I work for an auto company at a very low level and don't wish to name it. No, it's not Ford.
The market has completely changed in the year since the COVID new-vehicle sales crash. Now it's a 100% seller's market. There is no reason to keep offering the 0%–0.9% deals for 5–8 years that we've been seeing. My opinion is that Ram will soon drop that 0%/84 month offer. And I can't blame Ram.
Projections in the industry are that if supply holds, 2021 will be a record year for US new-vehicle sales. People who kept working have $$$ saved, because if they could work from home, their job expenses such as commuting went way down. Add the stimulus money and now you see people with enough for a big down payment for a new ride.
Supply can't hold. That's the problem. The chip "shortages" (sneer quotes are intentional) will lead to lack of inventory across the industry by summer's end. Most automakers are concentrating on big sellers and important features for applying the chips they can get.
So there is no need for the crazy financing deals from last year. The manufacturers can't make enough to meet demand, so of course interest rates will go up.
Used vehicles are going through the roof too. Just bought a very clean 2011 Ford Ranger, last year for that US–spec model, after months of looking. I watched prices increase week by week on Craigslist and elsewhere, and the crazy thing is seeing 20–year-old Rangers going for nearly $10K. Even junk with a badly rusted frame was going for $5K. For the 2011 I paid about 25% down and financed the rest through a credit union at under 3.99% with really good credit. I could have paid cash, but preferred to keep my cash reserves. Frankly, 3.99% for a used vehicle ain't bad.
For perspective, as a young adult in 1988 I paid 12% on a new Ford using Ford Credit. If you're borrowing, today's rates are crazy good by comparison. The alarming thing about that 8% for the long-term deal today is this: it's a sign Ford expects inflation to be a problem soon. If there's any one thing that company does well, it's bean-counting.
Mark my words: higher interest rates on longer terms are a leading indicator of inflation to come.