If you have purchased a car through Ford Motor Credit but are having trouble making the monthly payments, you may be able to have the payments lowered. Ford does allow for people to lower their car payments if they meet certain criteria. Lowering your Ford car payments does extend the term of the loan, however, which means that you will end up paying the full amount in the long run. If you feel that you cannot continue to make your monthly payments to Ford Motor Credit, you can try to get them lowered on your own.
Instructions
- 1
Look on a recent statement from Ford Motor Credit for the customer service phone number for your account. Once you have the phone number, call it and keep your statement handy for reference and so that you can give the representative your account number.
2Tell the representative that you want to lower your payments on your Ford vehicle and ask if you can be considered for a rewrite. A rewrite is the only way to lower your car payments with Ford, and it works by extending the period on your loan.
3Wait for rewrite paperwork to appear in the mail. Typically, you have to consent to a credit check and provide proof of income. Once you fill out the paperwork you should send it in to the address on the form along with the supporting documentation.
4Make your payments as normal until you get a decision on your rewrite request. Typically, you must have good credit, proof of income and a good payment history with Ford to qualify for a rewrite to lower your payments. A good payment history means that you have never made any late payments and that you have been paying on the car for at least one year.
5Trade in your car for another car at a local Ford dealer if you do not qualify for a rewrite. By getting new loan, you may be able to roll in the cost of the other car to the new car loan and get a longer term. This may end up lowering your payment, however it may also increase it. Before signing any new loan paperwork be sure to verify your new monthly payment amount.
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I would have loved for the article to expand more on what to expect from Ford Credit in rewriting the loan. If I am having problems paying the monthly note now, extending the terms another 12 months may lower the monthly payment, but if the interest is the same, I could be paying a whole lot more overall. There has to be some oversight or guidance, but even when I contacted Ford Credit, they can't tell me what that is. I did call for the rewrite, but awaiting for the documents to show up in the mail. No one can tell me the new terms. Nothing. If the interest rate goes down, then for sure, it is a good thing. If interest rates stays the same, then obviously going to pay more overall - in my case, another $6,800.
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