April 04, 2007

Hi Tony

Thank you for your articles. They are very informative and helpful.

Three months ago a vehicle went through a stop sign and ran into me totaling my car which was paid for. Unfortunately, I had a business that failed due to an expansion in another state with an inexperience executive. My name was on all the accounts as a guarantor. I had to assume the debt and I filed a Chapter 13 for a 5 year pay off.

My credit score is now a dismal 548. I make good money in my current job which I've been at for over 2 years, and can put $5,000 towards a lease. I've lived in my house for 6 years and have had the same phone number for 10 years.

We are looking at the Ford Explorer. I have a family of 7. Do I have a chance of getting into a lease?

Kordell

Answer:

Hi Kordell,

Thanks for your kind comments about my website. They are very much appreciated.

I'd say you should have a decent chance, especially if you're putting $5,000 down. Ford Motor Credit is the place to apply. You do this through the Finance Manager in a Ford dealership.

What it will come down to is how aggressive the Finance Manager is. Ford will probably turn the application down at first, but if the Finance Manager gets on the phone and explains your circumstances to them along with pointing out the cash deposit you're willing to put down you should have a very good chance.

Ford also has a single payment lease where you pay the entire lease up front. Perhaps as a last resort you can come up with a little more money and do that on a 2 year lease.

The good thing about Ford is that as long as you make all your payments on time they will usually refinance you on your next vehicle. So it's good to get in their good graces.

If the Finance Manager you are dealing with doesn't seem interested go to another Ford dealer and find a Finance Manager who is willing to "beat up" Ford for you. Back when I was a Finance Manager in a Ford dealer I used to talk Ford Motor Credit into all kinds of deals that they initially turned down.

Don't ever underestimate the influence of an aggressive Finance Manager when it comes to getting shaky deals financed!

Good luck...

All my very best...

Tony Iorio