Ford Credit Auto Loan and Current Foreclosure
(Atlanta, Georgia, US)
Question: I've had good credit that allowed me to get a good deal on an auto loan with Ford Credit (the car itself is grossly overvalued but that's a different tale).
However, we are currently 5 months late in a mortgage and basically 3 weeks from a foreclosure/sale date.
My question is, do I have reason to believe that they will somehow rescind on their previous good deal and accelerate the note or do some other jackass thing, once they find out about my present pass?
I've had stellar history with Ford Credit itself - since 2007 I have always paid on time and intend to continue doing so!
One of the reasons we stopped paying on this dump was so as to be able to afford our other (more important to us) credit obligations. Thanks...Answer:
I can't see anyway that they could or even would accelerate your auto loan and demand payment in full.
If you are in good standing with them, then they should be happy, whether or not you are going through a foreclosure.
I would say to read your contract with them closely, but I can't imagine their being an acceleration clause based on another account with another lender.
One thing I would caution you about is ever paying late on your auto loan with them. If you ever do start to pay late, they may review your credit and see that there are other problems and may assume that they'll be next, or that a bankruptcy is looming.
In this case they may try to limit their losses and do whatever the contract allows them to to get the car as soon as possible.
In my experience, Ford - I've worked for them and had two loans with them - has always been a fair company to do business with and I can't see there being a problem as long as your account stays current.
Hope this helps,