Best Auto Loan Rates on a new F150
05-29-2018, 11:45 PM
#11
Member
Thread Starter
05-30-2018, 12:31 AM
#12
05-30-2018, 07:52 AM
#13
This 100% , and like Kcp said … “why give back part of the rebate money” if not all? Also in some cases you’re actually giving more money to the dealership if they jacked-up the rate on you. I did my refinance in 9 days.
05-30-2018, 09:10 AM
#14
Stealership gave me a sob story about how they assume backend rebates up front and apply to the vehicle price, and that it takes 90 days to get from Ford. They said we could refi right away but that we'd be "put on a list and not allowed to buy there again".
It's a bunch of horse ****, i know. I bought two vehicles there together, about 3 weeks ago - So i have two vehicles to refi. I already have approvals from my CU, but now i want to try and find this 1.9% unicorn rate.
It's a bunch of horse ****, i know. I bought two vehicles there together, about 3 weeks ago - So i have two vehicles to refi. I already have approvals from my CU, but now i want to try and find this 1.9% unicorn rate.
05-30-2018, 09:24 AM
#16
Did I get really "lucky" that I was able to get 0.9% from Ford?
05-30-2018, 01:55 PM
#18
Senior Member
Lucky? No. Poorer? Likely yes.
Ford Credit offers incentive rates, like 0% or 0.9%, and reduces / eliminates Ford Credit rebates. You in effect bought the rate down. Best course of action is to take the regular rate, which is often 4.9% or higher, then refinance days later at a credit union, with the rebate in your pocket.
Ford Credit offers incentive rates, like 0% or 0.9%, and reduces / eliminates Ford Credit rebates. You in effect bought the rate down. Best course of action is to take the regular rate, which is often 4.9% or higher, then refinance days later at a credit union, with the rebate in your pocket.
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UnkLeRaRa (05-30-2018)
05-30-2018, 02:27 PM
#19
Member
Thread Starter
In my current research, it seems many of the "unicorn" rates are from credit unions where you need an affiliation to become a member (statefarmfcu, rio grand cu, etc). I am not eligible to join those CUs.
My own CU offers 3.75 and will not negotiate.
I think I'll end up at DCU.
My own CU offers 3.75 and will not negotiate.
I think I'll end up at DCU.
05-30-2018, 03:49 PM
#20
Lucky? No. Poorer? Likely yes.
Ford Credit offers incentive rates, like 0% or 0.9%, and reduces / eliminates Ford Credit rebates. You in effect bought the rate down. Best course of action is to take the regular rate, which is often 4.9% or higher, then refinance days later at a credit union, with the rebate in your pocket.
Ford Credit offers incentive rates, like 0% or 0.9%, and reduces / eliminates Ford Credit rebates. You in effect bought the rate down. Best course of action is to take the regular rate, which is often 4.9% or higher, then refinance days later at a credit union, with the rebate in your pocket.
I still got $2000 in rebates, 0.9%, and under invoice pricing.
I checked out the Penfed site, and just did a quick calculation based on the lowest rate I saw on their site of 2.99%.
45000 @ 2.99% amortized over 7 years = $5570.28 compared to 45000 @ 0.9% over 7 = $1637.40 which is a difference of $3932.88
At a rate of 4.9 you'd be at $9320.88
I guess if you're rebates are more than the difference of the rate your getting, then it makes sense to refinance elsewhere, but those would have to be some really big rebates haha.