Dealer threatening if refinance?
02-27-2015, 06:20 PM
#11
Senior Member
9.35?!? Like guy above me said W T !?!?
Take this as a learning experience and go refinance. My credit was a bit higher 750-770 range and Dealership offered me 5.49% told them they were crazy and I could go elsewhere they "managed" to magically dropped 2% on the rate which I took for the 1000$ rebate (knowing full well my credit union could get me 2.49%)
First bill came 2 weeks ago called my credit union and refinanced there are no penalties! And the dealer cannot bill you for anything you didn't finance with the dealer you financed with FORD!
Because of how I waited I actually gained a month to have to pay (credit union buyout paid ford first bill, CU bill is due next month)
That is my story and again always good to double check and not listen to another "forum guy" but my advisor and the union even said when I brought up the 3 month wait rule that it is a tactic dealerships use so you stay long enough for them to receive a kickback off the rebate, they will say whatever they can to get this kickback, and being that they duped you once with the rate it doesn't sound far off for them to try to scare you with a threat of a bill!
Good luck keep us updated!!
Take this as a learning experience and go refinance. My credit was a bit higher 750-770 range and Dealership offered me 5.49% told them they were crazy and I could go elsewhere they "managed" to magically dropped 2% on the rate which I took for the 1000$ rebate (knowing full well my credit union could get me 2.49%)
First bill came 2 weeks ago called my credit union and refinanced there are no penalties! And the dealer cannot bill you for anything you didn't finance with the dealer you financed with FORD!
Because of how I waited I actually gained a month to have to pay (credit union buyout paid ford first bill, CU bill is due next month)
That is my story and again always good to double check and not listen to another "forum guy" but my advisor and the union even said when I brought up the 3 month wait rule that it is a tactic dealerships use so you stay long enough for them to receive a kickback off the rebate, they will say whatever they can to get this kickback, and being that they duped you once with the rate it doesn't sound far off for them to try to scare you with a threat of a bill!
Good luck keep us updated!!
02-27-2015, 06:28 PM
#13
Senior Member
02-27-2015, 06:40 PM
#15
Pay it off. There are no pre-payment penalties plus the dealer has already given you the rebates. They can't take them back. Then I would talk to the main guy at the dealership. Tell him/her that you are not happy and you might just have to report this to BBB not to mention you would be very hesitant to ever buy from him again.
02-27-2015, 06:40 PM
#16
Senior Member
I can't believe people believe this junk. The same types who probably post on here gloating about how much they got off MSRP and how they got such a "great deal."
Yet they get duped by this baloney.
If you've already been there for a few hours, what is a few more minutes to look it up?
If you're going to send extra money somewhere "just to be sure" and "just to make me feel good because the salesman and I were like bros" send it to me. I'll even send pics of all the great mods I'll buy for my own truck.
Anyway, good thing is those who do fall for it and fix it easily via a good bank or credit union well before their first payment is due. My CU let me defer the first 3 payments!
Yet they get duped by this baloney.
If you've already been there for a few hours, what is a few more minutes to look it up?
If you're going to send extra money somewhere "just to be sure" and "just to make me feel good because the salesman and I were like bros" send it to me. I'll even send pics of all the great mods I'll buy for my own truck.
Anyway, good thing is those who do fall for it and fix it easily via a good bank or credit union well before their first payment is due. My CU let me defer the first 3 payments!
Last edited by SteveLord; 02-27-2015 at 06:47 PM.
02-27-2015, 06:41 PM
#17
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He was a fast talker and there was so much chrome! My last loan was barely over 2% so it seemed pretty high. I wasn't too worried since I knew I would be paying off quickly and most likely refinance. Lesson learned! I'm refinancing Monday morning to put this behind me!
02-27-2015, 06:54 PM
#19
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That Finance guy bumped you a few points to get money into his pocket... Read the paperwork very carefully, a few times, and take it to someone you trust that can read it. Even a good few bankers to make sure. I'd drop them asap. My stepdad is a salesman, and i sold cars 11 years ago. The rebate is yours at time of sale, unless otherwise stated, which i doubt! Most of the time, there are offers for $XXXX amount of rebates or 0% interest. Usually if the rebates are $1500 plus it's way better to go that route.... You would have been better off letting them keep that rebate! Hahaha, I could be wrong, but I don't believe the full $5500 is one rebate.
02-27-2015, 06:55 PM
#20
When my dad bought his truck (2012 xlt), he waited 3 months before refinancing. When I bought my 2013 STX, I made one payment to Ford Credit, then refinanced with my credit union with NO PENALTIES! No letter from Ford, no bills, no heartache. I went from 6.99 to 1.99 when I switched
The dealer is blowing smoke
The dealer is blowing smoke