Anyone recently financed through Ford?

[Jus Cruisin]

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?)

1. In Michigan the owner gets the title with or without a lien. I don't know what NC does. I received my title within 2 weeks of purchase showing FMCC as the lien holder.

2. First statement from FMCC came Monday with a normal payment amount and a payoff amount good through 3/20. Check's in mail with payoff amount.

3. In Michigan, I'll get the release of lien along with the paid paperwork in a few weeks once my check clears. The release of lien will get stored with the title and that's it.
In Florida, title holding state, I think you just take the release of lien paperwork to the Tag Office and the state sends the title out if you want a piece of paper.

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[Agashi25]

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.

Same! No way I’m dropping that much cash on a vehicle especially during the pandemic. No way..

 

[Steve2352]

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!

The dealer said I could pay it off fully before 30 days

 

[currybob]

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.

I hear ya and you right. More people would leave their truck financed with Ford if they were competitive.

BigTex22
I agree with you on that but I had traded my paid off 2018 in and so my payoff was just over $18k. I'm too old to be financing anything at this stage in my life.

Uugg hate saying that "old" word. ?

Jim Bandy
No penalty, no issues getting clear title, over and done.

 

[Caneman88]

Texas and Florida no Title until vehicle is paid off they hold it.

 

[Jim Bandy]

I'm right with you Bob - to old now to be making long lengthy pmts.

 

[Dan M.]

In NC I financed through Ford in 2018 and I paid off the loan after one payment. I received the title 2 or 3 weeks later.

 

[imgone10]

My credit score is 810, best FMCC gave me was 7.64%, and I put 30K down on the truck. My credit union just refinanced me at 2.24%. I used Ford to get the money off. In Massachusetts you don't get the title till the vehicle is payed off.

 

[jwgreene]

I hear ya and you right. More people would leave their truck financed with Ford if they were competitive.

BigTex22
I agree with you on that but I had traded my paid off 2018 in and so my payoff was just over $18k. I'm too old to be financing anything at this stage in my life.

Uugg hate saying that "old" word. ?

Jim Bandy
No penalty, no issues getting clear title, over and done.

Had some discussion with my dealership earlier and was told that they could definitely get me at 1.9% through Tennessee Valley Credit Union which is one of their approved lenders. So it looks like my pestering and comparison to GM and Ram with them has paid off. So at least there is some good news while I wait for the truck to arrive.

 

[currybob]

Had some discussion with my dealership earlier and was told that they could definitely get me at 1.9% through Tennessee Valley Credit Union which is one of their approved lenders. So it looks like my pestering and comparison to GM and Ram with them has paid off. So at least there is some good news while I wait for the truck to arrive.

Are they not offering the finance rebates? If so I would for sure start with them for that is some serious free money, then re-finance to the 1.9%.

 

[jwgreene]

Are they not offering the finance rebates? If so I would for sure start with them for that is some serious free money, then re-finance to the 1.9%.

They are and that is exactly my plan. I happen to bank at TVFCU, so getting a good rate there should be a cinch.

 

[mdmeints]

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?)

Just paid mine off, 24 days. My title and license plate are still not here. I know it will have a lien on it, and I will get the title cleared next year when I get the license. Ford sends the release to you in 10-15 days after it is paid off.
There was no pay off penalty and I never saw any penalty, them removing the rebate, in the fine print. So it was about 19 dollars cost for 1000 rebate. Not a bad deal

 

[Smitdog]

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.

Totally right! Borrowing money is cheap, and has been for several years now. That money would do better over the long haul (10+ years) in a balanced index fund, and from a purely financial leverage / return standpoint is the wise thing to do.

I've reached a point in my life, however, where we're financially secure and having zero debt provides valued peace of mind.

 

[currybob]

Totally right! Borrowing money is cheap, and has been for several years now. That money would do better over the long haul (10+ years) in a balanced index fund, and from a purely financial leverage / return standpoint is the wise thing to do.

I've reached a point in my life, however, where we're financially secure and having zero debt provides valued peace of mind.

You got that right, best feeling in the world isn't it! The whole time when I had to borrow to buy anything large the rates were high, now that I don't owe anything the rates are stupid low.

Now if I can just keep the government hands off of it...

 

[Jim Bandy]

I'm with you Bob, we know Army pay made it almost impossible to avoid financing. I always got caught in those high rates. But darn sure don't owe anyone anything now - all is paid off long ago.

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