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$1900 Rebate w/ Ford Financing, Any Prepayment Penalty?

Smitdog

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According to my dealer there's a $1900 rebate if going with Ford Financing, 6.99% for 48 months (yikes!). Evidently there's a $275 loan fee, so there's that right off the top, so a net $1,625 rebate.

Does anyone know for sure if there's no prepayment penalty, or any other "gotchas" if paying the loan off early? As in mailing a certified check the same day I pick up the vehicle.

Is there a minimum amount I have to borrow? Can I put down 95% to minimize 1 month of interest charges?

I can pay cash, but wanted to see if I could get the $1,900 rebate with financing, if paying only a very nominal amount in interest and finance fees.

Can't find anything online re: Ford Financing T&C's, and am getting very little info from the dealer.
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Jim Bandy

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When I ordered mine - I specifically asked about any early payoff penalties and the GSM (General Sales Manager) stated no. It was the GSM that suggested to finance and get some cash savings. Bottom Line: Read the fine print on the finance contract before signing. I also look on the Ford Financing site and found zero.
 

chrisp993

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I had been told there was a minimum $15k that needed to be financed to get the rebate - anyone verify this?
 

Jim Bandy

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I could not find anything in my Ford research- I'm under the impression it's dealership specfic. Mine told me $10K. Also, I heard, read etc... that those financing through Ford Motor Company - the dealership also gets a % of amount finance given to them. I have not been able to vertify this as fact or fiction.
 

rucus0101

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I was told to do the same thing. I will re-finance as soon as I get the first bill. He told me 10k
 

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PGA

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In past transactions on Ford trucks, the dealer determined the minimum amount financed to qualify for the rebate. I used the same dealer for several trucks and he always asked if I would wait for 90 days before paying off the loan. Probably the minimum time period for the dealer to get his piece from Ford Motor Credit.
 

Jim Bandy

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My dealership just said wait until first billing - there would be a small interest charge but your getting the 1K. He didn’t specify timeline. My guess/swag, I would save about $930-940 dollars. It’s my understanding you have to pay the first interest accumulation. I’ll be sure to ask the details with the dealership financial manager vs sals rep to get the right answer. If anyone really knows pls post.
 

Boosted0407

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I took the conditional financing rebate as well, they didn’t say a minimum amount had to be financed but I have to keep my FoMoCo loan for 3 payments and then I can refinance without penalty.
 
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Smitdog

Smitdog

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My understanding is that rebates available to you are based on where you live. In checking the Ford web site (https://www.ford.com/trucks/f150/pricing-and-incentives/), there's nothing all that "incentivizing" for me based on my ZIP code.

A local dealer however is offering a $1,900 financing rebate, which based on the T&C's I've been provided is just a generic auto loan contract, however it does indicate that it's from Ford Motor Credit. This "finance rebate" does not appear on the Ford web site (see link above), so I'm suspecting it's a dealer rebate via their own in-house F&I department.

For those here that did get the financing rebate, 1) Was it $1900? 2) Was there an application fee?, and 3) Was it officially through Ford Credit, or a dealer's F&I department?

Thanks!
 
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daemonic3

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The Ford one specific to me is only $1k to finance. And it better not be 3 payments or the wasted interest is going to start offsetting the gain.

Last I heard there was a small loan generation fee and possibly 1 interest payment max (if you pay off) so it was still a net win.
 

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TGOR717

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I just purchased a 2021 Limited Hybrid on March 15. I paid off the loan from Ford Credit 3 days after getting an acct. # with no penalty.
 

Jim Bandy

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Mine is also paid off - no early payoff penalty.
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