I ended up submitting my credit app at 2 different ford dealers. The first dealer had the credit app set to where it asked Ford for me to be approved for $3600 down payment which was certainly wrong as I only wanted to put the first month’s payment and taxes/fees down instead. I never ended up making a deal with them anyhow but the second dealer that I submitted the credit app with said that Ford only approved me for $3600 down and I have to find a way to fork that up basically and I am not permitted to just put down first-month payment + fees.
What can I do?? I don’t want to pay 3600 as a down payment. Can I call Ford credit and have them reverse the credit apps, in general, to start from scratch? Is anything feasible at this point?
Second dealer got stuck with a match call from Ford Credit. Ford might have max the dollar amount they are willing to finance you or they need the 3600 to get to their structure
You may have just been conditionally approved – meaning they’d only finance you if you put that much down. Second dealer apparently got the same answer.
I know because the second dealer told me this. I guess they have some system where they can see credit app results between same-brand dealerships? My credit is around 780 with a 3-year on-time and paid lease record on it. The issue may have also been that the price of this new lease is much higher than my previous lease?
I am tempted to resubmit the whole credit application but adding in a cosigner who has 800 credit but many many years of on-time lease payment on their record. My only concern is that this may look shady to Ford—submitting 3 credit applications and now adding in a co-signer.
Each dealer sends their credit app to captive (FMC) and banks they respectively use. IIRC within 30 days any Ford dealer who submits your app will get that same callback for a lease.
I would call FMC
1-800-727-7000 Monday-Friday, 7AM -8PM CT and Saturday 7AM – 5PM C
Ask if they can tweak your app, and ask your cosigner question.
So then it’s true it seems like? If someone agrees to put down a theoretical $5,000 and submits a credit app with a given dealership and is approved, all other credit apps in that 30 day period will reflect the same numbers? It doesn’t matter if you changed your mind and want to only put down $1,000 for example?
Talk to them and see what they say, a lot could have happened.
It’s very possible you weren’t auto-approved: it went to an analyst who reviewed your credit, DTI, deal structure — who called-back an approval for that car based on what you said you were putting down. If you reapplied on something much less expensive, it might auto approve.
But yes I suspect what you keyed in for down payment was taken literally, and you need a Ford human to fix it. Best guess
