Ford Credit - ?????????????????

[legs1957]

On April 30th I picked up my Maverick. Great truck really enjoying it. Put down a little over seven thousand dollars plus $2500 for my trade in. Left me with about 14 thousand, financed through Ford Credit. Truck in both my wife's and my name, credit scores both above 840. $400 payment due the end of each month. Received congratulations from Ford Credit on my purchase along with my account number to make payments to. Late May first payment sent in through my banks bill pay system. Yesterday, June 13th I received a letter from Ford Credit stating that Ford Credit would be unable to grant financing for my truck. This is 45 days after I took possession. I am sure it is just a screw up in the system, just wanted to let you know if you use Ford Credit to be careful. I am pretty sure I will now have to fight a credit denial on my credit report. Between this and the ten months I waited for a bare bones Maverick XL(tow hitch and floor mats only) I am sour on ever dealing with them again. It is to bad, because my dealer was fantastic to work with.

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[KevCuRaoi]

On April 30th I picked up my Maverick. Great truck really enjoying it. Put down a little over seven thousand dollars plus $2500 for my trade in. Left me with about 14 thousand, financed through Ford Credit. Truck in both my wife's and my name, credit scores both above 840. $400 payment due the end of each month. Received congratulations from Ford Credit on my purchase along with my account number to make payments to. Late May first payment sent in through my banks bill pay system. Yesterday, June 13th I received a letter from Ford Credit stating that Ford Credit would be unable to grant financing for my truck. This is 45 days after I took possession. I am sure it is just a screw up in the system, just wanted to let you know if you use Ford Credit to be careful. I am pretty sure I will now have to fight a credit denial on my credit report. Between this and the ten months I waited for a bare bones Maverick XL(tow hitch and floor mats only) I am sour on ever dealing with them again. It is to bad, because my dealer was fantastic to work with.

Ask your dealer. They should have been notified too. I suspect that there was some error in the contract. Hopefully just a simple fix!

 

[Captain]

On April 30th I picked up my Maverick. Great truck really enjoying it. Put down a little over seven thousand dollars plus $2500 for my trade in. Left me with about 14 thousand, financed through Ford Credit. Truck in both my wife's and my name, credit scores both above 840. $400 payment due the end of each month. Received congratulations from Ford Credit on my purchase along with my account number to make payments to. Late May first payment sent in through my banks bill pay system. Yesterday, June 13th I received a letter from Ford Credit stating that Ford Credit would be unable to grant financing for my truck. This is 45 days after I took possession. I am sure it is just a screw up in the system, just wanted to let you know if you use Ford Credit to be careful. I am pretty sure I will now have to fight a credit denial on my credit report. Between this and the ten months I waited for a bare bones Maverick XL(tow hitch and floor mats only) I am sour on ever dealing with them again. It is to bad, because my dealer was fantastic to work with.

If I read your entry correct, you sent the very 1st payment late, regardless who's fault that was... Ford only knew that the 1st Payment was not paid. I'm sure that the letter was auto generated. I'm also sure if you contact them, and that payment was made, they will have you disregard that letter. Ford system only knows that they issued a loan and it was not repaid according to its terms. Good luck and I might suggest you auto pay a month in advance.

 

[pxpaulx]

I'd also highly recommend setting up automatic payment through your Ford credit account directly. Bill pay is going to send paper checks through the mail, takes time and the opportunity for a mailed check to be lost is a possibility as well. Takes all of 5 minutes to setup.

 

[Gullzway]

I got the same letter after already getting the loan and making a payment. Bought the Maverick Mar. 30th.
Basically ignored it as it must be an error. My credit is 800, just a little lower than before, but I also paid off the wife's car.

He said Late May payment, not payment was late, had to re-read that as well.

 

[Rob Cactus Gray]

A declined credit line does nothing anyway. At “840” you have absolutely nothing to be concerned about. I put the 840 in quotes because there are hundreds of potential scores that can be formulated. Some out of 850, 900, 1,000, etc and each calculated differently. One report could have a late payment while the others don’t and easily be 100 points off. Nice flex post though.

Maybe pay the loan with Ford them self. Bank pay is slow like others have said.

edit- I should also mention that the reason it is a “score” is to gamify it. Making people stress over stupid things and help the banks make money.

 

[Renho17]

I got the same letter after already getting the loan and making a payment. Bought the Maverick Mar. 30th.
Basically ignored it as it must be an error. My credit is 800, just a little lower than before, but I also paid off the wife's car.

He said Late May payment, not payment was late, had to re-read that as well.

He did say late may, but he also said he used bank pay which we don’t know when they actually sent the funds. Which could have been after the due date.

 

[mcgarveyjb]

I made my first payment last week, set up my account info on fordpass, 1 click payment.

 

[legs1957]

If I read your entry correct, you sent the very 1st payment late, regardless who's fault that was... Ford only knew that the 1st Payment was not paid. I'm sure that the letter was auto generated. I'm also sure if you contact them, and that payment was made, they will have you disregard that letter. Ford system only knows that they issued a loan and it was not repaid according to its terms. Good luck and I might suggest you auto pay a month in advance.

No, payment due may31st, sent may27th

If I read your entry correct, you sent the very 1st payment late, regardless who's fault that was... Ford only knew that the 1st Payment was not paid. I'm sure that the letter was auto generated. I'm also sure if you contact them, and that payment was made, they will have you disregard that letter. Ford system only knows that they issued a loan and it was not repaid according to its terms. Good luck and I might suggest you auto pay a month in advance.

No, payment due may31st, sent may27th

 

[Captain]

No, payment due may31st, sent may27th

No, payment due may31st, sent may27th

I believe that the US Post Office recommends giving at least 7 to 10 business days for first class mail. Here in New Jersey delivery is sporadic at best, I use Informed Delivery so I get a photo of tomorrows mail to night. Great when it gets delivered, sometimes two or three days later.

 

[Mikknj]

On April 30th I picked up my Maverick. Great truck really enjoying it. Put down a little over seven thousand dollars plus $2500 for my trade in. Left me with about 14 thousand, financed through Ford Credit. Truck in both my wife's and my name, credit scores both above 840. $400 payment due the end of each month. Received congratulations from Ford Credit on my purchase along with my account number to make payments to. Late May first payment sent in through my banks bill pay system. Yesterday, June 13th I received a letter from Ford Credit stating that Ford Credit would be unable to grant financing for my truck. This is 45 days after I took possession. I am sure it is just a screw up in the system, just wanted to let you know if you use Ford Credit to be careful. I am pretty sure I will now have to fight a credit denial on my credit report. Between this and the ten months I waited for a bare bones Maverick XL(tow hitch and floor mats only) I am sour on ever dealing with them again. It is to bad, because my dealer was fantastic to work with.

I got the same denial letter - please think back. Did you apply for Ford credit online. Did Ford then say they need to speak to your dealer? If both are true - I think what happened is the dealer applied AGAIN for you while you were in the purchasing office. They set you up and you signed the loan and all paperwork. So I would guess you're are good to go. The letter of denial was from the first Ford Credit application online that didn't get completed. ( This was the case for me) So there was no issue. Please check that the loan denial is the same loan you are currently paying on

 

[Lone Star Proud]

If I read your entry correct, you sent the very 1st payment late, regardless who's fault that was... Ford only knew that the 1st Payment was not paid. I'm sure that the letter was auto generated. I'm also sure if you contact them, and that payment was made, they will have you disregard that letter. Ford system only knows that they issued a loan and it was not repaid according to its terms. Good luck and I might suggest you auto pay a month in advance.

I financed thru Ford Credit on 4/29. My first payment was taken out of my account yesterday. I had no May payment and i bet this guy didn't either. He wasn't late.

 

[HalfFast]

I used to work at a bank and managed the auto lending department.

More than likely what has happened is the application for credit was entered more than once. If applied online, then at the dealer one was withdrawn. Possibly due to submitting an application only once, then had to be transferred since you have an incentive rate from when you ordered.

Lending institutions are required to send an adverse action letter with a reason for credit denial to the applicant any time the loan is not completed, even if the applicant decides not to take the loan.

Given your credit score, Loan to Value in the truck and the fact that you got a welcome letter and account number to make your 1st payment don't lose any sleep over it and enjoy your new truck!

Also, credit denials do not show on a credit report...only inquiries.

 

[Old Ranchero]

No, payment due may31st, sent may27th

No, payment due may31st, sent may27th

May 29th was Sunday- no mail delivery. May 30th was Memorial day Federal holiday. So that basically left 2 business days before 2 days off & payment due next business day- 31st. Pretty confident your payment arrived late.

 

[Mainer500]

On April 30th I picked up my Maverick. Great truck really enjoying it. Put down a little over seven thousand dollars plus $2500 for my trade in. Left me with about 14 thousand, financed through Ford Credit. Truck in both my wife's and my name, credit scores both above 840. $400 payment due the end of each month. Received congratulations from Ford Credit on my purchase along with my account number to make payments to. Late May first payment sent in through my banks bill pay system. Yesterday, June 13th I received a letter from Ford Credit stating that Ford Credit would be unable to grant financing for my truck. This is 45 days after I took possession. I am sure it is just a screw up in the system, just wanted to let you know if you use Ford Credit to be careful. I am pretty sure I will now have to fight a credit denial on my credit report. Between this and the ten months I waited for a bare bones Maverick XL(tow hitch and floor mats only) I am sour on ever dealing with them again. It is to bad, because my dealer was fantastic to work with.

You know what's odd, I didn't receive the 1st bill when I was expecting it (took her Maverick home Dec 23rd) I called Ford Credit and they said the bill had been mailed but I hadn't received it yet. I had her give me all the info and I set it up on auto pay through my bank. We were already paying Ford Credit on her other car so I just needed to set up the new account number the new payment amount and new date due now its on auto pay too. I wonder WTF is going on with them? Hope your get this straightened out soon.

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