I bought Ford bonds in 2009 at 20 cents on the dollar. They were paying 7% nominal, 35% annual (considering the discount). After the economy rebounded, Ford eventually redeemed them at par. So I made 5 times on my investment plus interest on the debt (at 35% per year) for a few years.
At the time (late 2008/early 2009), I had people wanting to know if GM was a good buy - I told them no way (GM ended up going bankrupt), no way on Chrysler (not even their debt), and I thought Ford would "make it"...but being conservative I went the debt route vs common stock.
The bad news is that it was a relatively small investment, not enough to make a big difference in my lifestyle (but certainly a profit is a lot better than a loss).
Ford has run up a lot over the last year, so some of the expectations are built into the price. I have a bit I bought but sold off half of it at 13.39 in late May. If it sells off some more due to bad earnings (hard to make a lot of money when you can't sell vehicles due to shortages), I might pick up some more.
When it was under $10 a share I picked up 100 shares just so I could have enough to qualify for the X plan that way. Kind of bummed when the dividend went away but it was understandable why they did that. I've bought a bit more since then, just gonna hold for now.