Complaint Review: Ford Motor Credit

Please be aware when someone files bankruptcy they can not pick and choose what debt is in the bankruptcy. All debts are in. This is federal law, otherwise people would pick and choose who gets paid. This would be preferential treatment and it is illegal. Next your son filed Bankruptcy and you were the co-signer on the loan. Your credit suffered because the loan was most likely reported on your credit as "this debt included in bankruptcy" NOTE it does not say you filed bankruptcy it says that the debt was included in a bankruptcy, your sons. This would have an impact on your credit. Also if your son didn't make the payment even in bankruptcy then ford could get permission from the court to take the vehicle back. They are required to report to the credit agencies that it is included in bankruptcy but that doesn't mean your son gets the truck for free.

Please be aware when someone files bankruptcy they can not pick and choose what debt is in the bankruptcy. All debts are in. This is federal law, otherwise people would pick and choose who gets paid. This would be preferential treatment and it is illegal. Next your son filed Bankruptcy and you were the co-signer on the loan. Your credit suffered because the loan was most likely reported on your credit as "this debt included in bankruptcy" NOTE it does not say you filed bankruptcy it says that the debt was included in a bankruptcy, your sons. This would have an impact on your credit. Also if your son didn't make the payment even in bankruptcy then ford could get permission from the court to take the vehicle back. They are required to report to the credit agencies that it is included in bankruptcy but that doesn't mean your son gets the truck for free.

Please be aware when someone files bankruptcy they can not pick and choose what debt is in the bankruptcy. All debts are in. This is federal law, otherwise people would pick and choose who gets paid. This would be preferential treatment and it is illegal. Next your son filed Bankruptcy and you were the co-signer on the loan. Your credit suffered because the loan was most likely reported on your credit as "this debt included in bankruptcy" NOTE it does not say you filed bankruptcy it says that the debt was included in a bankruptcy, your sons. This would have an impact on your credit. Also if your son didn't make the payment even in bankruptcy then ford could get permission from the court to take the vehicle back. They are required to report to the credit agencies that it is included in bankruptcy but that doesn't mean your son gets the truck for free.

I filed chapter 7 bankruptcy and all my paperwork states that I reaffirmed on my loan to Ford Motor Credit. My attorney called them to get the reaffirmation agreement for me to sign and was told they do not send out reaffirmation agreements on accounts with a balance less than $1500. At the time I filed bankruptcy, I owed them a little over $1200 so of course they did not send one. I got a credit report and found out they had written this down as a discharged debt when in fact, my cosigner had paid the account in full. All during the length of my loan, the accounting was questionable such as I was more than 30 days late paying my payment the month I bought the car. I think they pull dates out of a hat and put them down. They also told me that on my credit report it would stay as a discharged debt while my cosigner's report would reflect paid in full. Since this has happened, my cosigner has experienced credit denial and even had an account cancelled because of Ford Motor Credit. I reaffirmed (according to all my bankruptcy paperwork) on this vehicle just so this kind of thing would not happen. I am glad to know that I am not alone in this mess with Ford Motor Credit. Has anyone ever considered banding together and filing a class action suit against them for these types of inaccuracies?

Co-signing a loan is a bad deal. The co-signer is obligated to pay for the car or truck, but may not have any ownership rights to it.

If you co-sign and the loan goes unpaid for whatever reason, your credit will suffer as badly as if it was in your name only.

Ford wanted someone to co-sign because then they knew that even if your son went bankrupt, they could still try to collect the money from you. If you did make the payments or pay off the loan, you would still have good credit with Ford or anyone else. But now it is too late. All those late payments because your son didn't pay are going to stay on your credit reports even if you pay now.

Don't co-sign for anyone. Ever. It is a proposition that can bring nothing good to you, only bad.

This is an update to answer the Rebuttal letter I received.

My son is and has been making the payments on his truck. He has never faulted on any of his payments to Ford Motor Credit. He has a perfect payment history with Ford Credit. Just as I do!

So, why is Ford Motor Credit holding this against me? Because, Ford Motor Credit is a greedy money hungry animal... Just like all of the greedy money hungry FORD DEALERS..
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Obviously, I would expect ford or any creditor to hold me responsible to a co-signed payment. Especially, if the payee didn't follow through with any of the payments. Duh!!!

However, to the writer? I would like to know why Ford Credit is accepting my son's payments.. And on my son's Credit Report it shows a Bankruptcy on his Truck...? Oh! and Guess what?? My son never filed a BANKRUPTCY on his truck. So, why is it listed on his credit report? Why did Ford Credit put it there?
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I'll tell you why??
FORD CREDIT IS A CHEATING - SCAM OF A COMPANY.

If you co-signed the loan you are guaranteeing the loan in case your son does not pay? Did you pay off the loan or did your son surrender the car to Ford?

Sounds like you are using your age and a few missing facts to claim ford has mistreated you.
They are out the first loan which "YOU" guarantees would be paid and you expect them to treat you like this never happend.