Your best bet would be to call them and explain. If you have been making
timely payments to FMC in the past, that would be a plus for you. Remember,
the last thing FMC wants to do is repossess your car, but they do want you
payments. Besides, a repo on your credit report/history would not be a good
What they will want to do with you is whether you pay your note with
your existing resources. They have been known to lower an interest rate
and change the due date to keep from having to repo the car. By all
means CALL THEM NOW and make arrangement before the tow truck arrives.
At that point, it's too late. Ford Credit is in the business of lending
money for selling cars. Ford's dealerships, along with used car lots,
would sell your car. Ford Credit does not want your car. They want your
money. They will take a loss when the car is sold at auction. Guess who
will be liable for the deficiency? You will. Be up front with them and
they will probably work with you.
firstname.lastname@example.org (Dave Hauss) wrote in
Having a wife who is totally disorganized and therefore often late on bill
payments, I can tell you they have a 10 grace period before they hit you
with a late charge. On our $470 payment it was about $35. And remember, its
when they get it, not when you mail it.
Something to remember when financing through Ford Credit. They allow
dealerships to bump up the interest rates by up to 2-1/2 percent and take the
increase as a kickback. So when the dealer says he can get you financed for
7-1/2%, Ford credit is likely only charging 5% and the dealer is getting the
And adding my .02, if you have a computer, Quicken with Checkfree is
your best friend. Once you set it up, Checkfree sends your payments for
you for a flat fee. If it gets there late, assuming you sent it to them
in time for processing, they eat the late fee. All you have to do is
keep your checking account with enough money to pay the bills. Take out
the "funny money" for yourself and let the computer do the rest.
And you have control of your money, you can stop the service or any
individual, given 4 days notice, at any time.
Some banks will pick up the charges for you. Standard Quicken Checkfree
charges are $9.95 for first twenty transactions, $2.49 for each
additional ten. It's the link between the Quicken and Checkfree
interface that I believe is being paid for.
This way I'm not tied to any bank.
Well, since my wife was so disorganized, I did switch to online bill
payment. I use Bank of America. Pays automatically every month. Totally
free. I can download right to Quicken as well, although I haven't gotten
to that part yet. I read somewhere that the reason the banks are pushing
this is that its a whole lot cheaper for the bank to process an online
payment than a paper check. Sort of like when ATMs came out; cheaper than
I do that myself, because I have a measure of trust that Ford Credit
will take out the amount they say they will on the date they say they
will. Other vendors, DISH Network being the worst, would never get the
electronic keys to my bank vault. Double billings, a screw-you attitude
will put you on my Quicken Checkfree list in a hurry. An accusation of
"we didn't get your payment" can always get a reply from me that "your
payment was sent out on (date) and cleared my account on (date). I
suggest you review your records" dumbfounds them.
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