lepper

Bought my truck on Friday, went to the local Credit union on monday with ford paperwork in hand and refinanced. No ill effects for me!

justjimmy

Did the exact same thing.

Bought my truck on a Sunday, went to the credit Union on Monday. Completed refinance by Friday.

Hockeyman4life3

Go to your bank or credit union and ask to get pre approved for a car loan BEFORE going to the dealer. if you are in the 700+ FICO you will have your answer in as little as 30 mins. I find it hard to believe people with a great credit score are taking sub prime loans.

I understand the whole " I did it for the rebate thing". but at least get a base line of what the going rate is on a Auto loan before you go the dealer. believe me it is fun to sit there and play with the POS finance manager and watch all the magical numbers float around and then you say, I will be back tomorrow with a check from the bank I was pre approved for 2.25% etc.. etc.. You will then see a another magical number game of how quick that guy gets defensive and realizes your not the schmuck he is going to make a quick back end grand on.

When I bought my F150 in 2012, the rate went from 4.5 down to 1.98% real quick when I showed him the letter from the bank with 2.14% for 60; because he had to beat it to keep my business after acting like a scammer.

F150 for life.

Rightcoastcycles

With all loans the interest is front loaded in the payment schedule. If you make the three payments you have effectively repaid the rebate amount and only reduced the principal by a few dollars. The rebate is a sales tool that costs Ford nothing if you wait the three months. At the time I bought my 13 SCREW the finance manager told me to come back to her in 3 months for a better rate. Sounds like a good deal for the finance manager to get two loan origination commissions for every vehicle that goes out the door. I took the rebate with a smile on my face and refinanced before the first payment at my local bank.

milchuck

Doubt that is thru Ford Credit...

tjm623

Me too, I was about 50 points higher and the first number they threw at me thru ford was almost 6%. Managed to get them down to 3.49 and still went and refinanced for less.

reverendjray

I bought my 2014 XLT in October and refinanced 2 weeks later. The only rebate I got for financing with Ford Credit was $1000. I had additional rebates but they did not come up in my conversations with them. I was told from the sales person I bought my truck from that if I refinanced they would have to pay back the $1000 and it would come out of their commission. They asked me to wait the four months but in my conversations with the bank that I was refinancing with, they said the earlier the better, it has something to do with your credit. I got a better interest rate, lowered my monthly payment, and got free GAP insurance withy the refinance so I went ahead. My opinion only, they want the extra commission. That was my understanding, this may or may not help.

SWBF150

I wanted to pay in cash for this 14F150 but buying w/Ford Credit I got another $1000. I was asked by the Dealer not to pay-off till May 1st or Ford Credit may take the special $1000 Ford Credit finance incentive back from the Dealer.
So May 1st I'll pay it off as I told the Dealer I would wait till May.
My 1st payment is this March.

Pepito113

I was told the same thing from the finance manager. I got 5.99 from the dealer and I said I would just refinance with my bank at 2.99.. They said I would get a bill for the rebate if I refinance before 90 days... I went 2 weeks later when I got the account info and refinanced... That was 1 year ago.. No bill no issue.

albertschmitz

iTrader: (1)

The salesperson either lied or was told this in a sales meeting to scare them into getting the 3 months out of the customer.

There is a fee that the dealership gets from Ford Motor Credit if the loan has a specific length on the term. If the salesperson is getting paid on that then good for them but that is usually in the dealership and Finance persons pockets.

as for apr Ford Credit is usually higher than the normal rate you can get at the bank/credit union. My buy rate was 4.9 and my CU was 1.9 so I took the rebate waited for the account to open (have an loan number) and EFT'd the money to them.