Ford won’t let me PG, only Co-sign?!?!

[Dbremer]

So I'm looking to get my first business vehicle.  Gave Ford dealership my info, business and personal to run for PG.  she said "it MUST be co-signed, bank won't let you just PG on business loan"?  Ummm huh?  In my head I say, "but fico forum says you can" 

how do I approach this and make sure it's PG and not a co-sign? TIA! 

[Dbremer]

Also, this was as I was filling out app, BEFORE she even had my info.  So it's not due to my personal score or anything...No paydex, 26 on experian biz, too new, no tradelines reporting although I have Amex green, Lowe's Amex $10K, amex BBC $5K, chase SW biz $6k , BOA MC $10K, Capone spark travel $2K.  I know these don't report. Grrr! Business is less than a year old.  

[4sallypat]

You need to speak to the finance manager directly as most car dealers do not know how to handle a business lease/loan.

Prior to applying, you should have a couple of 5 digit $ or more tradelines reporting (net account terms), credit cards reporting to D&B as well as Business EX and at least 2 years of business activity.

Also, you should have a BLOC reporting for a good mix of different business credit.

They want to see if you can handle large amounts of business debt and repayment.

Check out a YT video from GetBusinessCredit on how to get a no-PG business car loan or lease.

They show you how to get a non PG, no co-signer business loan from any car manufacturer.

It's very enlightning - I am working towards this goal as well as my business is over 10 years old but has a very thin business profile.

I plan on doing a business lease on a 2023 Ford truck (Lightning) using business credit.

[Dbremer]

Thank you!  I've been trying for net-30's, getting declines, but I'm trying to space out my inquiries and I've grow so fast. Garden business and I can't keep using my Infiniti SUV. 

Good luck on your business credit journey. 

[Dbremer]

More fun updates from Ford...can't get me approved through business with PG but CAN get me approved through personal only?!?!  🤣

I passed. Obviously.  She stated no one wants to lend on the transit connect.  Over it. 

One day, these dealers will catch on to this forum and how people are educating themselves. 

[4sallypat]

On a Transit Connect, it should be a business purchase.

Did you actually speak to the finance manager at the Ford dealership ?

Others are very ignorant about the commercial / business lending side of Ford.

I actually spoke to my Ford dealer's finance manager and he said it's not an issue to apply for the Ford Commercial business loan/lease - he does it all the time for his fleet customers.

So I am preparing my business credit profile in the meantime as the 2023 Lightning won't show till the end of the year.

[Red1Blue]

I am not sure what is the difference between PG and Cosign. Eitherway person signing is contractually liable for the loan. If you dont mind me asking the question, what is the difference?

[4sallypat]

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@Red1Blue wrote:

I am not sure what is the difference between PG and Cosign. Eitherway person signing is contractually liable for the loan. If you dont mind me asking the question, what is the difference?

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On a business loan/lease, you have the option of getting the vehicle as: NO PG or with PG or with PG and co-signer.

The best for a business to separate liability and save your personal credit is to get a NO PG contract.  This usually requires a substantial business profile and heavy spend showing.

If you don't have that history of business spend, the car dealer will ask you to personally guarantee the loan/lease which puts your credit on the line.

Lastly, if your credit is not up to a tier, the dealer may ask a co-signer.

[Anonymous]

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@Dbremer wrote:

More fun updates from Ford...can't get me approved through business with PG but CAN get me approved through personal only?!?!  🤣

I passed. Obviously.  She stated no one wants to lend on the transit connect.  Over it. 

One day, these dealers will catch on to this forum and how people are educating themselves. 

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You didn't actually mention this forum to the dealer did you? Just checking.

[kymanicreditlady]

I got a truck through FORD 12/31/21 and I refused to co-sign and they said the same thing !! I got the truck with out cosigning !!