Damn Dirty Ape

iTrader: (1)

guess I was ok for fico 805 & 2.9 then.

Scuba_Dave

I had a Salesman try the same thing on me
I was actually working for a bank & flat out told him I needed best rate or I would refinance
I got a good deal on purchase, so financed thru the dealer, I made sure I verified there was NO early payoff penalty before I signed
Took the paperwork to the bank where I worked & started the refinance the day after I bought it

Key is checking & making sure there isn't any payoff penalty


I've never had to wait for any rebate etc, they have always been applied AT purchase
Something is wrong......

milchuck

Bought my 2014 FX4 three months ago. FICO is 785 and interest through Ford Credit was 6.95%. I questioned it with Finance Mgr and he said Ford Credit didn't care about my FICO score and they charge high interest "because they can". I already knew I was going to refi after first payment so I agreed and signed the paperwork. Made first payment and did the refi "because I can".

As far as dealership threatening retaliation if you pay it off, I'd tell them to put that sh*t in writing.

joedotmac

Related but not directly. Bought a '15 Acadia Denali last week. There was a stipulation on $750 customer cash if I refinanced before 90 days. At 0% through Ally there's no chance that will occur. I would certainly read through any of the dealer contracts you signed or was part of your loan. Instead of word of mouth, ask for the documentation, review it in detail, make the determination. Alternatively call the lending institution.

Novo

It is illegal for them to tell you that. You can refinance and the reason they are telling you that you cant is because ford will bill the dealership. They told me the same thing when I bought my truck, I went down the next day and refinanced it.

ocwill1

Why do dealers not try other banks. When I bought my truck, I could have gotten a 1.99 rate at my credit union, ford gave me same rate through sun trust and still got all rebates.. Same thing when we got the Escape last year, actually got a lower rate through Capital One...

Eco2014

I refinanced as soon as ford had my account set up. The only reason the dealer tells you that is that's how they get kick back money.

icedriver

My dealer told me I had to make the first 3 payments also. They said to wait for the title before I refinance. I just got my first bill. Now I know what to do.

jay4R

This is ridiculous. I got fed the same line of BS this week. I just got their dealer survey via email too. This is not going to end well for them.

tjm623

I got my memo title well before my first bill came, call them and ask where it is there is no reason it should take any more than 2 weeks MAX
My cu asked for either title OR registration they need something that verifies the vin is associated with the loan your asking them to payoff is how it was explained to me.