Refinancing after Ford Credit - Ford F150 Forum - Community of Ford Truck Fans



Refinancing after Ford Credit

Reply
 
 
 
Thread Tools Search this Thread
Old 08-21-2010, 12:00 AM   #1
Member
5 Year Member
Thread Starter
 
Join Date: Aug 2010
Posts: 34
Thanks: 0
Thanked 1 Time in 1 Post
Default Refinancing after Ford Credit

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?

Can anyone shed some light on this for me?
nkjordan23 is offline   Reply With Quote
Old 08-21-2010, 12:11 AM   #2
FEs Rule
 
Join Date: Jul 2010
Location: Leavenworth Kansas
Posts: 169
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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?
FEfanatic is offline   Reply With Quote
Old 08-21-2010, 12:27 AM   #3
Member
 
Join Date: Nov 2009
Location: Utah
Posts: 33
Thanks: 0
Thanked 0 Times in 0 Posts
Default

yeah BOA sucks. I'd rather give my money to Ford.
KingRanchUT is offline   Reply With Quote
Old 08-21-2010, 12:34 AM   #4
Member
5 Year Member
 
Join Date: Jul 2010
Location: KS
Posts: 78
Thanks: 0
Thanked 0 Times in 0 Posts
Default

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.
FL240 is offline   Reply With Quote
Old 08-21-2010, 12:38 AM   #5
Member
 
natgas's Avatar
 
Join Date: Jun 2010
Location: Magnolia, TX
Posts: 57
Thanks: 0
Thanked 0 Times in 0 Posts
Default

I was told a minimum of 2 payments before refinancing; one more to go and I'm done with FoMoCredit
natgas is offline   Reply With Quote
Old 08-21-2010, 01:38 AM   #6
Senior Member
5 Year Member
 
Join Date: Aug 2010
Location: Tulsa, OK
Posts: 265
Thanks: 0
Thanked 11 Times in 10 Posts
Default

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.
10-Ford is offline   Reply With Quote
Old 08-21-2010, 01:38 AM   #7
Member
5 Year Member
Thread Starter
 
Join Date: Aug 2010
Posts: 34
Thanks: 0
Thanked 1 Time in 1 Post
Default

Quote:
Originally Posted by FEfanatic View Post
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?
nkjordan23 is offline   Reply With Quote
Old 08-21-2010, 02:31 AM   #8
2010 Lariat
 
Join Date: Feb 2010
Location: KCMO
Posts: 273
Thanks: 0
Thanked 1 Time in 1 Post
Default

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.
modiecast is offline   Reply With Quote
Old 08-21-2010, 02:33 AM   #9
Junior Member
 
Join Date: Aug 2010
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
Default

I was told one and I pick mine up on Tuesday
Monte J is offline   Reply With Quote
Old 08-21-2010, 07:39 AM   #10
Junior Member
 
Join Date: Jul 2010
Posts: 10
Thanks: 0
Thanked 0 Times in 0 Posts
Default

I financed mine with Ford the night I bought my Truck. As soon as the paperwork was received I went to my CU and refinanced at 2.67% in lieu of 9.0% with Ford.
bfoster613 is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
2004 Ford F150 Truck New Body Style Power Heated Turn Signal Upgrade Dual Arm Towing 1ATony Vendor Showcase 12 09-14-2016 02:57 PM
600HP, 500ft/lb 3.5L EcoBoost Takeda 3.5L EB 4 02-18-2016 09:13 AM
Ford Warranty Issue Chrisj Maintenance Shop 6 09-08-2015 02:57 PM
'15 SuperCab - NO front frame crash brackets C7Jake 2015 - Present Ford F150 8 09-05-2015 11:02 PM
Isn't Ford supposed to notify you of a recall? Derodeo 2015 - Present Ford F150 4 09-04-2015 05:51 PM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 11:55 PM.


Copyright 2006 - 2016 F150Forum.com