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Ray V · Jun 22, 2018, 11:08 AM

I have a leased vehicle through Ford Motor Credit (Lincoln) and am in Cpt 13. My lease is paid directly to them, and not through the court. And I have never been late, either before or after the Bankruptcy filing. My lease will terminate before the end of the plan. I wish to buy the car at the residual price , which is near the $25K ceiling. Would Ford Motor credit make me a loan under these circumstances, given that I have been with them for 3 years?

Fr_Chuck · Jun 22, 2018, 12:35 PM

You will of course have to get court persmission (I believe) to get a loan. But really it is up to them, and also it is most likely you will fall outside the credit level guidelines

Ray V · Jun 22, 2018, 01:01 PM

Do you mean fall outside the credit level guidelines of the court or Ford Mother Credit?

talaniman · Jun 22, 2018, 02:22 PM

I don't think the court has a credit level guideline, nor do they have anything to do with credit applications, but Ford does and bankruptcies are carried for a number of years by credit reporting companies, and is a question on the credit application. You can be denied on that basis alone, or be subject to a high credit risk loan, which are higher interest rates, or large down payments.

It is solely on Ford's discretion.