Ford Financing/Bonus Cash
04-24-2018, 03:43 PM
#1
Ford Financing/Bonus Cash
I ordered a F150 Lariat that I expect to be delivered next month. The dealer tells me there is $750 in Ford Credit Bonus Cash if I elect to use Ford Financing. He suggests that I should take the money and if I don’t like the interest rate, then just refinance through my credit union (currently offering 3% for 60 months).
My questions are
-Does anyone know what interest rate Ford Credit is currently charging for 60 months? I can’t find their interest rates anywhere unless it’s a “special offer” rate. (assume perfect credit 50% down payment on a $50k truck).
-Are there any issues with paying it off the first month and going through my credit union? Will Ford try to take back my $750 Bonus Cash?
My questions are
-Does anyone know what interest rate Ford Credit is currently charging for 60 months? I can’t find their interest rates anywhere unless it’s a “special offer” rate. (assume perfect credit 50% down payment on a $50k truck).
-Are there any issues with paying it off the first month and going through my credit union? Will Ford try to take back my $750 Bonus Cash?
04-24-2018, 03:58 PM
#2
Senior Member
Ford usually does this with their rebates. Essentially, you have to use their financing to get the rebates. You can either get their 0% financing or the rebates, but not both.
I bought my truck back in September and had walked in ready to write a check, but ended up using the Ford financing to get several thousand in rebates at the time. Then I paid off the entire amount before the first payment was due. Last month, when I bought my wife's Explorer it was the same thing. Ford financing to get the rebates. So I contacted my credit union and got a lower rate and had them pay off the entire loan before it was due and had no interest charged as a result.
I bought my truck back in September and had walked in ready to write a check, but ended up using the Ford financing to get several thousand in rebates at the time. Then I paid off the entire amount before the first payment was due. Last month, when I bought my wife's Explorer it was the same thing. Ford financing to get the rebates. So I contacted my credit union and got a lower rate and had them pay off the entire loan before it was due and had no interest charged as a result.
04-24-2018, 08:25 PM
#3
Senior Member
When I bought my wife's Edge in February, the rate we got for the financing was like 5.25%. We took the $750 rebate, and financed the minimum amount which was $7k. Paid off the loan before the first payment was due and think it cost us like $30 in interest.
The $750 rebate is given with a much higher rate usually. Ford will make the $750 back in no time with the higher rate.
Also, there is absolutely no penalty to the buyer to pay off right away, or re-finance at the credit union. Ford can not come back after you to try and collect. What they will do though is charge the dealer that $750 if the loan is paid off before 90 days.
The $750 rebate is given with a much higher rate usually. Ford will make the $750 back in no time with the higher rate.
Also, there is absolutely no penalty to the buyer to pay off right away, or re-finance at the credit union. Ford can not come back after you to try and collect. What they will do though is charge the dealer that $750 if the loan is paid off before 90 days.
