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FMCC PG Question

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Hello!! CBer's I have a question regarding auto credit, Ok...My girlfriend will be turning in her 04' Buick 4x4 and upgrading to an 08'. Can she upgrade threw my company's EIN and be the PG'er? She is the VP of my company and if so will it report on her personal CR or will it report on on the companies EQ biz report,DnB or Exp?

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Yes she can purchase through the the biz. It want report to personal but it will to biz. For Ford i've heard some say it reports both to dnb&EX others say to one or the other, in my case it just reports to EX

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it reports on both of mine...

did you find it to report simultaneously or it hit one bureau first and the other later. I know for me it just hit EX like 2wks ago so i'm hoping that its a possibility that it will hit DNB soon

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BE CAREFUL WITH THIS.....

 

Just a word of caution when you are folding another vehicle (personal or otherwise) into a business deal with FMCC. If you owe on the vehicle and you have this worked into the equation when they send he deal over to FMCC, they will come back with the "call back" (the decision) and it seems to lock that vehicle in to the stipulations.

 

This happened to us when I went to fold a Landrover (personal) into the deal and just couldn't get enough $$$ for it so I told them just to go ahead and resubmit it without the trade and it was locked in the stipulation of approval "MUST TRADE VEHICLE"...had to have them call over and explain that it was not a business vehicle and had nothing to do whatsoever with the new purchase, blah, blah....I posted this somewhere about 8 months ago.

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Thanks Dizy! One question... if she is PG'ing threw the company can I also PG threw the company for my auto loan in the same yr?

 

U can pg as many times as you like. The goal is to pg at first and build credit w/fmc (or ever you choose) and when you're ready to get another car you probably want have to pg it.

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Thanks for your reply...however my VP's lease upgrade will take place in Feb 08' and not with Ford credit she will go threw GMAC as for me I intend to purchase my company car in Aug 08'. So should she PG for my loan as well....or can I PG my own loan threw the company. Not sure what car company I will use.

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U can pg as many times as you like. The goal is to pg at first and build credit w/fmc (or ever you choose) and when you're ready to get another car you probably want have to pg it.

 

 

 

 

So do you think I won't have to PG my loan because of the loan already existing on my file?

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there is a strong probability you wouldnt have too.

 

 

Maybe, maybe not. PRoblem with PGing auto loans for a business is once you do it, then many times FMCC, GMAC will just continue to require it on every vehicle from then on. GMAC esp rarely ever approves without a PG, even though some on here will claim to have do so. Also unless your sales are really strong and reported on DnB then the purchase of 2 cars within the same year from the same financial source, ie FMCC or GMAC may very well require 2 years of tax returns or finanicials.

Edited by Starsky

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there is a strong probability you wouldnt have too.

 

 

Maybe, maybe not. PRoblem with PGing auto loans for a business is once you do it, then many times FMCC, GMAC will just continue to require it on every vehicle from then on. GMAC esp rarely ever approves without a PG, even though some on here will claim to have do so. Also unless your sales are really strong and reported on DnB then the purchase of 2 cars within the same year from the same financial source, ie FMCC or GMAC may very well require 2 years of tax returns or finanicials.

 

 

Thank You...Dizy, Starsky and others who took the time to help out...What about Mazda? I figured 6 months of current payments should show a decent amount of credit history. By Aug 08' my company will be 1yr old and even though my personal scores are mid 600's I dnt mind PGing because I'm just leasing the cars and I really hope that after these two loans are paid in full with no late payments, my company will not have to PG in the future.... You would think that this would show some type of financial stability.

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Once PIF it very well may make a difference in a PG or not. It really is just a crap shoot with the auto companys is all. As to Mazda they are owned by Ford and their financing is through FMCC so the same would apply that does to Ford. GM is the hard one to deal with on a NON-PG basis.

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