Ford Finance Differs From My Dealer Finance

[fmdog44]

I bought my truck few weeks ago and the sales guy said I need to make at least 6 payments to pay it off. I called Ford and they said I can pay it off in one payment Even on the paperwork for my first payment says I can pay it off now. I contacted the dealer on this but he has not replied. Comments?

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[discothan]

Check the paperwork and see if there is a prepayment penalty.

 

[Ford4Ever]

Pay off penalties are accrued through the finance company and Ford Credit doesn't have them last I checked. I have also heard that a certain number of payments have to be made for the dealership to get credit for the FC loan. They may be trying to get you to hold the loan long enough to get their kick back.

 

[cptn12]

There may be a certain number of payments before the dealer gets the bonus for the financing.

 

[Wolf Man]

Ford Credit does not have any prepayment penalties nor do you lose any rebates paying off your loan early even Ford Credit rebates or cash incentives. It might be possible a dealership loses out of any cash incentives paid to them by Ford Credit if you pay off early but I doubt it.

 

[Bobsputin]

This is what read in a post somewhere also.

Pay off penalties are accrued through the finance company and Ford Credit doesn't have them last I checked. I have also heard that a certain number of payments have to be made for the dealership to get credit for the FC loan. They may be trying to get you to hold the loan long enough to get their kick back.

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