Ford Credit offers finance to customers looking to lease a Ford car or truck through special Ford Lease deals. It is important to be aware of credit requirements, lease end costs, benefits of leasing and how financing a lease works .
Many customers like the idea of being able to get a good deal on a Ford Lease, but are often unaware how to arrange it.
It is also a good idea to get pre-approval for a loan from one or two other reputable sources, as these can then be compared with each other and if necessary use as the basis for negotiation, either with Ford Credit or one of the other companies.
1. Ford Lease Deals – Red Carpet Lease Plans
The possibility of leasing a Ford car or truck has become increasingly more popular over the last few years, and is a sales technique actively promoted by Ford itself.
Red Carpet Lease is simply the name that Ford give to their various leasing plans, which in many ways similar to a normal auto loan, but with some differences that need to be understood. Any leasing plan can be thought of in many ways similar to a long-term rental agreement.
2. Benefits of Ford Lease Deals
Leasing a new Ford car or truck can have a number of advantages over buying, the main one being that you enjoy the benefits of a brand new car without actually paying for it – of course you don’t actually own it either, which is sort of the downside.
Think of it as a sort of long term rental with anumber of conditions attached, also with some additional costs at the end of the lease period.
3. What are Lease End Costs
There will be a down payment on the vehicle, a number of fixed monthly payments for the duration of the lease, and an assessment at the end of the lease where there may be additional charges for excessive wear or tear, or additional mileage charges.
It is important that at the beginning of arranging a Ford Lease Deal lease, or potential charges may be incurred during the lease or at the end of the lease are specified and agreed. It is also important that the basis of how the charges are worked out, especially in areas such as excessive wear and tear, are specified and agreed.
4. Ford Mobility Financing
A number of customers have what are sometimes referred to as mobility needs or special needs, where in essence the vehicle needs to be modified in order to be used by the potential customer.
The scheme that for operate helps with the financing both of the vehicle and any modifications that may be needed to help the individual private.
5. Ford Lease Deals and Certified Pre-Owned Vehicles
This is quite a common and very effective sales technique, as well as making a loss of business sense.
The idea is to certify a number of vehicles that are essentially used vehicles, but which have been checked over by Ford and can be deemed to be mechanically reliable and safe.
Ford lease deals use the idea of a pre-owned and certified vehicle as a way of reassuring customers that the vehicle they are buying is as far as can be guaranteed reliable.
This can be a valuable way of buying a used car, what is important is to check what warranty it comes with, how long the warranty is for, whether that is the possibility of an extended warranty, and whether the warranty includes things such as tires and wheels.
Ford Credit – Lease or buy
One thing is worth pointing out, that arranging the credit with Ford at the same time as buying or leasing a vehicle does not mean that you get a preferential deal on either.
If anything, it can potentially complicate the issue slightly as lines can become blurred as to what you are paying for what.
The solution to this is simply to treat both items as completely separate when arranging a Ford Lease Deal, and to work out what you believe to be a realistic final sale price for the vehicle, and to work out the best rate and deal in terms of finance or credit, and then bring them both together.
Ford credit does have a number of specific plans or options which may be of particular interest.
What is Ford Flex Buy
This type of plan is fairly unique, and in essence gives the customer potential to vary the amount they pay over the period of the loan if they apply for and are accepted into Ford Credit.
This means that they might well pay less in terms of monthly payments at the beginning of the loan, and then pay increased amounts towards the end.
Overall monthly payments would even out as if they had paid same every month, but a customer will have flexibility to protest at the beginning and r on.
Ford Credit – Ford Commercial Financing
Ford Lease Deals are a big part in the financing of commercial vehicles and trucks.
The process of arranging credit and finance is relatively similar to that of arranging a loan for a normal private individual, but there may well be additional questions or credit checks related to the individual, their family, their business or their business associates or partners.
This can sometimes seem a bit intrusive, but the reality is that arranging a loan for a commercial venture has different implications than are arranging a loan for a private individuals .
Gap Insurance and Ford Lease Deals
Gap Insurance is an important type of insurance, and basically covers the difference between the final sale price of the vehicle and its value as determined by the insurance company in the event of there being an accident the vehicle is a total loss or write off.
In this event, there is likely to be a significant difference between the insurance company’s valuation and the price paid by the customer, leading to a possibly large unsecured debt which will be the responsibility of the customer.Gap Insurance Is designed to cover this unsecured debt.
Vehicle Protection Options
Vehicle protection is a really important part of deciding which vehicle to buy and whether to buy or lease vehicle. Ford offers a variety of different vehicle protection plans which include the warranty, possible servicing and maintenance contracts, roadside assistance and emergency contact help.
As well as most Ford dealerships or offer a significant amount of practical advice concerning how to look after the vehicle and maintain it in a good condition, especially in the winter.
Ford Lease Deals
Like most manufacturers, Ford will offer a number of different incentives, known as Ford Lease Deals, throughout the year which can make a significant difference to the final sale price all lease payment schedule of a vehicle.
Some of these incentives may relate to certain categories of customer such as college graduates or people who are serving have served in the military.
Other offers will relate to certain vehicles or certain types of vehicles, there will be certain incentives offered at certain times of the year often as a way of offloading inventories.
Special Ford Lease Deals deals may be offered by way of zero percentage contract, and certain Ford Lease deals may be offered to existing customers either as a way of getting them to buy a car they are leasing or to trade in a car for a new one.
Payment Calculator and Ford Lease Deals
A payment calculator can be a really useful tool in terms of helping you understand your potential repayment costs when negotiating a Ford lease deal.
That in mind that your creditworthiness will be assessed by Ford credit, and it will be their judgement as to the level of risk that you represent financially, and they will charge you accordingly.
When working out your repayment costs on a Ford lease deal it is well worth to do a budget of all your current monthly expenditure, as well as all your monthly income, and work out what you can realistically afford to pay back.
The repayment costs of a Ford lease deal should allow not only for the price of the vehicle, but also things like insurance costs and servicing and maintenance plans. This can also be used in the event of an auto loan refinance deal.
Ford Credit – Personal Account
Setting up an account with Ford allows you to apply for credit before buying or leasing a vehicle. Allows you access to a number of on-line tools that can help you navigate the process of buying or leasing, as well as arranging finance.
Your account also acts as a portal for all you need to know when you have bought the vehicle, including info on warranties, servicing and maintenance schedules and contact info regarding account management and payment issues.
From Ford’s point of view, it can make the availability of all models more attractive to potential customers, by arranging Ford lease deals by the fact that they can arrange finance for them at the same time.
For many people when deciding to buy or arrange a Ford lease deal a new or used Ford, there are a number of options that need to be considered. Some people are not sure whether to decide on the car first, then decide on whether to buy a new or used model, or whether to lease one.
Whatever the process that a potential customer goes through, the options for arranging finance should be considered almost as a separate item.
It is possible to go to Ford’s dedicated website and to potentially obtain pre-approval for a loan, and also possibly be offered special deals on certain cars as a pre-approved customer.
This will at least give the potential customer some idea of how much money they are able to borrow, and on what terms and conditions and how much it is likely to cost them.
Ford Vehicle Lease Deals – Reviews TBA
Ford Lease Deals 2017
Ford Truck Lease Deals
Ford Fiesta Lease Deals
Ford Focus Lease Deals
Ford Fusion Lease Deals
Ford C – Max
Ford Eco-sport Lease Deals
Ford Transit Connect Wagon
Ford Edge Lease Deals
Ford Explorer Lease Deals
Ford Transit Connect
Ford Transit Passenger Wagon
Ford Super Duty
Ford C – Max hybrid SE
Ford Fusion Hybrid SE
Ford C – Max Energi SE
Ford Fusion Energi SE
Ford Transit Connect Commercial
Ford Transit CC – CA
Ford Stripped Chassis
Ford Econoline Cut Away
Ford Transit Cargo Van
Ford Super Duty Commercial
Ford Chassis Cab
Ford F – 650 – 750
United Auto Credit are one of the leading and most well-established nonprime or sub-prime lenders in the car market.
Based in California with a mailing address in Fort Worth Texas, but available to dealerships and customers throughout the United States.
Their website stresses that they have a number of programs specifically tailored to people who are likely to have problems repaying loans, such as the first time buyers program and welcoming people who have been bankrupted.
It is pretty clear that the intent is to reach out to people who have bad credit, and try and make themselves approachable and welcome.
Whilst this is obviously of value, it should be remembered that at the end of the day it is about money.
Any lender is looking to make money out of their client, and a warm and fuzzy approach should not be mistaken for any kind of kindness or weakness.
United Auto Credit -Phone Number
Dealer Support – 866-504-2133
Customer Service – 888-895-6134
Payoff Quote 888-895-6134
Title Questions – 888-376-7149
Employment Enquiries – 800-694-1800
Customer Service – 1-888-895-6134
There is also a live chat facility on their website
United Auto Credit – Account and Login
Customer enrolment is a key element of being able to manage your account. In order to and roll online you will need your 17 digit account number, your Social Security number and your date of birth. You will need to set up a username and password and email address etc.
Once the account is set up and you have logged in, you will be able to access all your financial details, such as the different type of payment options you have, moving to paperless billing if you prefer, be able to sign up for automatic payments, view past and current statements of account etc.
United Auto Credit – Payment Methods
United Auto Credit as a number of different payment options, some of which are free and some of which they charge for.
Automatic Payments – Free. This is where payments are deducted automatically from your bank account each month, and in theory this work as a simple direct debit.
Checking/Savings Account ( ACH) – Free. This seems similar to the above, but is done in combination with ACI Universal Payments
Card Payment – $5.95. This allows for a one-off payment by credit card such as Visa or MasterCard, which would obviously need to be done every time a payment was due.
Pay By Mail – PO Box 660017 Dallas TX 75266. This is the more traditional payment method for a number of people, especially those who don’t like to use online banking or payment systems.A monthly billing statement is sent out customers, with a request for payment be returned within five working days of the due date.
It does not say if there is a late payment charge and this is something that should be checked as it does quite often apply.
ACI Automated System Phone Payment – $5,95
Customer Service Phone Payment -$7.95
Western Union Quick Collect – $12.99 – note on websites that fees may apply
Check Free Pay – prices vary by agent
ACE Cash Express – $1,50
Moneygram $ 13.99 – in addition other fees may apply.
Please note all prices and information current as at June 2018
United Auto Credit – Dealer Portal
United Auto Credit have a dedicated dealer portal which they refer to as their fast lane program. It gives dealers access to all information they need, including the most basic funding document check list.
This includes items such as a copy of United Auto Credit approval or condition notice, a credit application, a simple interest retail instalment contract, a signed copy of Bill of Sale, a signed copy of title acquisition, a signed copy of an Odometer Disclosure Statement, a used-car book sheet, proof of insurance and five complete references.
United Auto Credit – Repossession
No one likes the idea of repossession,and often it is one of those subjects that no one talks about. In the world of auto credit that is a big mistake. If you fall behind with payments or cannot make them, contact United auto credit immediately and talk to them about the problem. There may be ways of resolving it without the need for repossession. Repossession not only increases your debt level, but also has an adverse effect on your credit score which if it is bad enough to use United Auto Credit in the first place will simply get worse.
United Auto Credit -Payoff
United Auto Credit by a payoff telephone number and address that you can ring or write to and get a quote as to what it would cost to pay off outstanding loan. Bear in mind that most loans are structured in such a way if you pay them off early there likely to be a heavy penalty charge.
This penalty charge should be spelt out in the initial contract. It may be better to look at the possibility of refinancing the loan with another lender as United Auto Credit currently do not refinance.
United Auto Credit – Reviews
As with many types of businesses, you never really know how good their customer service is, or how efficient they are until you run into a real problem. One of the ways round this is to look for reviews of both the customer service and overall approach to customer care.
The problem with reviews generally is that they either tend to be written by people on half of the company, or by angry customers who have either been treated unfairly, or who are just annoyed with not getting their own way.
Either way, reviews are not ideal but if you can find some relatively unbiased source of information that should give you some insight into how the company operates. Online forums are a good place to start, as is the local Better Business Bureau.
Auto Credit Express is a company that caters to what it terms special credit needs.
This really means it is a company that specialises in sub-prime loans for cars and trucks for people who have bad credit or a poor credit history.
They are based in Michigan and operate a distinct business model.
They invite potential customers to use an on-line application form, in which they say that once completed a dealer who lives near the applicant will contact them and invite them to the showroom.
It sounds a bit like an interview, but is certainly a business model where they retain control over who is able to apply for a loan and isn’t.
Perhaps the one downside to this type of model is that when invited into the dealership, the type and range of vehicles available to buy will be determined by the dealer, rather than the other way round.
It puts a loss of power into the hands of the dealership in determining which car or truck the customer is able to buy.
Auto Credit Express – Reviews – Better Business Bureau
People turn to reviews of Auto Credit Express to try and get some type of independent assessment of how trustworthy they are or not.
As mentioned above, reviews can be a tricky area to navigate in terms of independence and simply people mouthing off because they did not get what they want.
Having said that, the Better Business Bureau does carry a number of favourable reviews and comments from satisfied customers that appear genuine. This is not a guarantee of anything, but can give some level of guidance.
Quite often reviews can point up favourable or unfavourable elements of a company that you might not otherwise have.
The best source of any review some type of government or state analysis of a company, in terms of its financial health and its adherence to legal and statutory obligations.
Be on that it is going to reviews on car sites, forums and any bad credit website that seems relatively independent in order to try and find out a bit more information.
Whilst people look to reviews, the best they can do is highlight the reality of how the company operates.
Some people had good experience for them, the people not so good experiences. Some of this without a company or its employees, others will be down to the customers.
The more you know about a company and how it operates the better able you are to make an assessment of whether or not it had the right company for you.
Auto Credit Express Dealers
This is perhaps the biggest drawback of Auto Credit Express, that you cannot contact their dealerships directly.
It inverts the whole process of car buying, and puts much more power in the hands of the dealer. You have to apply through the auto credit express website before a dealer will then contact you.
Whilst in practice this may suit a number of people, it does mean that a customer is much more liable to have their choice of cars extremely restricted as they will have to go through a particular dealership first, and then decide what: they want by rather than the other way round
When visiting a dealership for the first time, you will need to have a certain amount of information with you.
This will include your current pay stub or payslip, a W – 2 form, a current bill with your name and address on it, possibly two or three, any bankruptcy discharge papers that are relevant, a valid drivers license, a number of personal references, any proof of title to a car you are looking to trade in and proof of insurance.
Auto Credit Express , 3271 Five Points Drive, Suite 200, Auburn Hills, MI 48326
Phone : 866-902-4403
People often get confused, unsurprisingly, between various companies that use the name Auto Credit or Auto Credit Express etc.
Express Credit Auto is an independent dealership based in Oklahoma, which does not seem to specialise particularly in bad credit, although it does say on its website that it can cater to anyone with any type of credit.
It is a fairly standard dealership offering a wide range of models and service, including financial and credit applications.
It has five locations in Oklahoma, two in Oklahoma City.
If you know which particular model you want, it is a good idea to check with them beforehand whether they have the particular type of car you want at any of the locations not simply the one that you contact.
4810 N.W. 39th Street
Oklahoma City, OK 73122
1 W. I-240 Service Road
Oklahoma City, OK 73139
343 N. Interstate Dr.
Norman, OK 73069
9014 S.E. 29th
Midwest City, OK 73150
4215 S. Memorial Drive
Tulsa, OK 74145
Premier Auto Credit is a fairly major player in the bad credit/sub-prime lending market, although it appears from the website that their lending and dealership network is confined to California.
There is a lots of detail on their website about how caring and thoughtful towards customers, and a number of testimonials supporting that.
Helpful though that may be, it should be remembered that the sub-prime auto market can be a fairly cutthroat business, and whilst it is in their interest to attract customers, their objective is to make money out of them.
Nothing wrong with that, but potential customers or anyone with bad credit is essentially quite vulnerable.
6502 Van Nuys, Blvd.
Van Nuys, CA 91401
Other Contact Numbers include
Insurance Claims & Impounds
American Credit Acceptance is a major financial institution that specialises in sub-prime lending, and offers a number and range of programs to both customers and auto dealerships.
From a customer’s point of view, the company has partnerships with approximately 3500 dealers across the USA. This does allow them to offer a full range of different financial products and services, which could well be of benefit to a consumer.
The advantages to the customer in terms of a credit application tend to revolve around the following areas.
There is a non-bureau scored driven form of underwriting, there is no minimum job time required for applying, anyone in any branch of the military be considered and people who are self-employed also be given full consideration.
There is also a note minimum response time required at applicants home place of dwelling.
With regards to the vehicle, there are no age restrictions in terms of the year of the model, and in terms of mileage, to 150,000 miles will be considered in terms of the vehicles usage.
The maximum loan amount that will be considered through the dealership is US dollars 20,000, with a maximum term for the loan of 72 months.
Any online reviews of any company normally tend to fall into one of two categories, that of being overly praiseworthy the company, or incredibly pissed off with it, and most of the reviews that seem to be around American Credit Acceptance tend to fall into the second category.
There are a number of reputable review sites such as Credit Karma, Better Business Bureau, indeed.com etc where the majority of reviews either relate to specific instances of poor customer service, or gripes about interest rates and repossessions etc.
It should be remembered that this type of industry will inevitably be more cutthroat than mainstream auto dealerships, even though they can be numerous similarities between the two. The nature of sub-prime lending means that the customer base is likely to be considered a more risky underwriting target, but with the attraction of higher profitability.
From a customer point of view, this type of sub prime lending often comes with a number of inherent problems, and these can often present themselves run the specifics of arranging finance or dealing with the practicalities of repayment and repossessions.
Finding independent valid reviews can be a real challenge. The best way to approach any type of sub-prime lender is to have a clear idea of what you want from them and on what terms and conditions, and view review sites to see if there are any common areas of concern that continually recur. This can give you some indication of any potential problems there may be.
2. Careers / Salaries / Interview Questions
American Credit Acceptance do seem to be fairly open in the approach to wanting to employ recent high-calibre staff, although little details given about the reality of terms and conditions and salaries. There is general information about has of work and the reference that they do give you time off in terms of paid holidays etc
There is no real leading in terms of what these jobs will entail. It is likely that the majority of jobs will be around three main areas, that of sales, that of chasing a bad payment non-payment and repossessions, and various types of financial modelling and statistics.
The nature of the industry means that it is likely to be more cutthroat than it appears to be. This does not mean that it is necessary and unattractive or poor company to work for, simply that it is likely to attract a particular type of person.
Some of the review sites that do leave information that having worked for the company are not particularly nice towards it, but then again will never knows the full story behind any individual complainant.
3. American Credit Acceptance Payment Methods
American Credit Acceptance has a number of ways of accepting payment, online, through normal banking roots and via direct mail.
Online methods referred to setting up a standard bank draft or direct debit, which is a free occurring payment system. It is possible to also arrange one-time payment details online.
Bill pay – this can be arranged through my standard finance organisations
Pay by phone through IVR 1-866-544-3430
Standard third-party payments through CheckFreePay, available at most Walmart locations, through Moneygram and Western Union.
By direct mail to address listed above.
Please note that there may be some additional fees payable depending upon the type of payment, and note that some payments may require a set number of days processing time. Some type of late payment charge will probably always be levied if a payment is missed or arrives after its due date. Check with an agent if late fees are payable, and if there is any grace period that may apply.
4. Payoff Details
Customers normally want payoff details for two reasons. Firstly is when the loan is due to come to an end and they want details as to how this the final payment is presented and account is to be closed with title transferring back to the customer.
Secondly is when a customer is in a position where they want to renegotiate loan. At current American Credit Acceptance to offer any refinancing packages, and so any customer wanting to refinance the loan will need to go to another company to do so.
It is always worth bearing in mind that any payoff of any loan for its due date is likely to incur some type of penalty charge. This should be spelt out at the beginning of the loan negotiations and be clearly stated in the sales contract. This should always be confirmed for any firm notice to pay off the loan or transfer to another lender is agreed.
5. Customer Service
American Credit Acceptance offer a full range of contact details for their customer service team as listed above. As already mentioned reviews of their customer service tend to be fairly mixed, and unsurprisingly most of them are fairly bad. This does not mean that their customer service is bad, merely that people who feel they have been treated unfairly whatever reason always tend to be the ones who give voice to it.
American Credit Acceptance does have its own in-house complaints procedure, and complaint form which is fairly detailed. Again, this could be a good sign for many a good form of PR.
When buying a car through this company or any other in effect, it is a good idea to get a full range of contact details, both with the company and the dealership, and be fully aware of all local and state laws regarding consumer protection in terms of the initial sale, any cooling off period and consumer rights during the term and pay off the loan.
No one likes the idea of repossession, and as such it is quite often avoided in an industry when fact it is a real-time occupational hazard. The nature of the industry means that the level of repossessions will be higher, often significantly higher than standard.
What companies like American Credit Acceptance really don’t like is when a customer misses a payment and then go silent. This leaves them in a sense of limbo is what is happening and inevitably they fear the worst and may invoke fairly drastic measures.
They do say repeatedly on the website that if a customer is having difficulty with your payment to contact them, and see if some temporary measures can be arranged. Realistically this is likely to be something they are able to do.
It is informally preferable from their point of view to give an individual customer a visibly way now and then in order to maintain payments on the loan, rather than have customers missed payments go quiet and having to start repossession.
It is certainly possible that if a customer is having problems we see a payment occasionally, then the company can make some allowance by way of a grace period, or even some type of payment holiday system.
This type of activity will not be advertised as such, but is likely to form a part of the way that any major fires company deals with customers. Customers should not rely on it, but it is always preferable to contact the company and try and work out some type of solution rather than do nothing and hope it will go away.
Phone Number / Address
American Credit Acceptance has a wide range of phone numbers and different addresses with regard contact information.
American Credit Acceptance
961 E. Main St.
Spartanburg, SC 29302
American Credit Acceptance LLC
PO Box 204531
Dallas, TX 75320-4531
*Closing Packets sent via FedEx*
American Credit Acceptance
4054 Willow Lake Blvd
Memphis, TN 38153
*Closing Packets sent via UPS or USPS*
American Credit Acceptance
3268 Progress Way
Wilmington, OH 45177-7700
Loss Payee Address
PO BOX 4537
Carmel, IN 46082
Extended Service Contracts & GAP Cancellations
Service Members Relief Act (SCRA)
Total & Partial Loss Insurance Claims
Glass door has established itself reasonably quickly as being one of the gay to sites online regarding genuine feedback about a company.
Similar to customer reviews, it is often difficult to get genuine feedback for a number of reasons. One is the fear of individuals or websites being sued for defamation, the other is the issue of fake reviews which websites already fairly helpless to do anything about.
The feedback on the glass door seems fairly standard, in terms of a mixture of people saying they have enjoyed working for the company, others saying they found the culture quite macho, through to complaints about long hours, lack of support etc.
As with other types of review site, and its little genuine feedback regarding salaries or financial compensation that is of real benefit to potential employees.. That seems to be a reluctance amongst companies generally to really advertise how much they pay staff, or what other benefits they give them by way of health insurance, vacation etc.
Whatever people may think about Carvana, one thing is pretty certain, that it has a unique approach to selling cars and trucks. The main advantage from a consumer point of view is that the they do not have to deal with salesmen, and because Carvana do not negotiate on price, there is little of the hassle and stress that goes with trying to make sure the customer gets the best price.
It is probably the first and only true online sales portal, which has a number of advantages & disadvantages as well.
The buying process, and the finance arrangements behind it, are fairly clear and open. If people like that sort of approach and they can go down the road of buying a car from Carvana,, and if not they can approach a more traditional dealership.
Carvana base their whole system online. A potential customer can view a car, check its price, and decide whether or not they want to buy it. If they do, they can go ahead and neither arrange the finance with Carvana all with a third-party finance arrangement such as a bank or a credit union.
Locations – Atlanta/Houston/Phoenix/Tampa
Because there are no dealerships, picking the carp or heavy delivered is a critical element of coroners model of auto credit and sales. In addition to their vending machines, customers can either collect their cars or have them delivered. It also depends hugely on where the individual lives and where they are willing to go to fly to in order to collect the vehicle.
Carvana have quite an intense system but they have a number of local markets, and a system where they are willing to pay a certain amount of consultation costs involved in individual going to pick up the vehicle if they would rather do that and have it delivered. Its current list of local markets is detailed below, but the company is keen to stress that it is an ever-growing list.
- Allentown (Pa.)
- Augusta (Ga.)
- Bridgeport (Conn.)
- Charleston (S.C.)
- Columbia (S.C.)
- Corpus Christi
- Fort Myers/Naples
- Greensboro (N.C.)
- Greenville (S.C.)
- Hampton Roads (Virginia Beach area)
- Hartford (Conn.)
- Huntsville (Ala.)
- Kansas City
- Las Vegas
- Lexington (Ky.)
- Los Angeles
- Macon (Ga.)
- Manchester (N.H.)
- Montgomery (Ala.)
- New Haven (Conn.)
- Oklahoma City
- San Antonio
- San Diego
- San Jose
- Springfield (Mass.)
- St. Louis
- Washington, D.C.
- Worcester (Mass.)
Carvana have a huge range of cars and trucks, but do not use traditional dealerships, and such to carry inventory in the way that a dealer will. What this means in effect Is that the information required to assess the car is viewed online, along with real-time pictures of the interior and exterior of the vehicle as opposed to stock pictures.
In addition, every car comes with access to a review of that particular model by Edmunds, and other information is available such as its recommended price compared to Kelly’s or bluebook. When a customer ultimately chooses a car and begins the payment process, and the car will either be delivered to them or delivered to a vending machine where they can collect it from.
How does Carvana Work?
Carvana works on a very simple principle. People can view cars online, make a decision about whether or not to purchase them, at a price that is nonnegotiable. Finance can be arranged either with Carvana or some other finance house. Once agreed, there are certain formalities have to be gone through in terms of paperwork, insurance, ownership of title, trade in of vehicle etc.
Once these formalities have been agreed, then the sale can go through.
One of the refreshing things about Carvana is that it is relatively easy to find a load of reviews about it. It’s own blog and website carries extensive customer feedback, some of it highly critical. In fairness to Carvana they cars and trucksicism head-on, either agreeing with it works and is far more challenging it if they dispute some of the information or facts detailed in the .comment.
Because they are a purely online operation, a lot of their marketing and consideration is is geared towards people processing the vast majority of the application and buying process online, and it seems they are much more open to the reality of reviews mean.
In addition, there are a number of reviews on important websites such as highya.com, yelp, Nerdwallet, reddit etc as well as the Better business Bureau.
Cars / Used Cars
There are a huge range of cars and trucks available on the Carvana website, all of which will be used for second-hand. This obviously is a potential issue some people.
Carvana try and get round this by stating that no car listed has ever been involved in an accident, and they carry out a fairly detailed inspection of the vehicle, with something like 150 specific points detailed to make sure it is in reasonable condition.
Any defects or damage to flag up on website, and the price adjusted accordingly. In addition, there is a Carfax report issued on every car or truck sold through the website.
Warranty / Delivery Fee
This is perhaps where Carvana does come into its own in many ways. Every car comes with a seven day refund and money back policy, with no questions asked. There are certain limitations raking things like if the car is involved in an accident etc that make this warranty invalid.
This means that everyone has effectively seven days and the limit of something like 400 miles to check that the car or vehicle is right for them. If not they can return it and no money will be taken from their account now free to either move on buy another vehicle.
In addition, every car comes with an extended warranty that is valid for approximately 100 days or just over 4000 miles. This warranty is underwritten by a company called SilverRock. Carvana described this as a fairly comprehensive warranty, and is designed, most mechanical and powertrain elements of a car. In addition, you can buy an even more extended warranty called Carvana care which includes most of the same mechanical and powertrain elements as the original warranty policy for a longer period of time.
On the better business bureau website as of June 2018, there are approximately 6 complaints about Carvana. This may or may not be a good sign. Most of the complaints refer to poor customer service by way of misinformation, not returning phone calls, changed delivery dates etc.
Whilst all of these complaints may be perfectly valid, one of the most disappointing things is the response that Carvana has posted. The essence of their reply is that customer satisfaction and customer pleasure is central to the whole business philosophy of the company blah blah blah.
When anyone makes a valid complaint about any company, the individual complainant and anyone reading their complaint is likely to be immediately put off by this PR driven approach to how to handle a complaint.
People appreciate honesty and integrity. If an individual or a company makes a mistake get things wrong, they are normally advised simply to put their hands up and admit fault and try and rectify it and move on.
katana would do well to have their own in-house complaints procedure, along with some type of external disputes process. This would reassure potential customers that if and when things do go wrong that some mechanism to rectify them in a straightforward and reasonable manner.
Carvana Vending Machines
The idea of buying a car through a vending machine may seem slightly weird, but hey, here in America why not ?
No doubt that the idea of using a vending machine is somewhat of a marketing ploy as well as a way of collecting and delivering sold vehicles, but also no doubt that it works. Looking at photographs of the vending machines that Carvana use, they are pretty impressive.
The idea of a vending machine is that it is a way of the individual collecting their car. They effectively insert a token into a machine, and 20 to 30 minutes later the car is delivered to them.
Obviously a lot of work, both physical and paper, has been put into the process before this actually happens, but this process should also appeal to the mentality that enjoys buying from vending machines, which is pretty much most of us.
There is something very satisfactory about putting a coin into a slot, and getting something back in return. This is the principle behind slot machines, and may well end up being the future of how most cars are sold as well.
Roadloans are a major on-line sub-prime lender who specialise in securing auto loans for people who have or have had credit problems. They have a strong consumer friendly to people who have a record of bad or poor credit, both in terms of auto loans and refinancing car loans as well.
Like a lot of auto credit companies, they are overly welcoming towards people who are deemed to have bad credit, and make a point of welcoming them and assuring them of a friendly and receptive attitude.
This approach which is both a marketing tool, and possibly a genuine way to appeal to people, any potential customer should be under no illusion that like any finance company Roadloans are interested in making money out of their clients, not in any fuzzy sympathy or kindness.
Whilst that may sound when applying for a loan cynical, it is also worth bearing in mind that any decent auto credit company will value customers who they can attract and keep.
Anyone with bad credit is likely to be a valuable source of income for them, short-term and long-term, and it is in the company’s interests to treat them as fairly as possible.
1. Applications / Bad Credit
Roadloans do focus on a number of areas of auto credit, namely new and used car loans, by a car with bad credit, getting a car loan with no credit, car loans after bankruptcy and auto refinancing.
They spell out very clearly that anyone with bad credit is likely to face higher interest charges, and discusses ways that the overall package can be minimised through things like making a sizeable down payment, or encouraging a cosigner with a healthy credit record to participate in the loan agreement.
They also make a distinction between someone with bad credit and someone with no credit history. Many people do not have any credit history either because of their age, or because of their lifestyle which has meant they have had no need to borrow money for a significant period of time.
People with no credit history can be encouraged to build up a healthy credit score in fairly simple steps over a period of time, which can significantly reduce costs but short-term and long-term.
The various options regarding bankruptcy are discussed, as well as its potential effect on someone’s credit history as well as their life and personal situation generally. Bankruptcy can be one of the most major emotional traumas in life, and needs to be managed as sensitively as possible.
2. Roadloans Reviews / BBB
One of the problems when using any type of online finance website is credibility, and one of the main ways of helping towards establishing that are genuine customer reviews. These are very difficult to assess for any company.
People like reviews. They instinctively trust them unless they are obviously over the top. The problem is that genuine reviews can be hard to gauge as to whether they have come from satisfied customers or are effectively written by the company through its agents or PR company.
Bad reviews are much more likely to be genuine, as it is an option people to vent their frustration at what they perceive as bad customer service or poor quality work or advice.
As such getting genuine reviews as a guide towards a company’s credibility can be difficult.
Roadloan reviews on trust pilot tend to run to over 1000, which is probably a good sign, with over 70% rated as excellent and only 6% graded as bad. Potential customers will have to draw their own conclusions.
What can always be gauged from reviews points at the individual had not thought of in terms of potential areas either to do with applying for a loan or managing a loan once has been arranged. These points can highlight areas of concern or guidance needed that can often be significantly beneficial.
Another good source of reviews is the Better Business Bureau, as well as organisations such as Consumer Reports. Bear in mind when applying for a loan what is important to you in terms of size of down payment, interest rates and how to manage the loan once it is finished, including any penalty for paying off the loan early.
Roadloans has access to a wide range of dealerships across the US, and applying online and getting approved online before purchase means that the customer has benefits of pre-approval, in the same way as if they were arranging dealership financing with one of the major companies such as Ford or GM.
The advantage of pre-approval is at the customer knows how much they have to spend and view vehicles priced accordingly. The downside of pre-approval is at the giver ship knows how much the customer has to spend as well, and can price vehicles accordingly or negotiate knowing the customers upside and downside.
A dealership can be located through the readloans.com website, and once located it is a good idea to view the dealers inventory and see what sort of vehicles they have and which ones seem appealing to the individual customer. The more negotiations that can be done over the phone or online before visiting the dealership is always a good idea, as it gives the customer a much greater sense of control over the whole process.
4. Login / Account
Potential customers are invited to apply online for a loan, and in the process generates an account for themselves. If approved this account can be used to manage the loan, in terms of viewing and receiving statements, managing payments and being able to contact customer service.
It is worth bearing in mind that RoadLoans offer six types of payment options, online payments, AutoPay, payment by phone, mail, MoneyGram and Western Union. With most of these payments some type of fee may also be charged, irritatingly referred to as a convenience fee.
Arranging a simple and convenient way to pay monthly instalments is really important, both for peace of mind and because late payments can incur additional interest charges, and late payment charges as well. These can accumulates quite quickly and can increase the pressure on the loan quite considerably.
Many auto credit companies shy away from the issue of refinancing loans, but the option to refinance is a crucial one to many people who have a bad credit or poor credit history. They may need to refinance an original loan because their credit has deteriorated, or something as happened to their financial situation that necessitates a change.
They may will need to lower their monthly payments, or extend the term period of the loan. This can normally only be done through refinancing.
On the other hand, someone who has applied for a loan with bad credit and has done work to repair their credit account may well look at some point to refinance that original loan because they will be able to get a better interest rate, or better terms and conditions.
They may also wish to renegotiate or refinance loan in order to release a cosigner who may have been an original dual applicant.
Refinancing a loan can be a fairly straightforward process in one sense, in that it should be done not in the same way as an application for an original loan
Roadloans Loan Calculators
Loan calculators are encouraged by both lenders and customers, as it seemed to give a very simplistic sense of what a loan is going to cost you. Whilst the figures arrived at using a loan calculator can be accurate, they do not always tell the whole story.
The loan calculator on the roadloans website has a number of different options. It has a car affordable and calculator, and auto loan payoff calculator, an auto loan calculator, and auto refinance calculator and a fuel savings calculator.
Whilst all of these can be helpful, what they do not show charges such as auto insurance, gap insurance, servicing and maintenance costs, dealership fees, late payment charges etc. Any applicant should also be able to do their own budgeting plans in terms of their own individual finances to see how much they can afford to repay on a monthly basis.
This should make allowances for changes in the individual circumstances by way of salary increase or decrease, increased or reduced hours at work or other costs such as tuition fees or increased medical bills.
Whilst no one likes to look at these things, undertaking any loan especially for someone who has a bad credit history, they are an incredibly important part of a realistic assessment as to whether or not someone should be lent money, and if so what terms and conditions.
Roadloans is owned by Santander, and mail should be sent to the following address
Santander Consumer USA Inc P.O. Box 961245 Fort Worth, TX 76161 Attn: SC USA
Applications – 888-276-7202
Customer Service – 888-222-4227
Buying a new Ford on credit is certainly possible, but many people there will see the prospect of buying a new car as one that immediately loses them a certain amount of money, purely in terms of depreciation on the vehicle.
It is commonly estimated that if you buy a new car of any make, with or without credit, that as soon as you drive it out of the showroom you lose some are between 10 and 15% of its value.
On the other hand, there are many people who simply love the idea of the look and feel of a brand-new Ford, and feel the loss of depreciation is to an extent academic as they will keep it for a reasonable period of time, and then simply sell it on or trade it in for another model.
For anyone who seriously wants a brand-new Ford car or truck, they would do well to consider the option of leasing one. Although when you least a vehicle you do not actually own it, the title stays with Ford, you do in effect get to have use of it for a fairly long term basis at a cost that should be considerably less than if you bought it outright.
Buy a New Ford on Credit
Buying or leasing a new Ford with Ford credit is to an extent fairly similar in terms of the application process. When buying or leasing, it is worth doing as much research as possible before you enter a physical showroom, either online or by telephone.
A lot of Ford dealerships have dedicated Internet teams, who are there to help you through this process.
The ability to research what a new Ford should actually cost you, both in terms of the final sale price of the vehicle, and what you may accurately expect to pay in terms of finance or credit, does mean a fair degree of time and effort being spent. The advantage is that you can enter any type of negotiation regarding the price or finance with a Ford dealer before you actually physically set foot in the showroom.
This gives you as a potential customer a huge amount of power that you would not have if you simply had to walk into a showroom and negotiate without any prior knowledge.
Buying a new car or a new Ford car or truck on credit is absolutely doable, assuming the individual has a sufficiently good credit score to warrant the loan being agreed. The issue tends to come down to one about depreciation, and whether or not the individual they may be better off buying a slightly used car, although that of course can come with problems of its own Penybont its age and condition.
People often talk about disputing a credit report, but in fact it is in everyone’s interests including the credit rating bureau that the credit report is completely and 100 cent accurate, as it is used as the basis for producing a credit score which ultimately determines individuals ability to loan money from Ford credit or any other financial lender.
A credit report is effectively a dossier made up of information taken from the potential customers application form, and a wealth of other personal and financial and credit information, with current and historical.
Normally an individual is allowed to see a copy of their credit report from the three major credit bureaus for free once a year. This is really important as it allows them to check the information contained in the report, and make sure it is accurate and up-to-date.
There is certain information that although accurate can normally only be used for a certain length of time. Types of information that this relates to can include things such as bankruptcy. This means that after a certain number of years a credit bureau can no longer include these items as a basis for determining your credit score.
Can You Dispute A Credit Report
If you discover information in your credit report that you believe is inaccurate or up-to-date this is really important that you get back to the credit rating agency or bureau and tell them. It is in their interest that the information in the credit report is accurate and current, and if what you are saying to them is evidently provable than they should be open and willing to change it.
The problem in terms of disputing a credit report often comes when the customer disagrees with the value of the credit score that has been determined by the credit report, rather than information contained in the credit report itself.
This is a much trickier area, as the allocation of a credit score is a judgement by a credit rating agency, normally done by mathematical algorithms largely, which they believe reflects the accuracy of information they have about you.
Trying to get them to change their mind can be tricky, but if there are exceptional circumstances or reasons why certain areas of your credit report may look worse and they actually are then it is certainly well worth contacting them and telling them.
At the end of the day, a credit bureau is there to provide an accurate assessment of what they believe your credit worthiness is.
They should be open to including any information about you that is relevant, but there will also be wary of using a focus on their own internal workings and experience to help them determine what they believe to be an accurate credit score for you or anyone applying with you for credit or a loan.
Anyone with a poor credit score will at some point want to do what they can to improve it, as it has a significant impact on that ability to borrow any type of auto loan with Ford credit or any other lender, And this can be done both on a short term and a long-term basis.
People have poor credit scores for a number of reasons, and often the term poor credit gets lumped in with bad credit and no credit at all. They are in fact completely different scenarios. Someone may have poor credit or bad credit because they have had debt problems in the past, or because they have had problems borrowing money and not built to repay it.
Someone with no credit may simply have not had an opportunity to try and borrowed money before, either because of age or because they have never had a need to. One of the options may well prove viable someone with no credit history is to use a cosigner.
How Do You Fix A Poor Credit Score
A cosigner is normally someone who agrees to cover the repayments on an auto loan in the event that the applicant is unable to meet them. The advantage of this obviously is it that can give someone with no credit history the opportunity to borrow.
Needless to say it is quite a risk for the cosigner, and is normally restricted although it doesn’t have to be, to family members or close relatives.
Fixing a bad or poor credit score has two particular areas.
Firstly is to check that the actual current credit report is accurate and up-to-date in terms of the information it has. Any errors in this can result in a mistaken credit score which can be costly in terms of arranging finance.
Secondly is to take measures to actively improve one’s credit history. This can be done in a number of ways by either pay off credit cards, or generally taking a number of steps to improve people’s lines of credit.
This is much more of a long-term process, but one started and under way can have an immediate impact in terms of benefiting an individual’s credit report and ultimately a credit score as well.
The short answer is yes, but obviously leasing a Ford escape hybrid comes with a number of issues that need to be understood and looked at in a bit more detail.
Ford, along with other manufacturers actively promote the process of leasing their vehicles, and hybrids are rapidly becoming an important part of this market. Ford recognise the value both short-term and long-term of encouraging customers to buy or lease a hybrid, and the Ford escape is proving to be a popular model in this regard.
The leasing process as it applies to a Ford escape hybrid is pretty much the same as it does to all the other vehicles. There are a number of important factors to be considered if you have not least a vehicle before.
One of them is simply about the length of the lease period. When releasing a vehicle the customer does not own title to it, they merely have to use of it for the specified period of the lease. A lease can run for any period, but normally ranges from 24 to 60 months.
Lease a Ford Escape Hybrid
A lot of the workings out of the costings of the lease tend to relate to the depreciation in value of the car during the term of the lease period.
This needs to be borne in mind when negotiating all aspects of the lease, as whilst a long lease may result in lower monthly payments, the length of the lease means that you pay more in total depreciation costs over the period of the lease than you would do otherwise.
It is also worth bearing in mind the options that are likely to exist at the end of the lease.
The normal options relate to the customer being offered the opportunity to buy the vehicle at a discounted rate, the customer being offered another lease on another vehicle, or the customer simply walking away and doing something else.
There are likely to be lease end costs at the end of the lease period, which essentially are charges that relate to the wear and tear of the vehicle, and any excess mileage that may have been insured during the period of the lease agreement.
When making a payment of any type of finance on a Ford car or truck, there can be a number of discrepancies as to what is actually included with such a payment. The whole area of auto finance and credit covers both the sale and leasing of cars and trucks.
Ford credit is a type of dealership financing that caters to both these markets. When you arrange either to buy or lease a vehicle from Ford a number of different options can be included in terms of what makes up the loan agreement or the lease agreement.
When buying a car, the final sale price should clearly specify how it is made up. There are a wide range of extras that can be included or not, and depending upon how the dealership acts, the customer can either be left with a number of areas that they need to pay for themselves, or alternatively which are included in the original auto loan deal.
What does a Ford Car Payment include
These areas normally include items such as various servicing and maintenance plans, various vehicle protection plans and programmes such as vehicle service contracts, servicing and maintenance contracts, extended warranties and different types of roadside assistance programs.
There is also the whole question of auto insurance and GAP insurance. Whilst these are not normally included in the auto loan agreement, it is possible that the payment for GAAP insurance may be, and this should certainly be clarified.
When leasing a Ford car or truck there is a monthly repayment cost, that is not a repayment figure such because Ford retain title to the vehicle. It can be thought of more as a monthly rental charge, but same principle applies as to what it does and does not include.
All the above areas can come into play as well with a leasing program, and it is down to the customer to negotiate with the Ford dealership what is and is what is not included. Typically, there is likely to be some scope for negotiation on servicing and maintenance plans, and obviously a lease on a new vehicle will come with a manufacturer’s warranty should be included within the price of the vehicle.
Ford Credit is part of a process more commonly referred to as dealership financing, where the common factor acts as a credit broker in effect, and arranges finance or credit for potential customers so they can buy or lease one of their vehicles.
Whilst this process is quite well understood, people often run into practical problems once the finance or credit has been arranged, and can sometimes find it difficult to either get queries answered or find someone they can actually talk to and give them the information they need about that account.
Ford have a fairly comprehensive website that people can access once they have registered and set up an account. People are often encouraged to preregister before buying or leasing a car, a process known as getting pre-approval.
This offer applies to an individual getting pre-approved for credit, allowing them to have an idea in advance of how much they will be able to borrow and what interest rate, and also potentially allowing them access to certain specific deals either on individual vehicles or on special interest rate programs.
Ford Credit Phone Number
Once you have registered an account with Ford you can access a vast range of information through their website, that relates to practical areas such as software updates and manuals, and can keep you informed about any records or problems there may be.
It also has many areas of support regarding problems to do with payment may arise. Problems may arise at either a practical level, or because the individual runs into some type of financial problems themselves and needs to either defer payment or restructure the loan.
In any event, the Ford website does provide a wide range of practical information tips and contact details for people who need it.
The other option is to go back to the Ford dealership where the original transaction and finance arrangements took place. Here it is more a bit of luck as to whether or not the dealership will be overly helpful, but on the whole it should be. It is in their interests to retain you as a customer, with short-term and long-term, and it will be dangerous to help you through any practical problems that you may have.
Finally, it is worth bearing this in mind before signing any final contract or lease agreement. People often do not think through the practical areas that they might need help with once process has been finalised, but making sure they have contact information for the sale is complete is one way they can retain some degree of control over the process once it has been finalised.
With a Ford Explorer costing as much as $55,000, the need to both arrange finance and get the best possible finance deal both in terms of the final sale price of the car, as well as the best interest rate and credit arrangement, becomes true for virtually everyone.
The cost of the Explorer is not unique to Ford, already good SUV’s do come at a premium. What matters more to a customer is that they spend time and energy doing the research before they buy, both in terms of what they can expect to pay in terms of price, and what they need to do to make sure they secure the best possible finance deal.
In terms of price, customers can take this pretty much as far as they want. There is a standard retail price often known as the MSRP, which is often referred to simply as the sale price. This is in effect the list price manufacturers put on their cars. In reality, everyone will expect a dealer to lock a significant percentage of this price, normally somewhere in the region of 10 to 15%.
Ford Finance on a Ford Explorer
Other people will go much further and take through various websites to actually get to what the dealer pays manufacturer for the specific car, and then decide how much they are willing to go on top of that in terms of paying the dealership.
Whichever way you go, bear in mind that the final sale price includes a number of potential optional extras, and care needs to be taken that these are actually wanted and needed an specified in the price. Anything you don’t want the clear about not including.
Keeping the sale price is separate from the negotiations about the finance rates is really important. If the customer is arranging finance through Ford credit, a process known as dealership financing, then back in mind that the dealer will be able to negotiate on all areas of the finance package, including the size of the deposit, the interest rate and any other conditions attached to the quotation.
Whilst they are able to negotiate, the dealerships room for negotiation may be a bit limited, and will to an extent be dependent upon the credit score of the individual applying for finance on the Ford Explorer and any cosigner who might be part of the original application.
GAP Insurance provides cover for the difference between what your vehicle may be worth in the event of an insurance claim, and any outstanding balance left on your loan or lease agreement.
In the event of your vehicle being written off, or damaged to such an extent that it is no longer usable, the payout from your insurance company is likely to be significantly less than the current balance left on your finance deal.
Ford provides two types of coverage of this type of insurance. Both are in effect optional if you had arranged finance for your vehicle, but are included in the cost of the lease agreement if you lease it.
This is the standard fort cover, and will work like any other type of insurance, in terms of level of cover and paying a premium for it. At time of writing (September 2018) the coverage limit is the lesser of US dollars 125,000 or 150% of MSRP.
The coverage can apply to both new and used vehicles, Is normally for a term of up to 96 months and includes cover of up to $1000 of your insurance deductible.
Please note that these terms and conditions can change over time, and should be checked at time of purchase.
That are also some exclusions to the benefits of the cover, normally relating to errors around fraud or intentional damage, or if there are problems relating to the payment of the vehicle such as a repossession or legal conversation by a public official.
This is A similar policy to the GAP Coverage policy outlined above: but also includes a dealer credit of up to US$1000 towards a cost of a replacement vehicle at a Ford dealer.
Whilst this may seem attractive, that in mind that any decision regarding price of a new vehicle is likely to include A significant discount on any manufacturers recommend price, so the value of the Advantage $1000 replacement Credit is probably fairly questionable.
Gap Insurance and Ford Credit Leasing
When you use a vehicle you effectively rent it for hire it for a period of time, and do not have any stage hold little to the vehicle.
As such, Ford retain title, and need to make sure that their investment is secure. They will arrange Gap Insurance and include the cost in the lease agreement.
This does not mean that they are necessarily paying for it, simply that it is not considered an optional extra.
When leasing any Ford Vehicle, it is worth remembering that all areas of the lease agreement are open to negotiation, including the cost of insurance.
The cost of Ford GAP insurance is thankfully normally much less than people think it is, largely because people assume that because it is a type of auto insurance it is going to be astronomical.
In fact the cost is normally fairly minimal, but it is an important form of insurance that ford credit and most manufacturers will insist the customer has in place as part of any agreement to purchase or lease a vehicle.
GAP insurance comes into effect only in the event of an accident or situation for the car is lost or stolen and is in effect a complete write-off.
It is probably easier to understand the thought of in terms of purchasing a new car, but can equally apply to buying a car of any age or condition, or leasing a car or truck.
When purchasing a new car it is well-known that as soon as it leaves the showroom it would depreciate by a certificate amount, often thought of to be between 10 and 15%.
Over time it will further depreciate in value, often quite significantly in its early years and if there is a high mileage on it.
Ford Gap Insurance Cost
In the event that it is either to be damaged or stolen or in some other way a complete write-off the insurance value will only reflect its market value at the time of loss.
In truth insurance companies tend offer figures at the very low end of the market value and often do not budge.
What this means in practice is that there is normally a significant GAP between what is left on the car laden which will have been based on the final sale price of the vehicle, and what is payable either insurance company at the time of loss.
This means that there will be an outstanding debt which will still be owed by the customer. GAP insurance is designed to cover the difference between the two, and in effect on the gate the debt which would otherwise be left in effect as an unsecured loan.
A credit bureau report is normally referred to as a credit report. There are three main credit bureaus in the United States and most countries broad, and they are used by Ford credit and most other finance institutions such as banks and credit unions to whom people turn when they want to obtain any type of credit or finance.
A credit bureau report is a document that is a compilation of a huge amount of information about individual, both personal and financial. This report is used as a basis for generating a credit score, which is then used as a basis for determining whether or not to give the potential customer any type of finance or credit, and if so on what terms and conditions.
A credit bureau report will contain information such as the individual’s name, their social security number, date of birth, their current and previous addresses and how long they have lived that, their current and previous employers and the length of employment, and whether the employment was part-time or full-time, their current patient and sources of income.
What is a Credit Bureau Report
The credit report will also look at the individual’s credit history, including all types of loans and debt agreements, including any issues such as late payments or defaults on loans.
It is important for any potential customer to obtain a copy of their credit report or credit bureau report and check that the information contained in it is accurate and up-to-date. Most people can access a copy of their credit report for free once a year from each of the major bureaus.
The reason this matters is not any to check that the information is accurate and correct, but because certain information that can have a major impact is normally only valid for a certain number of years. This means that after the time period has elapsed it must be removed from the credit report and cannot be used as part of the assessment.
A credit bureau report can be quite an intimidating document, but its accuracy is hugely important for all areas of a persons life revolving around credit and finance. It is crucially important therefore that it is checked at least once a year to make sure it is accurate and correct. C
A credit check is an assessment that will be undertaken initially by Ford Credit, and passed onto one of the three major credit rating bureaus, to assess whether or not a potential customer is deemed to be a good credit risk or not in terms of lending them the money to purchase a car or truck from Ford.
Ford operate a finance arm known as Ford credit, which offers dealership financing to potential customers who are interested in buying or leasing a vehicle from them. In order to know whether or not the customer is a good risk from a financial point of view for credit will undertake what is known as a credit check on individual.
This involves the individual fully out an application form, which they may do initially online or at a Ford dealership, which will detail a significant amount of personal and financial information about them.
What is a Credit Check
If they have a cosigner then the same information will be required but them, and if the purchase is being done on a commercial basis than information may will be sought about other partners or directors of the business.
Once the application has been processed it will be passed onto one of the major credit rating bureaus who will assess it alongside a range of other information that they have obtained through public records about the potential customer.
These records will then be collated into what is known as a credit report, which is a document which effectively evaluates your credit application. On the basis of this evaluation a credit score is generated.
A credit score is simply a number that is set on a scale between two other numbers to show its relevance in terms of being high or low, and thus giving information back to Ford credit as to the opinion of your creditworthiness.
This credit score is then used as a basis for determining whether or not to lend the customer money, and if so, what terms and conditions such as the size of the deposit, the interest rate etc.
Ford, in common with other motor manufacturers, offer potential customers the option of leasing a vehicle such as a car or a truck, as opposed to buying one at right. If the customer seeks credit or finance, he may well apply to Ford credit to provide the financing of any lease agreement or program.
Ford called their leasing program red carpet lease, and operate it through all of their dealerships.
Any potential customer looking to lease a Ford vehicle would do well to think of it as being fairly similar to a long-term rental, with the structure in terms of finance fairly similar in practical terms to that of arranging dealership financing to purchase the car or truck.
When entering into a Ford red carpet lease program the customer will be asked to undertake a credit check, and Ford will seek to assess the creditworthiness of the individual to make sure that they are in a position to undertake the lease agreement with them.
How does Ford Credit Leasing Work
If Ford credit decide that the customer is a relatively good credit risk than they will offer the leasing program to them. This will normally involve paying a fairly hefty deposit on the vehicle, a monthly fee and a number of costs at the end of the lease period.
A lease period can technically run for any length of time, but normally run for between 2 to 6 years. At the end of the lease period however long it may be, the customer almost likely be offered the option of either purchasing their vehicle from Ford at a significant discount, or taking out a lease on another vehicle.
If the customer sites to do neither they will face paying the full extent of the lease end costs. Lease end costs relates to excessive wear and tear on the vehicle, but inside and outside, and any damage however trivial to the paintwork or bodywork or wheel trim etc. In addition, the customer may well have to pay the cost
When taking out a lease agreement there is an allowed mileage for the vehicle, either on an annual basis or for the duration of the lease. If that is exceeded, then at the end of the lease period then an additional cost will be imposed on the customer.
A free credit check normally refers to a free credit report. Depending upon where you live, there is normally a legal obligation on the three main credit bureaus to provide a copy of an individual’s credit report free to them once a year.
In addition, many of the bureaus will also offer the customers the chance to see their credit score, but this is normally something they charge for.
Having a look at your credit report is actually a very sensible thing to do, especially if you are thinking of applying for any type of auto loan with Ford credit or any other type of finance body. The reason is simply that viewing a copy of your credit report allows you to check that the information contained in it is accurate and up-to-date.
The credit report contains a significant amount of information relating to the individual’s credit history, their credits transactions and their financial health generally.
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This information is used to assess the credit bureaus interpretation of the customers creditworthiness, for allocating them a credit score that is then used to determine whether or not to lend the money and if so on what terms and conditions.
Some people also worry that when they apply for a loan this has a negative impact on their credit score. Generally speaking this is true, as certain factors affect the credit bureaus interpretation of a customer’s need for credit.
If someone is continually applying for loans and either be accepted or rejected it can tell the credit bureau a loss about that customers credit habits.
When applying for an auto loan with Ford credit or any other lender this does not apply. Made credit bureaus expect you to get quotations from alternative lenders in order to be able to compare them on a like-for-like basis.
This means that if you are applying for an auto loan, then it is a good idea to obtain tones of quotations from other sources in order to be able to compare them. Normally two or three alternative quotations should be sufficient.