Minnesotans have on average $113,455 in debt. Aside from a mortgage, the second most likely cause of debt in Minnesota is auto loans.
Many of our St. Paul clients have purchased an automobile through Ford Motor Credit Company LLC. As a result, you may be receiving calls from this company and would like to know a little bit about them. If so, read on to find out more.
Who is Ford Motor Credit Company LLC?
Ford Motor Credit Company LLC (also referred to as Ford Motor Credit or Ford Credit) is a financial services division within Ford Motor Company. Like Ford Motor Company, it has headquarters in Dearborn, Michigan and services dealerships from across the country. It mostly provides auto loans to those buying new Ford and Lincoln vehicles, but also does some financing for leases.
Founded in 1959, Ford Motor Credit Company employees more than 7.600 people. Ford is the last of the “Big Three” automakers located in metro Detroit to maintain its own financial arm. According to the company’s most recent financial statement, Ford Credit had more than 4,067,000,00 in revenue.
Why is Ford Calling Me?
If you are receiving calls from Ford Motor Credit, it’s likely because you purchased a vehicle through one of their supported dealerships in the Twin Cities area. The company finances new and used cars, so you may have used them regardless of whether yours was a brand new purchase.
You may also receive calls if you have co-signed for another person’s loan. Your spouse could also have taken out a note with or without you. If you are having trouble determining what you owe or need help validating your debt, seek assistance from one of our bankruptcy attorneys.
My Car was Repossessed? Should they Still be Calling Me?
In Minnesota, auto loans are secured transactions. This means that an automobile may be repossessed in order to cover non-payment. But just because your car has been repossessed does not mean you are off the hook entirely.
Upon repossession, creditors can take certain measures to mitigate their losses. For example, they may sell them outright or take them to a public or private auction. Since most people are upside down on a car loan, selling a vehicle rarely produces enough money to cover the note.
If there is a remaining balance, you could be liable for the difference. You might also be assessed towing, storage, and legal fees to boot. This is the most common reason people hear from Ford Motor Credit Company even after having a vehicle repossessed.
By the time you experience repossession, chances are good that you are already in over your head in debt. Filing bankruptcy is one way to get out from under massive debt and get your life back on track again. Contact us for a free consultation to see if bankruptcy is the right solution for you.
What if I can’t Pay?
For many, the loss of a vehicle causes their financial situation to spiral downhill. Being without an automobile makes it difficult to go to work and earn enough money to pay your other expenses. Before long, you may find yourself defaulting on other bills, or racking up huge amounts of credit card debt just to cover daily living.
Contact Walker & Walker Bankruptcy Law Today
Before things get too far out of hand, speak with one of our firm’s bankruptcy attorneys. We’ll assess your case and let you know whether you qualify for Chapter 7, Chapter 13, or any other type of protection. Whether you are in over your head or just have questions about debt collection in general, we invite you to contact us.