Ford financing incentive

[rikker]

I went to my dealer to pick up my new Lariat Sport Powerboost and was prepared to hand over a check. My salesman told me there was a $500 cash rebate which I didn't know about. I thought cool. Then he told me there was a $1500 rebate for financing through Ford Credit. At my golden age, I am very debt averse, so I am not inclined to making payments on depreciable items. But I only had to finance for 1 month for a minimum $10,000 and then pay the closeout. So to save $1000 (1500 finance- 500 cash) it only cost $37.50 interest. Spreadsheet attached. So for those with the means to pay cash for their trucks, it seems like a good deal w/just a little extra paperwork.

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[charliecbp]

I went to my dealer to pick up my new Lariat Sport Powerboost and was prepared to hand over a check. My salesman told me there was a $500 cash rebate which I didn't know about. I thought cool. Then he told me there was a $1500 rebate for financing through Ford Credit. At my golden age, I am very debt averse, so I am not inclined to making payments on depreciable items. But I only had to finance for 1 month for a minimum $10,000 and then pay the closeout. So to save $1000 (1500 finance- 500 cash) it only cost $37.50 interest. Spreadsheet attached. So for those with the means to pay cash for their trucks, it seems like a good deal w/just a little extra paperwork.

I've done the same thing on my last 3 trucks, I had them finance $15,000 on my Limited last week and will pay it off after the first payment to ford finance

 

[mdmeints]

I financed 10,000 on mine, paid if off 24 days later after contacting Ford Credit. I ended up paying only about $9.00 interest.

 

[Agashi25]

100% do not need to wait 30 days. But worth it nonetheless!

 

[TGOR717]

I paid off the loan 3 days after getting the Ford Credit acct. #, no penalty

 

[Buschlatte]

Same here. The salesman told me to do it, i only got $1k though.
The finance guy was made aware and it made everything back there very smooth and easy. I just got the extended 6/100k warranty.

refinanced through my credit union at 1.75% and shaved $4k off my total price.....well $5k if you count the extra grand Ford gave me

 

[Jim Bandy]

Same here - I paid off mind just less than a full week (6 days). Note: Approx 3-days after you apply for Ford Credit you can actually go online and pay in full with just your last 4 of your SSN.

 

[Jim Bandy]

? For those who already paid off their truck but also used Ford Credit for the 1K incentive. How long did it take to get your titled mailed to you from Ford Motor Credit? They mailed me the release of Lien (1-sheet of paper) but nothing on the title.

 

[Jim Bandy]

? For those who already paid off their truck but also used Ford Credit for the 1K incentive. How long did it take to get your titled mailed to you from Ford Motor Credit? They mailed me the release of Lien (1-sheet of paper) but nothing on the title.

 

[texag]

Is Ford financing still offering the $1k incentive?

 

[Buschlatte]

? For those who already paid off their truck but also used Ford Credit for the 1K incentive. How long did it take to get your titled mailed to you from Ford Motor Credit? They mailed me the release of Lien (1-sheet of paper) but nothing on the title.

that depends on what state you live in and how titles are handled and how slow the USPS is being.

I live in Michigan and I got my title about 3 weeks after I bought the truck, the dealer sent everything over to the state electronically.

You can find your payoff letter on the homepage of Ford credit.

 

[05RubiconLJ]

I just got off the phone with Ford Credit. The rep told me there is no penalty for paying off early, which I was already aware of. To the best of her knowledge, she also said that they dealer will not take any sort of hit for paying off early. My dealer has been really good to work with and I honestly don't want to screw them to bad on the payoff, so what is the real truth. The dealer said six payment, which I know is garbage. 3 payment is the general line that has been put forward, but what is the real story?

 

[Jaylars]

I just got off the phone with Ford Credit. The rep told me there is no penalty for paying off early, which I was already aware of. To the best of her knowledge, she also said that they dealer will not take any sort of hit for paying off early. My dealer has been really good to work with and I honestly don't want to screw them to bad on the payoff, so what is the real truth. The dealer said six payment, which I know is garbage. 3 payment is the general line that has been put forward, but what is the real story?

Are you asking if the dealership is going to be "screwed" because you pay off your loan early?
And where did you hear that 3 months is required? Never heard that.
A dealership won't put themselves in a position for a loss, so I wouldn't worry about screwing them.

 

[CBGray]

Are you asking if the dealership is going to be "screwed" because you pay off your loan early?
And where did you hear that 3 months is required? Never heard that.
A dealership won't put themselves in a position for a loss, so I wouldn't worry about screwing them.

I thought I had remembered seeing that the chargeback was real. This doesn't give us a timeframe, but Granger Ford had posted here that there is something in the mix if you pay off early. By referencing "short answer" in the response, I'm guessing there are varying conditions.

Granger comment on chargeback

Also, totally agree that it's not going to put the dealership on welfare, so I wouldn't lose too much sleep over it. If they lost substantial money on it, it would be certainly be addressed on their end.

 

[05RubiconLJ]

Are you asking if the dealership is going to be "screwed" because you pay off your loan early?
And where did you hear that 3 months is required? Never heard that.
A dealership won't put themselves in a position for a loss, so I wouldn't worry about screwing them.

There is some discussion about it on this thread, among others (including comments I made). I think the general idea is that after the third payment the dealer gets a kickback from Ford Finance for writing the loan. My dealer said I needed to make 6 payments, which I assume is the next tier of kickback (one at 3 and one at 6). I'm not going to do that, certainly.

I know it seems odd, based on how much flack dealers get, to feel compelled to 'help the dealer out', but they really did a nice job and have been very accommodating after the sale with issues and questions. Also, I plan on doing business with them long-term. I don't think them need to make more money on my purchase, but I also don't think they should make less.

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