Anyone recently financed through Ford?

[goatlord99]

Good point! This was whatever metric ford credit spit back to me when I applied and I did not catch it was out if range!! Previous score was 814 last year. I should check my FICO...just for reference

It is 850. Still confused about the odd score from Ford.

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[currybob]

I got 4.2 with 10000 financed. That is the minimum you can do to get the 1000 back. It will be paid off in 21 days. Spending 40 to get 1000. Good deal.

I did the same thing, will pay it off on first payment. I got 3. something.

 

[Smitdog]

It is 850. Still confused about the odd score from Ford.

Then you're in the top 1% of the population that has a perfect credit score of 850.

Interestingly enough, if you have zero debt and no credit cards, your FICO score will be significantly lower than 850, and income does not matter!

There are a half dozen or so data categories they evaluate to calculate your FICO score, and you have to have a very specific mix of available credit, debt ratio, payment history, and length of credit / open accounts to even get above 800.

 

[goatlord99]

Then you're in the top 1% of the population that has a perfect credit score of 850.

Interestingly enough, if you have zero debt and no credit cards, your FICO score will be significantly lower than 850, and income does not matter!

There are a half dozen or so data categories they evaluate to calculate your FICO score, and you have to have a very specific mix of available credit, debt ratio, payment history, and length of credit / open accounts to even get above 800.

it is interesting, because 3 years ago, when my wife and I bought a car, it was 805, and I think my patterns have not changed, but who really knows...maybe having that car loan (0% APR!) has helped? either way, was surprised how bad Ford's credit terms were, but I am onlyi holding briefly.

 

[Broccoli Rob]

it is interesting, because 3 years ago, when my wife and I bought a car, it was 805, and I think my patterns have not changed, but who really knows...maybe having that car loan (0% APR!) has helped? either way, was surprised how bad Ford's credit terms were, but I am onlyi holding briefly.

It probably has. Having a significant amount of credit, but using a small percentage of it, plus more credit history, and having on time payments, and revolving credit (like credit cards) that you pay off regularly all help build your credit, so the simple fact that you had that credit line open for a couple of years and have continuously made your payments on time had probably helped it

 

[Steve2352]

How do you pay it off before you get your first bill? Don’t you need some sort of account number? I’ve never financed a new car before and I took the ford credit for the rebate but would like to refinance ASAP, however I would need some account or something for the new lender to send the money to correct?

What the dealer told me was that I will receive a statement with all the info before the first bill. I will pay in full based on the statement info to avoid any interest charges. I was told that $8K was the minimum I could borrow to get the $1600 rebate. She said they have been suggesting this approach for cash customers to gain the $1600 benefit.

 

[Bo15]

I got 4.2 with 10000 financed. That is the minimum you can do to get the 1000 back. It will be paid off in 21 days. Spending 40 to get 1000. Good deal.

Same-o for me

 

[FlyingInMN]

Amazing to see the spread of rates and finance rebates on this thread. 2.9% to 8.9% all with excellent credit. Also seeing $1600 or even $1900 rebates. All I’ve found in MN is the $1k rebate. Are these differences regional or is there further hidden offers? Dealers finance dept set the rates different from Ford offer?

 

[currybob]

Amazing to see the spread of rates and finance rebates on this thread. 2.9% to 8.9% all with excellent credit. Also seeing $1600 or even $1900 rebates. All I’ve found in MN is the $1k rebate. Are these differences regional or is there further hidden offers? Dealers finance dept set the rates different from Ford offer?

Mine was just $1,000 also.

 

[BigTex22]

My advice is to find and join a local credit union. They typically have some of the most competitive rates.

 

[mmalaski88]

I financed through ford to get all the available incentives, plus x-plan. Don’t let a dealer tell you that you can’t use x-plan with incentives. I have done it on the last 3 Ford’s I bought. My interest rate was 4.5% at 72mo financed through Ford. My credit union is at 1.9%, and I’m in the processing of refinancing through them now.
MSRP was 57,900 on my truck, my final negotiated price was 48,700, plus tax tag and title.

 

[2AActuary]

I got 4.2 with 10000 financed. That is the minimum you can do to get the 1000 back. It will be paid off in 21 days. Spending 40 to get 1000. Good deal.

That’s exactly the situation/information that I’ve been looking for. I’m a cash buyer, so wanted to know what the minimum loan amount needed to be to get the $1k back.

A buddy of mine did something similar with Audi financing, but had to wait 90 days to pay it off. You’re sure you can do within 30 days? [Not doubting you, just seeking clarification.]

Thanks!

 

[Agashi25]

That’s exactly the situation/information that I’ve been looking for. I’m a cash buyer, so wanted to know what the minimum loan amount needed to be to get the $1k back.

A buddy of mine did something similar with Audi financing, but had to wait 90 days to pay it off. You’re sure you can do within 30 days? [Not doubting you, just seeking clarification.]

Thanks!

My dealer told me there was no waiting period to refinance or pay off.

he said the main thing is you’re waiting for a statement because you need account# and payoff information in order to pay it or give to a CU for refinance. That’s why most people say 1 month because it could take a few weeks to get that paperwork.

 

[H2opolo12]

Yeah, I wasn't expecting that rate. Even more surprising was my dealer gave me an extra $1100 off x-plan plus the $1000 Ford financing offer. With the First Responder discount, that equated to $2600 off. Gotta give it to Jerry's Ford in Leesburg, VA for taking care of me. Excellent service!!

Thats good to hear. I'm in Springfield and am buying mine through Sheehy in Springfield.

 

[mdmeints]

My dealer told me there was no waiting period to refinance or pay off.

he said the main thing is you’re waiting for a statement because you need account# and payoff information in order to pay it or give to a CU for refinance. That’s why most people say 1 month because it could take a few weeks to get that paperwork.

I was told the same thing. If needed, I will pay all but $ 2.00 and make 2 $ 1.00 payments month 2 and 3.

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