Anyone recently financed through Ford?

[lcrain]

Probably a dumb question. How does it look on my credit report to have two inquiries in rapid succession? One from Ford to get the $1000 off and another from my CU to refinance at 2%? My CU said the credit report groups would look at this as one inquiry as they occurred within 45 days of one another. Can anyone confirm that?

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[kosekjm]

@lcrain

Not ford related but when I bought my house a few years ago my lender and my real estate agent said the same. Credit pulls within the same time frame seem to be lumped into one.

 

[Jim Bandy]

Probably a dumb question. How does it look on my credit report to have two inquiries in rapid succession? One from Ford to get the $1000 off and another from my CU to refinance at 2%? My CU said the credit report groups would look at this as one inquiry as they occurred within 45 days of one another

It will not hurt your credit - but know this - anytime you have a LEIN on something your credit score does go down a little until it's paid off. Nothing to worry about! I just financed $10K from Ford Motro Credit in order to get my $1K, but will be paying it all off within the next 14 days.

 

[Agashi25]

Probably a dumb question. How does it look on my credit report to have two inquiries in rapid succession? One from Ford to get the $1000 off and another from my CU to refinance at 2%? My CU said the credit report groups would look at this as one inquiry as they occurred within 45 days of one another. Can anyone confirm that?

Multiple credit inquiries in 30 day window for the same thing from my experience are lumped into 1. There has been no change to my credit since the first initial pull. I did have it ran 2 additional times within the 30 days to refinance.

 

[KartRacer25]

Great info here, thanks to all.
More possible dumb questions. 3 questions so far. lol

What's the min down payment for Ford Credit?
In the olden days it was 10% min standard, I was thinking 20% now?
Also sounds like you don't have to make the 3 or 6 payments before refi with credit union? But it would benefit the dealership.
I ordered under Mustang Club X-Plan so have to use Ford to start in order to get that price and the incentives.

I don't have an 890 credit rating and $60k cash in a mason jar.
Usually a financial idiot.
I have like 720 rating and $14K saved up. 10k down and 4k for tax lic doc.
X-Plan Price is $51,768 XLT 302A Super 5.0 etc
Ca tax is like $3700
Does this all sound ok to you veterans?
Also was going to put it all on Amex and pay that at end of month.
Do they let you do that?

Thanx

 

[currybob]

Great info here, thanks to all.
More possible dumb questions. 3 questions so far. lol

What's the min down payment for Ford Credit?
In the olden days it was 10% min standard, I was thinking 20% now?
Also sounds like you don't have to make the 3 or 6 payments before refi with credit union? But it would benefit the dealership.
I ordered under Mustang Club X-Plan so have to use Ford to start in order to get that price and the incentives.

I don't have an 890 credit rating and $60k cash in a mason jar.
Usually a financial idiot.
I have like 720 rating and $14K saved up. 10k down and 4k for tax lic doc.
X-Plan Price is $51,768 XLT 302A Super 5.0 etc
Ca tax is like $3700
Does this all sound ok to you veterans?
Also was going to put it all on Amex and pay that at end of month.
Do they let you do that?

Thanx

Sounds like you have a very good plan to me! Dealers I have dealt with will let you put up to $4,000 on credit card. I'm sure others are different and probably even let you go more.

 

[C130]

I just bought a new Powerboost F-150 yesterday. I ended up using the X-Plan as the dealer wouldn’t budge on the price and initially wouldn’t honor the X-Plan but reluctantly changed their mind. I financed it through Ford to get the $1000 and was surprised to get 3.9% on 60 months, I thought it was 5.9%. I’m still going to refinance it because I can get a better rate. I plan on using USAA as of now, their rate is 2.19 but I’m looking for an even better rate. In the end I got the X-Plan minus $2500 total. I ended up buying the truck cheaper than what I initially offered them last week and they refused to negotiate at all.

 

[Fathardtail]

I just bought a new Powerboost F-150 yesterday. I ended up using the X-Plan as the dealer wouldn’t budge on the price and initially wouldn’t honor the X-Plan but reluctantly changed their mind. I financed it through Ford to get the $1000 and was surprised to get 3.9% on 60 months, I thought it was 5.9%. I’m still going to refinance it because I can get a better rate. I plan on using USAA as of now, their rate is 2.19 but I’m looking for an even better rate. In the end I got the X-Plan minus $2500 total. I ended up buying the truck cheaper than what I initially offered them last week and they refused to negotiate at all.

How did you get $2500 below X-plan?

 

[Bullett]

I financed through Ford to get the additional 1k. I’m in the process now of refinancing through my local credit union for 1.49%. Fords rate was awful at 5.9%

 

[Agashi25]

Great info here, thanks to all.
More possible dumb questions. 3 questions so far. lol

What's the min down payment for Ford Credit?
In the olden days it was 10% min standard, I was thinking 20% now?
Also sounds like you don't have to make the 3 or 6 payments before refi with credit union? But it would benefit the dealership.
I ordered under Mustang Club X-Plan so have to use Ford to start in order to get that price and the incentives.

I don't have an 890 credit rating and $60k cash in a mason jar.
Usually a financial idiot.
I have like 720 rating and $14K saved up. 10k down and 4k for tax lic doc.
X-Plan Price is $51,768 XLT 302A Super 5.0 etc
Ca tax is like $3700
Does this all sound ok to you veterans?
Also was going to put it all on Amex and pay that at end of month.
Do they let you do that?

Thanx

Long story short I had outside financing already but dealer talked me into Ford motor credit due to rebate. Because I was going to refinance I didn’t put any money down on the Fmc except the initial deposit of $500 and they came back with a 3.8 interest rate which was surprising. I refinanced with US Bank for 2.3 about 2 weeks after.

 

[C130]

I financed through Ford to get the additional 1k. I’m in the process now of refinancing through my local credit union for 1.49%. Fords rate was awful at 5.9%

How did you get $2500 below X-plan?

I believe it was $500 retail customer cash, $1,000 Ford Financing credit, and there was another $1,000, not sure what it was. I bought it about $7,000 below the window sticker.

 

[jjax56]

Dead thread but I figured I could provide some helpful info:

i bout my 21 F-150 XLT SCrew 302A 4wd 2.7L in September. Was trading in my 2018 Chevy Silverado LT Z71 Double Cab with 70k miles. I had positive equity in the truck. I went in with my Capital One Pre Approval offer for financing with a 3.9 APR for 60 or 72 months. My credit score at the time was below 700.

Anywho- the store I got my truck from was selling for $48,290, MSRP for the truck was $54k- so good deal in my eyes. When i got there and they ran my info, they told me I could get 0% APR through FMC if I got add ons. I was already going to get GAP due to mileage I drive, but I also got the 3-n-1 plan (tires,windshield,dents). Both added another $2k to purchase price. I also put down an addition $3,500 to go along with my positive truck eauity. So i ended up financing just under $48k.

Im sure there are lots of factors, but nothing beats 0% APR!

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