substitution of collateral ?

[frogger79]

What is the name of your state? tx

My husband totaled our 99 ford windstar and we have received a decent settlement that we are happy with. However, the windstar is financed thru Ford Credit. I have been told different things by different sources about the purchase of the new van we will get. Do we have to use a ford dealership? I was told yes and no. The people at Ford told me it did not matter what make and model of van we found as long as it was equal or greater value to the windstar. Has anybody dealt with this that can give me some advice please? We are ready to go buy asap.
Thanks,
frogger79

 

[lwpat]

You are responsible for paying off the loan with Ford Credit. You can purchase whatever you want at whatever price you can afford. If the loan payoff is more than you received for the van you are responsible for the difference.