the ST1 because I don't care to have leather seats and seems all other packages had the leather seats. :/
Message 8 of 12
Cellice
Regular Contributor

Re: New Car

Why some much for an ST1? Did you have negative equity?

Message 9 of 12
Anonymous
Not applicable

Re: New Car

MSRP is $24425, how did you end up paying $4k over this?

Message 10 of 12
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