The debt was all owned by banks who were bailed out by the govt. This was more equitable since banks would have gotten a bailout AND a bonus on their debt. The whole story is more complicated. It’s why the PE and banks that wanted a bailout for themselves, would rather the companies go bankrupt. Yup. That’s how the game is played.
Also, with such a hot new and used car market, Ford can increase profits by targeting higher risk borrowers with lower risk to their business.