The Ford Business Credit Application form is a document used by businesses seeking financing through Ford Motor Credit Company. This application collects essential information about the business, including its legal structure, financial status, and contact details. Completing this form is a crucial step in establishing a credit relationship with Ford Credit.
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The Ford Business Credit Application form is a comprehensive document designed to facilitate the credit application process for businesses seeking financing from Ford Motor Credit Company. This form captures essential information about the applicant, including the legal name, type of business entity, and organizational details. Applicants must provide their Tax ID number, gross profit, and years in business, along with contact information for the primary legal representative. Additionally, the form requires personal information from owners or guarantors, such as social security numbers, dates of birth, and ownership percentages. It also includes sections for vehicle information, allowing applicants to specify details about the vehicles they intend to finance, including make, model, and estimated payment amounts. Furthermore, the application outlines the consent for credit checks and the sharing of financial information, ensuring transparency in the credit evaluation process. Specific disclosures for residents of certain states are included to comply with local regulations, making the form not only a tool for credit application but also a means of ensuring legal compliance and consumer protection.
BUSINESS
CREDIT
APPLICATION
FC-7144
DEALER
CONTACT
LOCATION
PHONE
FAX
Legal Name:
Date of Birth (for Individuals):
DBA:
Proprietorship
Corp.
Sub S
LLC.
Partnership
Other:
Tax Exempt Number:
State-issued Organization # (not tax id #):
State of Organization or state of legal residence for individuals:
SOC SEC # / TAX ID #
Gross Profit (Monthly Income)
Type of Business
Yrs in Business
E-Mail and Website Address
Primary Legal/CEO Address: Street
City
County
State
Zip
Billing Address: Street
(if different from above)
Fleet Manager Name:
Phone #
E-mail Address
Garage Address: Street
Fax #
Mobile Phone #
Contact Name
Owner/Guarantor: Name
Title
Address
PH#
Social Security / TN #
Date of Birth
Ownership %
Note: Sole Proprietor, Individual Co-Applicant(s) or Individual Guarantor(s) must complete this section
Individual (First Name, Middle Name, Last Name, Suffix):
Social Security Number
only
Home Phone
Own Home Outright
Living with Relatives
Driver’s License No. & State
(
)
Buying Home
Leasing/Renting
Lived There
Yrs.
Mos.
Individuals
Previous Employer / Business (if less than 2 years)
Phone Number
do not wish to have it considered as a basis for repaying this obligation.
Monthly Income
Secondary Income *
Source
*Alimony, child support or separate maintenance income need not be revealed if you
for
Mortgage Holder / Landlord (Name & Address)
Mortgage Holder / Landlord Phone
Mortgage Payt / Monthly Rent
Complete
Name & Address of applicant’s nearest relative not in household
Relationship
Name & Address of applicant’s non-related personal reference known over one year
Please use additional applications if more space is needed for multiple owner, quarantor or applicant information.
Have you previously done business with Ford Motor Credit Company (check one
Yes No) If yes, Acct #:
List other creditors you do business with:
Bank
City & State
Telephone #
Contact
Account #
Trade
IMPORTANT INFORMATION ABOUT ESTABLISHING A RELATIONSHIP WITH FORD CREDIT
For the purpose of securing credit from Ford Motor Credit Company ("Ford Credit"), each of the parties signing below (the "Undersigned") certifies that the above information is true and complete. The Undersigned authorize Ford Credit to: (i) check their respective credit and employment histories, verify income, and provide and/or obtain information about their credit experience with Ford Credit, and (ii) at any time, sell, transfer, or assign any credit secured from Ford Credit and any or all servicing rights with respect thereto, or grant participations therein or issue securities with respect thereto.
The Undersigned each consent and specifically authorize Ford Credit, as it may deem necessary or desirable, to forward any documentation and information which Ford Credit now has or may hereafter acquire in connection with any transaction between any of the Undersigned and Ford Credit to any potential investor, rating agency, and any other party involved in the sale, transfer, assignment, securitization, or participation transaction involving any credit granted to the Undersigned.
Ford Credit may receive from and disclose to other persons, including credit reporting agencies, financial information about the Undersigned and information about each Undersigned’s account and credit experience and each of the Undersigned authorizes any person to release to Ford Credit financial information about the Undersigned and credit experience and account information on the Undersigned. In addition, each of the Undersigned agrees that Ford Credit may receive from and disclose to any of its affiliates, any and all such information now or hereafter provided by the Undersigned to any of the foregoing entities, including without limitation present and future credit applications, financial statements and organizational documents. This is a continuing authorization for all present and future disclosures of financial information, account information and credit experience on the Undersigned made by Ford Credit, or any person requested to release such information to Ford Credit. The Undersigned each agree that a credit report bearing on such Undersigned’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or way of living may be requested in connection with this application and future requests for credit. Upon request from any of the Undersigned, Ford Credit will advise such Undersigned, as applicable, whether a credit report was requested and if such a report was requested, Ford Credit, will inform such Undersigned, as applicable, of the name and address of the credit reporting agency that furnished the report.
The Undersigned each agree that Ford Credit, its affiliates, agents and service providers may monitor and record telephone calls regarding my account to assure the quality of service or for other reasons. Each of the Undersigned also expressly consent and agree to Ford Credit, its affiliates, agents and service providers using written, electronic or verbal means to contact the Undersigned. This consent includes, but is not limited to, contact by manual calling methods, prerecorded or artificial voice messages, text messages, emails and/or automatic telephone dialing systems. The Undersigned each agree that Ford Credit, its affiliates, agents and service providers may do so using any e-mail address or any telephone numbers the Undersigned provide, now or in the future, including a number for a cellular phone or other wireless device, regardless of whether the Undersigned incur charges as a result.
SEE NEXT PAGE OF THIS FORM FOR IMPORTANT INFORMATION FOR CALIFORNIA, MAINE, OHIO, RHODE ISLAND, TENNESSEE, AND VERMONT.
Applicant Signature
Date
I intend to apply for joint credit
Applicant Initial Here
Co-Applicant Signature
Co-Applicant Initial Here
Guarantor Signature
**If corporate guarantor, authorized officer must sign and show corporate title. If partnership guarantor, a general partner must sign and show ‘‘Partner’’ as Title.
If individual guarantor, show ‘‘Individual’’ as Title.
V. 2.4
FC-7144 (REV. February 17)
Please complete page 2 of this application for required transaction specific detail.
BUSINESS CREDIT APPLICATION - PAGE 2
VEHICLE INFORMATION - (All of the below information is tentative and subject to the terms and conditions of the applicable approval letter. Use additional application for multiple vehicles.)
Qty
N/U
Year
Make / Model
GVW
Serial / VIN #
Total CAP Cost
Residual %
Est. Payment
Installed equipment, body uplifts or add-ons, etc. > $1,000.00:
Total cost of body uplifts / add-ons: $
Trade Detail: QTY:
VIN #
Dealer Allowance
Leinholder
Payoff Amount
Will the vehicles be:
Used in Hazardous Material Transportation:
Yes
No
Used in People Moving Services:
Used in For-Hire Transportation:
Part of a Sub-Lease Arrangement?
NOTE SPECIFIC PROGRAM OR OTHER DETAIL:
Terms:
#of Months
#of Adv. Pmts.
Circle Skip Months:
J F M A M J J A S O N D
Cash Price
$
Net Trade
-
Cash Down
FET
+
Other Up Front Tax
Tags & Title
Cap Cost
California Disclosure
Applicant, if married, may apply for a separate account.
Maine Resident
If your credit application is approved and you finance the purchase of your motor vehicle through Creditor, you will be required to insure the vehicle against loss or damage. Creditor requires collision coverage and comprehensive coverage or fire and theft coverage. In addition, if this application is for a lease, Creditor will also require you to obtain liability insurance.
You have the option to select an agent or broker of your choice, whether or not affiliated with Creditor. Obtaining insurance from a particular agent or broker does not affect credit decisions by Creditor, unless the insurance product selected violates the terms of your contract for the purchase or lease of the motor vehicle.
Ohio Disclosure
The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Rhode Island Resident
A Credit Report may be requested in connection with this application for credit. Vehicle insurance may be obtained from a person of your choice.
Tennessee Resident
You must maintain insurance during the term of the contract. You must give the Creditor evidence of this insurance. The amount and type of insurance must be acceptable to the Creditor. YOU MAY CHOOSE THE PERSON THROUGH WHOM ANY INSURANCE IS OBTAINED.
Vermont Resident
By signing this credit application, Applicant consents to your obtaining a credit report for the purposes of evaluating this application and to obtain subsequent credit reports, in connection with this transaction, for the purpose of reviewing the account, taking collection action on the account or for any other legitimate purpose associated with the account.
Filling out the Ford Business Credit Application form is an important step in securing financing for your business needs. It’s essential to provide accurate and complete information to facilitate the process. Follow the steps below to ensure that you fill out the form correctly.
Once you have completed the form, review all entries for accuracy. It’s important to ensure that all required information is filled out before submitting the application. After submission, you will await feedback from Ford regarding the next steps in the financing process.
What is the Ford Business Credit Application form used for?
The Ford Business Credit Application form is designed for businesses seeking financing options from Ford Motor Credit Company. This application collects essential information about the business, including its legal structure, financial status, and the individuals responsible for the application. Completing this form is the first step in establishing a credit relationship with Ford Credit.
What information do I need to provide on the application?
Applicants must provide a variety of information, including the legal name of the business, tax identification numbers, business type, years in operation, and monthly gross profit. Additionally, details about the business owners or guarantors, such as their social security numbers, addresses, and ownership percentages, are required. If applicable, vehicle information and trade details must also be included.
How does Ford Credit use the information provided in the application?
Ford Credit uses the information to assess the creditworthiness of the applicant. They may check credit and employment histories, verify income, and obtain additional information regarding the applicant's credit experience. This process helps Ford Credit determine whether to approve the financing request.
What happens if my application is approved?
If your application is approved, you will receive an approval letter outlining the terms and conditions of the financing. This letter will detail the specifics of your credit arrangement, including payment terms, interest rates, and any required insurance coverage for the financed vehicles.
Can I apply for joint credit with another individual?
Yes, the application allows for joint credit. Both applicants must indicate their intent to apply jointly by initialing the respective sections of the application. This can be beneficial for businesses where multiple owners or partners are involved.
What should I do if I have not been in business for two years?
If your business has been operating for less than two years, you will need to provide information about your previous employer or business. This helps Ford Credit assess your financial background and overall creditworthiness, even if your current business is relatively new.
What if I have previously done business with Ford Credit?
If you have previously done business with Ford Motor Credit Company, you should indicate this on the application. Providing your previous account number can help streamline the process, as Ford Credit may already have some of your information on file, which could facilitate a quicker decision.
What are the insurance requirements after approval?
Upon approval of your application, Ford Credit will require you to maintain insurance on any financed vehicles. This typically includes collision coverage and comprehensive coverage. If you are leasing a vehicle, liability insurance will also be necessary. You can choose an insurance agent or broker of your preference, regardless of whether they are affiliated with Ford Credit.
Filling out the Ford Business Credit Application can be a straightforward process, but many applicants make common mistakes that can delay their approval or even lead to rejection. Understanding these pitfalls is crucial for a smooth application experience.
One frequent error is incomplete information. Applicants often leave out critical details such as the legal name of the business, the type of organization, or contact information. Each section of the application is designed to gather specific information that Ford Credit needs to assess your application. Omitting even one piece of information can raise red flags and slow down the review process.
Another mistake is failing to provide accurate financial data. When asked for gross profit or monthly income, some applicants estimate or provide outdated figures. This can create discrepancies that may lead to questions about your financial stability. Always ensure that the numbers you provide reflect your current situation to avoid complications later.
Many applicants also overlook the importance of consistency in their application. For instance, the name listed on the application should match the name on your business registration documents. If there are discrepancies, it can confuse the reviewers and potentially derail your application. Double-checking for consistency across all provided documents is essential.
Additionally, neglecting to include all required signatures is a common oversight. Each applicant, co-applicant, and guarantor must sign the application. Without these signatures, the application may be considered incomplete. Make it a habit to review the entire application for necessary signatures before submission.
Lastly, many people fail to read the fine print. The application contains important information about the terms and conditions of the credit being applied for. Understanding these details can help you make informed decisions and avoid surprises later on. Taking the time to read through the entire document can save you from future complications.
By being mindful of these common mistakes, you can enhance your chances of a successful application with Ford Business Credit. Take the time to prepare your information thoroughly, and you’ll be on your way to securing the credit you need for your business.
When submitting the Ford Business Credit Application form, there are several additional documents that may be required to complete the process. Each of these forms plays a crucial role in providing a comprehensive view of the applicant’s financial situation and business operations. Below is a list of commonly used documents that accompany the credit application.
Providing these documents along with the Ford Business Credit Application can significantly streamline the approval process. Ensure that all information is accurate and up-to-date to facilitate a smooth review by the lending institution.
Loan Application Form: Similar to the Ford Business Credit Application, a loan application form collects essential information about the borrower, including personal details, financial history, and the purpose of the loan. Both documents require consent for credit checks and verification of the provided information.
Credit Card Application: This document also gathers personal and financial information from the applicant. Like the Ford application, it seeks authorization to review credit history and assesses the applicant's ability to repay the credit extended.
Business Lease Application: A business lease application shares similarities in that it requests information about the business, its owners, and financial status. Both forms require a commitment to provide accurate information and consent for credit checks.
Personal Loan Application: This application form is similar as it requests detailed personal and financial information from the borrower. It also includes sections for authorizing credit checks and verifying the applicant's income and employment history.
When completing the Ford Business Credit Application form, it is essential to approach the task with care and attention to detail. Here are four key things to consider, including both best practices and common pitfalls to avoid:
By following these guidelines, applicants can facilitate a smoother application process and enhance their chances of approval.
This application is designed for various business structures, including sole proprietorships, partnerships, and LLCs. Small businesses and individual entrepreneurs can also apply for credit through this form.
Filling out the form does not guarantee that credit will be granted. Approval depends on multiple factors, including credit history and financial stability. Each application undergoes a thorough review process.
The application requires personal details, such as Social Security numbers and dates of birth, especially for owners or guarantors. This information helps assess the creditworthiness of individuals associated with the business.
Applicants can update their information if circumstances change. If additional details are needed, Ford Credit encourages communication to ensure that all information is accurate and up to date.
When filling out the Ford Business Credit Application form, there are several important points to keep in mind. Understanding these can help streamline the process and ensure you provide the necessary information accurately.
By keeping these takeaways in mind, you can facilitate a smoother application process and improve your chances of securing credit with Ford. Always review your application before submission to ensure everything is accurate and complete.