Ford Finance: Philanthropy Has Its Rewards

Robert Farago
by Robert Farago

Yesterday, we took a " Whose Fault Is It Anyway?" look at consumers who used carmaker's easy credit to buy (in the ironic sense of that word) vehicles they couldn't afford. Today, the San Antonio Business Journal reports that The Alamo City guv'mint has teamed-up with Ford "to make it easier for more working individuals and families to buy a new or used car." Here's the deal: low income buyers save up $1000. FoMoCo and San Antonio's Department of Community Initiatives match the buyer's grand with two more, creating a $3k down-payment towards a new or used vehicle from one of eight participating Ford or Mercury (!) dealers. To qualify for the "down payment assistance program" the buyer's income must not exceed 300 percent of the federal poverty level (that's $61,950 for a family of four). Applicants must also be a San Antonio resident, an insurable driver, not have declared bankruptcy within the last seven years and be "current" with all creditors. (Driver's license?) Oh, and they have to qualify for financing. Welcome to America!

Robert Farago
Robert Farago

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  • Sajeev Mehta Sajeev Mehta on Jan 17, 2008

    This isn't a Ford thing, this is a statewide initiative with plenty of dealer support from every entry-level brand. http://www.tceq.state.tx.us/implementation/air/mobilesource/vim/driveclean.html I haven't had the time to look into it, but the relationship between dealers and the state government has me less than thrilled.

  • Anonymous Anonymous on Jan 17, 2008
    (Driver's license?) No that wold eliminate the illegal immgrant population, probably a significant percentage of the population in SanAntonio. Adn, certainly a PC faux paux. This is just criminal. Using public funds to help people buy a car? Versus using them to help pay their rent, buy their groceries, pay for their utilities, and eventually even buy a house?
  • NICKNICK NICKNICK on Jan 17, 2008

    # Lumbergh21 : January 17th, 2008 at 8:01 pm . Using public funds to help people buy a car? Versus using them to help pay their rent, buy their groceries, pay for their utilities, and eventually even buy a house? yep--that's criminal too. if you don't pay your taxes, they'll claim your house. if you don't leave your house, they'll remove you. if you resist, eventually guns will be pulled. in effect, you are being robbed at gunpoint, and no one has the right to do that to you. home and land ownership are privileges, not rights. why should i pay my own mortgage and someone else's too? i also don't need two grocery bills and two electric bills. i sure as heck don't need to help someone buy a NEW car.

  • Landcrusher Landcrusher on Jan 18, 2008

    Lum, In fact, it seems that most the people we are buying all those things for simply use their own funds or charity to get cars now. I can see a reasonable argument for a social safety net, but this has gone too far.

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