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Ford Credit and CH7

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FLSnowpiercer
Member

Ford Credit and CH7

So I am likely going to need a new car towards the end of the year.  Thankfully I inherited employee discount use (do not currently have a car loan with Ford Credit).  
How forgiving is Ford Credit? For a point of reference my discharge is in less than 2 weeks. 

Message 1 of 5
4 REPLIES 4
FireMedic1
Community Leader
Mega Contributor

Re: Ford Credit and CH7

No clue. Never seen talk about it with Ford. Freshly BK'ed. Your going to see higer interest rates as it is with the lower scores. You can call and ask their financing dept.


Message 2 of 5
DebtStinks
Established Contributor

Re: Ford Credit and CH7

It's unlikely (I worked for Ford as recent as about 6 years ago) that they'd be the first to give auto credit after CH7...not impossible though.

 

Also, can't stress enough that this very well could have changed in the 6 years since I worked for Ford.

NFCU More Rewards AMEX $25000 (Opened 1/19) - NFCU Platinum $21000 (Opened 1/21) - TTCU Platinum Visa $10000 (Opened 10/18) - Discover $5500 (Opened 11/21) - Barclays View MC $5000 (Opened 1/19) - Capital One Platinum $3500 (Opened 2/19) - Capital One World Elite MC $1000 (Opened 3/21) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $42500 (Opened 10/18)
Closed - PenFed $35,000 - Cap1 World Elite MC $11,200
Total CL - $115500

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:




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Message 3 of 5
user365735
Regular Contributor

Re: Ford Credit and CH7

This really depends on the underwriter. I purchased a new car before(1 year) bankruptcywith tons of lates, lawsuit etc. I wanted a ford escape. Originally they denied it. The dealership showed me the paperwork where the underwriter denied it due to lates and credit worthy. My old car died(sitting in a parking lot with a blown tranny, I knew it was coming) so I needed a car. I told them I'm expecting a bankruptcy soon and that's why Im doing this now because I wouldn't expect to get a car after bankruptcy. They put in a call to the regional manager of Ford for my area, it took about a week but they approved itSmiley Happy

This was during the pandemic when sales were down and I also had a prior loan(paid) with ford which could of helped. 

 

I am thankful for this opportunity. 3.9 rate with my credit is one in a million. I hope you get the same luck. I suspect trying. It could be dependent on the car too. At the end of the day they are there to sell cars...

Message 4 of 5
user365735
Regular Contributor

Re: Ford Credit and CH7

I also want to add that after discharge, it's easy to get credit again because creditors know you cant file again for 7 years. I also never mentioned that the first dealership wanted to approve me at 12.9% for a ford EcoSport. which I walked away from. I tried again because I seen the ford escape I really liked advertised as 3.9. I figured well it couldn't hurt to try. I suspect the first dealership was taking advantage of me, I went in saying I have bad credit what can you do for me. Likely they added to the interest rate. I did hear the finance manager talking to the underwriter about my job, so likely I was denied at first but they called it in to get approved at the 12.9. it took a few hours so it wasn't automatic.

 

Message 5 of 5
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