Originally Posted by trekpixel
Q: How hard is it to get approved by Ford Motor Credit?
My background. Two years ago I stupidly co-signed an auto loan for a friend who stopped paying. I took possession of the car and had it voluntarily repo'd and I ended up paying $4k to make the collection go away. However that mark is still in my credit report and I have 656 credit score. It is the only bad mark on my credit history.. ever.
I would really like to get a financing for my own new car. I have a steady job and manage my money well, Just that one bad mark.
I qualify for X-plan, would I be approved for a loan for a Focus TI? if so, what would my apr be? What about leasing Is that easier to get if credit is shot?
You will have a shot at FMC financing if you are in good standing with them. If your friend financed through FMC and the vehicle was reported as unpaid you will never get another loan through that bank again.
If you are a 656 score you will have a good chance at getting a halfway decent rate with X-plan + rebates. I would suggest putting at least 15-25% down to help out. You will be at a higher interest rate but it's better than 21% interest.
You cannot lease if you have subpar credit, you need to be 690 or above typically but each case is different. There is no 100% surefire way of being approved unless you're an 815+ with no debt.