Ford financing rates

[Sayjac]

Originally Posted By: wtd
...Yes, she has to finance through the dealership to get the $1,500 rebate since it's tied to Ford Credit. Since some people are not reading my posts, she knows she can get better rates through other channels so she is not forced to finance through Ford. She just wants all of the rebates for this truck.

The thing for both of us is the principal of the matter and that it seems like someone is trying to screw us royally on this financing.

Here's the deal then, you have to determine if the $1500 back is worth 7.25% finance rate. If no penalty for early pay off a low(er) % refi something to consider as an option. I thought early payoff penalty loans illegal, but could be wrong.

Could check with another dealer to see if 7.25% is SOP, but if they don't have vehicle you want, it's a moot point. Could try and say another Ford dealer has loan _% though as a tactic. But, if you can refi the loan seems a waste of time.

 

[rshaw125]

I bought our new Edge earlier in the year and got 0% for 72 months. I negotiated the out the door price first. Once that was settled they asked about financing anyway got the 0%.
I saw a commercial this morning and they were offering 0% for 60 months.

 

[otis24]

I think if you take the finance rebate, you have to stay financed for a set amount of time. It may be one month, three months, or six months. In any event, you probably won't pay that much in interest even if you go six months, then refinance. If the dealer did bump the interest rate up, you have to stay financed with their lender for 90 days before they receive any money that they make off of financing. I would check at another Ford Dealership and see what they offer. Call and ask what their interest rates range. With good credit, you should not have an interest rate that high. I think this is the dealership trying to make a huge profit from you by way of financing.

 

[otis24]

Originally Posted By: Sayjac
Originally Posted By: wtd
...Yes, she has to finance through the dealership to get the $1,500 rebate since it's tied to Ford Credit. Since some people are not reading my posts, she knows she can get better rates through other channels so she is not forced to finance through Ford. She just wants all of the rebates for this truck.

The thing for both of us is the principal of the matter and that it seems like someone is trying to screw us royally on this financing.

Here's the deal then, you have to determine if the $1500 back is worth 7.25% finance rate. If no penalty for early pay off a low(er) % refi something to consider as an option. I thought early payoff penalty loans illegal, but could be wrong.

Could check with another dealer to see if 7.25% is SOP, but if they don't have vehicle you want, it's a moot point. Could try and say another Ford dealer has loan _% though as a tactic. But, if you can refi the loan seems a waste of time.


A good dealer does not have to have the vehicle in stock. He will find what you want even if he has to trade with, or purchase it from another dealer. This is very common with smaller dealerships. It may cost a couple of hundred dollars for transport or for someone to go pick it up.

 

[Sayjac]

Aware of that as an option. However, was trying to keep my reply to the OP on point and simple as possible regarding the financing information provided for the specific vehicle implied using the terms "this truck". Obviously, if the OP is not set on a specific truck yet he can shop around for other options at other Ford dealers. Or, he could go the find a similar truck/locate search route at another dealer.

I'd add IME dealers not as willing to deal on price on a vehicle not in stock, as one in stock. Also don't know if this applies, but frequently incentives say purchased from dealer stock.

 

[ddrumman2004]

My credit is far from perfect but I bought a 2017 Fusion back in December and got 0% interest on the loan. The 2012 Mustang we have was also a 0% interest loan.
I have dealt with Ford financing for a bunch of years and they must like my business.
I'm not rolling in money like most on here so I have to finance. $300 a month payments won't break the bank in my case.

But, 7.9 % seems high to me from Ford.

 

[Hootbro]

Originally Posted By: otis24
I think if you take the finance rebate, you have to stay financed for a set amount of time. It may be one month, three months, or six months.............


There is no penalty to the buyer on finance rebates if paid off early. The dealer is the one that gets shorted on the kickback if you do.

I bought a Ford truck back in January and the finance guy laid it out as I had a high value trade in was going to pay cash for the remainder but held back to get the $1000 finance rebate incentive. Basically I was asked by the finance guy to help them out and wait three payments before paying it off. I could have cut a check early and paid it off with no penalty but the dealership would have lost out on the kickback. Basically cost me maybe $25 for the $1000 finance rebate.

 

[bioburner]

Just checked about loan for a new vehicle with good credit locally from standard lender for 60 month note. 2.9%

 

[Excel]

I will never EVER use ford to finance a car..
Buy your own financing at a local bank,I used Regions
and got 2.4% then beat the dealer down for all the intensives
or better yet get X PLAN pricing like I did.

No matter what brand car you buy the finance mgr is
there to fk you hard,try to bypass that fat cat

 

[mjk]

Originally Posted By: JHZR2
Why not acquire a more affordable vehicle that need not be financed? Especially if at 7.25%.

The terms I've seen often say either/or. Not sure if that's always the case.

Credit unions may have better rates.


That didn't take long.

 

[wtd]

Well, she did buy the truck @ 7.29%. She will refinance in 3 months. That was the truck she wanted because of certain options and the color was very important to her so that is the resolution to this entire deal. Thanks for all of the advice and comments.

Wayne

 

[bdcardinal]

Originally Posted By: wtd
Well, she did buy the truck @ 7.29%. She will refinance in 3 months. That was the truck she wanted because of certain options and the color was very important to her so that is the resolution to this entire deal. Thanks for all of the advice and comments.

Wayne


I am assuming there were some rebate/financial incentives associated with going with the in house/Ford financing. I did that on my Mustang, get the financing at work, then refi'd with my credit union at a low rate. Screwed the finance guy I hated out of his bonus too, so I was pleased.

 

[DuckRyder]

Pictures of truck

I REALLY want one of these... I just don’t want to pay for it and negotiations seem to break down about there with the dealer...

 

[Sayjac]

Originally Posted By: wtd
Well, she did buy the truck @ 7.29%. She will refinance in 3 months. That was the truck she wanted because of certain options and the color was very important to her so that is the resolution to this entire deal.....

Wayne

Sounds like a plan. PenFed a good place to look for refi. Enjoy the truck.

 

[wtd]

Originally Posted By: bdcardinal
Originally Posted By: wtd
Well, she did buy the truck @ 7.29%. She will refinance in 3 months. That was the truck she wanted because of certain options and the color was very important to her so that is the resolution to this entire deal. Thanks for all of the advice and comments.

Wayne


I am assuming there were some rebate/financial incentives associated with going with the in house/Ford financing. I did that on my Mustang, get the financing at work, then refi'd with my credit union at a low rate. Screwed the finance guy I hated out of his bonus too, so I was pleased.


There was. I think it was 1,500. This is actually a pretty good dealership and is where her son bought a new truck in 2014. I usually have this dealership work on my car when I do take it to the dealer.

In the end we got about $12,000 off of MSRP plus I got them to throw in the Ford all weather rubber floor mats as part of the deal. She sold her other truck to a family member for $12,000 and put some cash down so in the end she only financed $20,000 on a $49,150 truck.

I will try to put some pictures up at some point. It's a lightning blue F150 4x4 Supercrew with the 5.0 V8. A very nice truck.

Wayne