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I applied for Ford business credit financing on a 2018 Transit Connect, 22k, paying the taxes and fees upfront. They weren't able to approve the loan using the business EIN alone. Business has been operating for 7 years but only has a couple of credit cards and has never had any installment loans. The finance guy said if I personally guaranteed the application, nothing would show on my personal credit. I don't quite believe this. I told him I'm refinancing my mortgage soon so couldn't have anything show up on my personal credit. How exactly does a business loan report if I were to personally guarantee the loan?
My Explorer is a Business vehicle through FMC and I have many other business loans and credit lines that I PG and they don't report. Just make sure that you are a not co-signer for the loan, that would show up on the CR.
The dealer didn't ask for financials? Call FMCC direct and speak with a CSR. How much were you putting down? The dealer didn't offer to check with other financial institutions? Try another dealer.
@Anonymouswrote:The dealer didn't ask for financials? Call FMCC direct and speak with a CSR. How much were you putting down? The dealer didn't offer to check with other financial institutions? Try another dealer.
They don't ask for financials nothing wrong w/ a PG if you have to, it doesn't record on personal CR. If the business doesn't have a long credit history of term loans, credit lines or other financing other than credit cards you maybe required to PG the vechicle loan.
Yes, as other poster stated just make sure you are PG not Co-Applicant.
I have leased a Nissan Rogue as PG and it was not on my reports and I'm currently purchasing a Nissan NV200 which I PG's and it's not on my personal reports.
I leased a GMC a couple years back and didn't realize they had me Co-App it vs. PG and it showed up on my reports... luckily it was only a $137/lease so didn't hurt much.
After this one, you should probably have no issues with Ford getting no PG every again if you want more cars with them, they are some of the easiest in the business for car loans no pg.
I don't know why you would want it shopped to other banks as the other poster suggested... first of all, I don't know who else would no pg a car loan outside the manufacturer. Secondly, Ford probably has 0% for 60-72+ months that you just won't get anywhere else. This isn't like personal to shop around car rates when you don't qualify for 0%.
Spoke with a buddy (former classmate) of mine at FMCC. He said they do request financials in some cases along with references (for which I can vouch), receive business requests from there every couple of months.
@Anonymouswrote:Spoke with a buddy (former classmate) of mine at FMCC. He said they do request financials in some cases along with references (for which I can vouch), receive business requests from there every couple of months.
Lol! I have leased and puchased my business vehicles through vw, lexus and ford, walked in pick-up one out, applied and picked up the car the next day. Never had a request for financials or references. On the other hand for our business credit line renewals biz tax returns, personal tax returns and personal financial statements are required.
Getting a car is as easy as a walk in the park.
Getting a car is as easy as a walk in the park.
True for any business or person with good credit. My history of FMCC (Ford Motor Credit Corp) goes way back. My mother worked there. My ex worked there. Several people I know have worked there or are working there. One had to go out once a month to repo the cars that are so easy to get. Now a friend of mine is high up the food chain there. I texted him yesterday and we spoke for a few minutes about vehicle financing for businesses. He told me that for some companies (mostly small companies) complete financials are requested including tax returns and P/L statements. In the position I hold, I receive credit reference requests from various financial institutions including auto finance companies. Some for middle size companies; <50K in annual sales.
Some companies rely on D&B. D&B stopped being relevant years ago. D&B off shored its reporters. There are no more in person inspections. Anything and everything given to D&B is considered to be true. I have never owned an actually company. Years ago while working on my MBA I did a case study on a product. D&B somehow picked up my info and there I was on the D&B business directory disc. Its info in worthless in my viewpoint. I stopped supplying info to D&B and any for profit business reporting agency two decades ago. The CRA that have business reports frequently solicit me. I run sample reports on companies I know are failing. I receive glowing reviews on failing companies.
Ford is not in the business to give away vehicles. Business credit approval is like consumer credit approval. Some get a hard pull. Some don’t. Some must provide additional information. Some don’t. Some are offered a different line (read terms) of credit than they wanted. Some are rejected. Some are approved.
One thing that I have learned from this forum is that credit treats everyone somewhat different.
Edit: For those that are approaching 40 or now over, you may remember where you were on 12/31/99. I was sitting at FMCC HQ while it waited for the world to end. My now ex was there to help save FMCC from doom. I was playing computer games. For those too young to remember Y2K, the world did not end. FMCC kept moving forwards. My daughter would go on to interview Edsel Ford II (former FMCC CEO) for a high school paper.