Ford Motor Credit Co. approves loans to vehicle buyers with Fair Isaac and Co. (FICO) scores of 620 and less, but stops short of delving deeply into subprime levels.
“We're not going to get into the 500, 520 range,” says CEO Michael Bannister.
A story in the August 2004 issue of Ward's Dealer Business incorrectly indicated that Ford Credit approves loans to vehicle buyers with FICO scores of at least 620.
“We aren't going to stop buying a broad spectrum of business,” says Bannister.
A Ford Credit spokeswoman says, “If dealers send us more of their best credit customers, we will also buy more of their credit-challenged consumers. It is the entire basis of our very successful business model, and that hasn't changed and we don't expect it to change.”