Ford would like you to know that, despite media reports (ours included) about how difficult it is to obtain financing, it is still possible to buy a new car. The Detroit News reports, "All the talk about the credit crisis is keeping consumers away from dealerships. But Jim Farley, Ford's head of sales and marketing, says his company is still able to get loans and leases for most customers with decent credit through its finance arm, Ford Credit. He said this is ‘a critical advantage' at a time when some manufacturers are turning people away."
Media reports on the tight credit situation in the automotive market were triggered by yesterday's announcement that GMAC would no long extend credit to customers with FICO scores under 700. Ford has not revealed a threshold below which it will not lend.
Kicking Tires notes, "Ford's financing arm is willing to lend and lease to consumers with decent - not just perfect and sparkling, but decent - credit ratings," but offers no specifics.
Ford is the second automaker to make such an announcement in recent weeks. The Detroit News notes, "Toyota Motor Corp.'s U.S. sales chief, Jim Lentz, said last week that his company also is able to get loans for most customers, apparently contradicting comments from dealer organization that suggest the credit crunch is responsible for the drop in retail car and truck sales in the United States."
September was the worst month for auto sales in more than fifteen years, a phenomenon largely blamed on tighter credit markets.
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