Anyone recently financed through Ford?

[currybob]

Neither does GM or Ram, all 3 are selling what they want due to shutdowns and chip shortages. Yet the two mentioned above seem more willing to negotiate. I’m not certain that a lot of folks here didn’t just accept what they were told when the finance guy said we can only do 6%. I’ve never paid over 2.9% on a vehicle financing through the manufacturer, and that includes my first new vehicle purchase as a 22 year old with not much credit.
If I get up and walk out at a 2.9% offer I’d put money on getting called back in before I make the parking lot with a lower rate offered.

They gave me 2.9% and my credit score was also well over 800 but I did not intend to finance anything, only did it to get the rebate. Paid it off now and have title in hand. I think it may vary regional or something for I agree, makes no since some of the rates I had been hearing about from folks with high credit scores.

Norris is right, dealer would just have to find another financial company to go with but then you loose out on the rebate. Get what you can and then re-finance, nothing to it these days and it is easy and then walk away with the rebate.

About a month ago the average length of time the F150s were on the lot before they sold was 6 days. Car lots have trucks but they are also selling as fast as they arrive. Look at how long some of these members have been waiting on pre-sold unites.

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[jwgreene]

They gave me 2.9% and my credit score was also well over 800 but I did not intend to finance anything, only did it to get the rebate. Paid it off now and have title in hand. I think it may vary regional or something for I agree, makes no since some of the rates I had been hearing about from folks with high credit scores.

Norris is right, dealer would just have to find another financial company to go with but then you loose out on the rebate. Get what you can and then re-finance, nothing to it these days and it is easy and then walk away with the rebate.

About a month ago the average length of time the F150s were on the lot before they sold was 6 days. Car lots have trucks but they are also selling as fast as they arrive. Look at how long some of these members have been waiting on pre-sold unites.

I get all of that. GM and Ram are in the same boat, they are selling trucks in transit before they even hit the lots. Same plant and chip issues, same demand. Yet they offer better finance rates across the board. Where getting 2.9 with Ford seems to be a stellar deal, it’s nothing to walk out from GM with 1.9 and full rebates. I’m just wondering if there is a reason that Ford isn’t more competitive with their finance rates. If the majority of people finance with them to get a discount and then immediately refinance elsewhere they are losing that $1000 plus whatever interest they would have gotten. Seems like a bad financial decision on their part.

 

[Norris McCarty]

Don’t worry, I think Ford Motor Company will be ok.

 

[Jus Cruisin]

I used FMCC to get the $1,000 rebate. Just got my first statement and a check for the payoff is in the envelope. The net actual rebate to me was $832 after the interest to pay it off was deducted. Still a win for me. First vehicle I've "financed" in maybe 20 years.

 

[Jus Cruisin]

I get all of that. GM and Ram are in the same boat, they are selling trucks in transit before they even hit the lots. Same plant and chip issues, same demand. Yet they offer better finance rates across the board. Where getting 2.9 with Ford seems to be a stellar deal, it’s nothing to walk out from GM with 1.9 and full rebates. I’m just wondering if there is a reason that Ford isn’t more competitive with their finance rates. If the majority of people finance with them to get a discount and then immediately refinance elsewhere they are losing that $1000 plus whatever interest they would have gotten. Seems like a bad financial decision on their part.

GM and Ram are really battling to become #2 in truck sales. They are funding that quest to try and get non-loyal buyers in their trucks. Ram has had their current generation out for 2 years and GM for 1. Neither had giveaway financing when their current generation hit the showrooms.

If I actually had to finance, I didn't, I would use someone other than FMCC and not mess with screwing around with having to immediately refinance. But, that's just me.

Having a hissy fit in the dealership over it will get you nowhere unless you ordered a screwball spec'd out truck. Then they might do anything for you to get it off the lot. Normal truck? See ya.....

 

[jwgreene]

Don’t worry, I think Ford Motor Company will be ok.

No doubt. It doesn’t matter what kind of “deal” someone believes they got, Ford will still be making a killing, or else they wouldn’t be selling the vehicle.

 

[Smitdog]

I really think the FMC rates are not standardized, and may be driven in part by regional location, and "what the market will bear" (and possibly the vehicle trim level / price point?).

Would not be surprised to find two people with identical credit scores getting a different rate depending on where they live.

During my initial negotiations with the dealer in mid-January, the rates quoted by FMC were across the board:

• 3.94% for 72 months
• 6.99% for 48 months
• 3.90% for 48 months

At time of delivery in early March I ended up with 4.82% for 36 months. Didn't spend any time trying to get a better rate as it's getting paid off in 1-2 weeks.

 

[Colin.Drury]

Apply through Bank of America - Ford has a relationship with BOA so your dealership should be on their website. I applied on BOA's website and my dealer said they match it because of the BOA/Ford relationship.

I'm barrowing 20k at 2.29% for 72 Months. 800+ Credit Score

Remember - The dealership wants your loan. Its about the only edge you have cause they know you want the truck! Don't forget to bring your approval letter.

 

[Chris McN]

My deal came with $1500 in rebates not tied to financing, a $2000 PCO and my dealer price-protected me on the Max-tow package which was $1350 when I ordered the truck in Oct (vs. $1995 now). I financed through a local bank (Canandaigua National B&T) for 2.09%, 60 months.

 

[zdjelar]

1.79% for 60 months, Bank of America.

 

[spitteler]

With more then a 50% down payment and a 800+ credit score, they offered us 6.89% but were able to "work it down" to a whopping 6.69%. This was in February. I will be refinancing or paying off the note after 4 months make sure to keep the $1,000 financing rebate.

 

[BigTex22]

I get the peace of mind of having your vehicle paid off, but I can’t stomach tying up $70K in a depreciating asset when I can keep it in the market and get much better returns. Credit union rate is 2.39% - cheap money.

 

[Jim Bandy]

For those who financed through FMCC for the $1K incentive - and paying off early, I have a a few questions for you.

1. Did you read the finance contract? Was there anything in there about obtaining the title once loan is paided in full?

2. Was there an early payoff pently - heard there is not - just checking.

3. Also, read online that the #1 complaint from those who finance through FMCC was - once they paid off the load - Ford only gave them a release from lien "statement" - that's it & no title. You as an individual have to go through your DMV and then file for the title on your own. (What say you?)

 

[unixadm]

I got 5.3% for 60 months from Ford Credit. My credit score was 832. I’m in the process of refinancing with PenFed at 2.89%.

Refinance completed before my first payment. Confirmed my Ford loan was paid off by PenFed this morning.

 

[Smitdog]

In Michigan you get a title regardless of whether or not there's a loan lien on it. Title just states there's a loan on it (or words to that effect).

Once loan is paid off you get a lien release letter from lienholder, and title is free and clear.

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