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Old 09-04-2012, 09:12 AM   #1
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Default Questions for those who took Ford's big rebate w/ crappy APR & then refinanced

Guys,

Two local dealers indicated that Ford is offering a $2k rebate on 2013 F150s provided that I use Ford's standard APR. Alternatively, I can take a $1k rebate if I do not finance with Ford. I've read that many of you have taken Ford's big rebate along with their crappy APR and refinanced shortly afer purchasing. A few questions:

  1. How long after purchasing do you need to wait before refinancing?
  2. Generally speaking, how would the bank or credit union with whom you refinance treat the loan? New car, used car, other?
My concern is that the refinanced APR through my credit union will be higher than the new auto rate of 2.25% for 72 months. If the refinancing APR is higher than the new auto APR, I suppose it's still worth perusing provided that the total additional interest paid is less than the future value of $1,000.

Thanks,
Andy

Last edited by BxrRebel; 09-04-2012 at 09:14 AM.
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Old 09-04-2012, 09:14 AM   #2
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My last truck I waited about 3 days on and refinanced it for 60 months at 3.9 instead of 72 at 9.7. I need to quit being lazy and refinance this one.
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Old 09-04-2012, 09:19 AM   #3
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Get pre-approved through your credit union so you know exactly what your rate will be. Then finance through FORD, take your rebate and refinance at your credit union before the first FORD payment is due. You will only need to wait long enough to get your account number and payoff through FORD to refi.

As the CFO of a credit union in KS, I know that most credit unions will treat an auto loan as a new vehicle as long it has low miles, typically under 7,500. You might consider being up-front with the credit union letting them know what you intend to do. They want your loan bad, and will work with you to get the best deal possible.

Last edited by MrMac; 09-04-2012 at 09:21 AM.
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Old 09-04-2012, 09:20 AM   #4
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Quote:
Originally Posted by BxrRebel
Guys,

Two local dealers indicated that Ford is offering a $2k rebate on 2013 F150s provided that I use Ford's standard APR. Alternatively, I can take a $1k rebate if I do not finance with Ford. I've read that many of you have taken Ford's big rebate along with their crappy APR and refinanced shortly afer purchasing. A few questions:

[*]How long after purchasing do you need to wait before refinancing?[*]Generally speaking, how would the bank or credit union with whom you refinance treat the loan? New car, used car, other?

My concern is that the refinanced APR through my credit union will be higher than the new auto rate of 2.25% for 72 months. If the refinancing APR is higher than the new auto APR, I suppose it's still worth perusing provided that the total additional interest paid is less than the future value of $1,000.

Thanks,
Andy
No need to wait any amount of time.

New car loan.

Good luck.
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Old 09-04-2012, 09:23 AM   #5
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Last month they were offering $1,000 rebate if I financed through Ford.They also said there was not a penalty on early payoff.

I took that deal.

With my Credit Rating of 819 they still wanted 6.29%.

It will be paid off with the 1st payment and just one month's interest charge against a $1k rebate.
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Old 09-04-2012, 09:31 AM   #6
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FYI - there is a penalty the dealership has to pay back to ford if you refi within 3 months. If you have a good relationship with your dealership and want to keep it healthy, wait the 3 months.
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Old 09-04-2012, 09:34 AM   #7
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How much of a penalty? Just curious.
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Old 09-04-2012, 09:35 AM   #8
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Quote:
Originally Posted by explorecaves View Post
FYI - there is a penalty the dealership has to pay back to ford if you refi within 3 months. If you have a good relationship with your dealership and want to keep it healthy, wait the 3 months.
There is only a penalty to the F&I dept. IF they marked up the rate from FORD to you. For instance, FORD may be willing to write your loan at 3.9%, but the F&I guy will quote you 6.9%. The dealer will then get paid a large percentage of the difference in interest. Your dealer won't care the least about sticking it to you this way, and you shouldn't care in the least about sticking it back to them. Don't wait.
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Old 09-04-2012, 09:37 AM   #9
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Quote:
Originally Posted by Franchi Motorsports View Post
How much of a penalty? Just curious.
Normally about 70% of the interest difference over the life of the loan. If the loan is refinanced within a short span of time, usually up to 180 days, the dealer will lose all they were paid.
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Old 09-04-2012, 09:43 AM   #10
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Here we go again..............WRONG!


Quote:
Originally Posted by explorecaves View Post
FYI - there is a penalty the dealership has to pay back to ford if you refi within 3 months. If you have a good relationship with your dealership and want to keep it healthy, wait the 3 months.
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Old 09-04-2012, 09:43 AM
 
 
 
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