Ford Motor Informative - Beware of Ford Credit for your loan
ALBANY, NEW YORK -- I've read several other horror stories involving Ford Credit and the harassment they provide. We went to the Ford dealer to purchase a used vehicle. We were talked into buying a new vehicle because the payment would be lower. However, the first years payment would be higher because our credit was not perfect. We were told, "If you can pay all your first years payments on time, you can re-finance at a better rate." Not so. After paying $600.00 a month for 1 year, we inquired about the refinancing and we were told, "We can only refinance after 1/2 the loan is paid but you are welcome to go to another institution to try to get a loan." We were scammed into buying a truck with high payments. Well, we paid into the loan for 2.5 years when it began to get very difficult to keep up. Ford Credit would then refinance for 6 dollars less a month for another 3 years. Then the harassment began, calling neighbors, relatives, work places, sending people to the door and when asked not to do so we were told they could do whatever they wanted. They would not accept any amount of payment towards the loan. I offered to pay them every two weeks and I was told it was not enough. They WILL get 10% of our paychecks. They took the truck, sold it for $6,000.00 and told us we owed them $12,000.00. They threatened us, told us they would wipe us out completely if we did not pay them $900.00 a month. We filed bankruptcy to get rid of them, it was the only thing we could do after they froze our checking account and took my husbands entire paycheck.