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So I went into the dealer today to look at my future FX2. We got pretty close to where I wanted to be and I raised the question about taking the Ford credit and then refinancing immediately through Bank of America.
They claimed I had to make 3 full payments on the truck at the Ford rate before doing so? Is there any validity to this? I'm reading different things on this board about what the actual "rule" is on this?
When I bought my truck a couple months ago, I didn't need to finance anything but chose to do so to get the extra $1000 rebate. I clarified with the finance guy what the minimum amount was, and how long I needed to carry it for. He said $7500 minimum, and I needed to make at least 3 payments to be eligible for the $1000. Don't know if this helps or not.
I bought my truck in July and financed through Ford for the $1000 off also. The loan papers clearly state there is no penalty for early payoff. I had to wait about 3 weeks for the payment book to arrive but the next day my wife took the title and rest of the paperwork to my CU for the refi. This ended up costing me one month of the extraordinary high interest rate from Ford (9% APR) which is about $250 on my note. I knew this going in but decided it was still worth the $750 actual I saved. My only drawback is I was home on vacation from Afghanistan (civilian contractor supporting the Army) and had to finalize the loan paperwork via e-mail.
And, my truck is sitting in my garage waiting for me to come home now
I figure it will be paid off and have really low miles next year.
I guess I don't understand. Why not keep the Ford credit? Isn't BOA one of the banks that took bailout money and offered illegal aliens credit cards?
Ford offers like 9% financing...
PLan is to refinance right out the gate. Unless that 3 month rule is in the contract, I dont see how they can enforce such a rule. If one person was told two payments, and others 3, something is fishy?
I picked up a new F150 yesterday and got 6.99% interest and the extra $1,000 rebate. The loan docs clearly state there isn't any early payment penalty and the finance manager said I can pay it off right away if I wanted to. Ford reimburses the dealer for the rebate. If you make three payments, the dealer gets an extra incentive of about $150. That's probably what your dealer is after.