Hi guys, my name is Dan & I've been seriously tempted to get a new F-150..
There's a beautiful green 2006 sitting on a lot in the next town over not too far from me, that's really got my interest. I took off before the salesman could say too much because I've already fallen for the truck. I'm not sure about financing tho, this would help my credit out a lot, I had some problems in college & I've been working to rebuild my credit but it's a slow process & my FICO score is only about 650, I know that would get me a crappy rate on a loan, but what about a lease? Are there any dealers out there that know the minimim credit ratings to get approved for a 39 month lease? I figure after 39 months my credit will have improved enough for me to get a loan to finance the purchase of it after the lease ends. If anyone has any similar experience or any information at all on the subject, please post! I'm trying to get as much info as possible together about possible outcomes before I head to the dealership.

Thanks everyone!

Dan

 

Hi guys, my name is Dan & I've been seriously tempted to get a new F-150..
There's a beautiful green 2006 sitting on a lot in the next town over not too far from me, that's really got my interest. I took off before the salesman could say too much because I've already fallen for the truck. I'm not sure about financing tho, this would help my credit out a lot, I had some problems in college & I've been working to rebuild my credit but it's a slow process & my FICO score is only about 650, I know that would get me a crappy rate on a loan, but what about a lease? Are there any dealers out there that know the minimim credit ratings to get approved for a 39 month lease? I figure after 39 months my credit will have improved enough for me to get a loan to finance the purchase of it after the lease ends. If anyone has any similar experience or any information at all on the subject, please post! I'm trying to get as much info as possible together about possible outcomes before I head to the dealership.

Sorry for the late reply here- missed this post somehow. FMCC (and GMAC, for that matter) aren't FICO buyers, per se. they have an internal model that will use the FICO score as part of the process, but don't weight it as heavily as, say, a bank would. 650 isn't that bad a FICO score- I've seen a lot worse get bought. Job/ residence stability and income play a big part here, as does your prior car-payment history. Note how i worded that- Ford is more concerned with how you've handled your car payments than your Visa, for example. I've seen deals get done where FMCC was the only lender that got paid on time.

The only way to really get a handle on it is to let the dealer present a deal to Ford. The way the system is set up, you really have to have an actual deal to input- there's no such thing as a "pre-approval." At the moment, Ford seems to be buying pretty deep, so that works in your favor.

Good luck- let us know how it goes.