FMC scores???

[geterdone]

Just wondering if anyone knows what FMC looks for as far as score to be approved? I’ve tried to search but can’t seem to find this info any where. Thanks!

[ThePeacock]

FMC? Federal Maritime Trade Comission?? Just kidding

I have heard from several people that Ford Motor Credit will approve just about anybody even w/ low 500s. You do have to have a good down payment though. Don't know specifics. Check out CreditBoards.com, look for a guy name MarvBear, or search the auto loan approval sticky in the Auto Financing forum.

[Lizzy]

A year ago my husbands TU FICO was 656 and we bought a 2003 Escape with 9,000 miles with O down and 3.9% APR through ford motor credit. He had 2 medical collections showing and 1 charge off. Liz

[buffy-2u]

I work for a car dealer that uses Ford Credit. Their Rep was just out here talking to me yesterday, and I got a little heads-up on the process....

You want to go to a dealer that does a lot of business with Ford Credit, FMC will buy about 10-20% bad paper. That means that a dealer sends 100 deals to FMC, FMC will buy about 10-20 "high risk" loans. So the more business that a dealer sends to FMC, the more bad paper they can send to FMC. Also, approval depends on the deal structure. By having a higher down payment, a shorter term, or a different car the interest rate can be lowered. Their interest rates are in "levels". Level 0 being the best and the interest goes up from there. Level 0 and 1 are the best rates. Changing the deal structure can enable the levels to go down. Just adding a little more down or going from 76mos to 60 mos can make a difference in a level lower.

Hope this makes sense!!! Just a little info....