Ford Motor Credit says Auto Loans Still Available
by Steve Cypher on Monday, October 20th, 2008In an effort to offset the negative press surrounding the GMAC announcement, Ford Motor Credit seeks to reassure dealers and customers that it is still willing to lend to customers.
Letter sent in response to GMAC lending restrictions
In an apparent attempt to offset the negative press surrounding GMAC’s announcement last week that it would only look at customers with a 700 FICO score or higher, Ford Motor Company sought to bolster dealer confidence by issuing a letter reaffirming Ford Motor Credit’s commitment to stay in the lending arena.
“As valued Ford Motor Company dealers, we wanted to reassure you that Ford Credit will continue as your strong and supportive finance source during these difficult economic times,” the letter stated. “Many companies providing automotive lending have recently decided to exit this market or reduce their exposure by tightening their purchase policies. These actions by others may be unnerving, but Ford Credit is here for you.”
Additional Marketing Initiatives
According to an article that appeared in the Wall Street Journal, Ford may also be considering additional marketing initiatives. According to the Journal, “A person briefed on the company’s plans at a meeting this month said Ford also is considering putting employee pricing on every model sold in the U.S., with financing through Ford Credit. The campaign, which could be launched later this month, would also have a dealer cash payment of $500 to $1,500 included as part of the program.”
The Bottom Line
Here at Auto Credit Express, it’s heartening to see Ford Motor Company “step up to the window” and continue to offer financing in this challenging environment.
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I would like to purchase a ford escape and wanted to know if you have a ford dealership in the southfield area who works with bad credit.
Linda,
I have forwarded your information to our support department and you will be contacted within 24 hours.
i dont understand i work for the dept of defense here in san diego ca i have never been late on my car notes my credit is ok and i can,t even buy the car that i would love to drive why is it so hard to get a loan approved thru FMC im upside down on the car i drive now as a trade in i could come up with 1500 down to go with it i can pay as much as 425 or 450 a month easly please help me on what i can do to get the car of my dreams thank you for your time
if needed you can reach me at 619 804 0072 cleveland lewis
Cleveland,
Even if you have really good credit, many banks are hesitant to loan money on a vehicle with a lot of negative equity (you didn’t say how much you were negative and any other particulars of the loan), especially in the current economic climate.
Do you know how much negative equity we’re talking about here?