Purchase Timing Help
02-08-2018, 10:26 PM
#11
Senior Member
“What did you year & configuration did you buy at 0.99% - I'd be open to a 2017 at that rate if they still had a configuration I wanted. Of course, that could be a local offer - might not apply to TX.”
i just ordered a 2018 Lariat 502a.
i just ordered a 2018 Lariat 502a.
02-09-2018, 09:12 AM
#13
Senior Member
There is zero cost to refinance an auto loan with a credit union.
There is zero cost to close your existing loan.
There is zero penalty to close your existing loan. If you close your Ford Credit loan in less than 3 months, the dealership doesn't get their kickback from Ford Credit. If they tell you that you HAVE TO keep it open for 3 months, they are simply lying to you and you should seek out the dealership owner or manager and rat out the finance guy for lying.
Credit rates NOT affected by promotions vary based on your credit worthiness. In addition, dealerships are allowed to increase the rate that you qualify for from Ford Credit. If you're an A/Z buyer (employee, employee family), the rate is pure Ford Credit, is the lowest possible (and in fact may be better than what your credit determines), and the dealership is NOT allowed to increase it.
Now, add the promos into it. Based on your credit rating, you MAY qualify for a lower rate that is BOUGHT DOWN. It's bought down by REDUCING YOUR REBATES. If you run the numbers, most/if not all of the reduced offers are WORSE than if you take the non-promo offer and accept the rebate. Then, you simply refinance days later. You would want to know ahead of time if you have that ability, simply asking your credit union (or finding one including many online with low rates) what rate you'd get to refinance a brand new car if you did it for X term. Then, you have KNOWLEDGE to save money.
Rebates (outside of financing rebates) vary by region and trim. If there are too many ____s in Texas, they get better rebates to move ____s. Boston may not get those rebates. And you get the rebates for the zip code you live in, not where you buy. So you can't drive to Texas, buy the high rebate truck there, and get the Texas rebates - you get the Boston rebates because you live in Boston. My son bought a car in California, but lived in Michigan (officially) and got the much higher Michigan rebates.
There is zero cost to close your existing loan.
There is zero penalty to close your existing loan. If you close your Ford Credit loan in less than 3 months, the dealership doesn't get their kickback from Ford Credit. If they tell you that you HAVE TO keep it open for 3 months, they are simply lying to you and you should seek out the dealership owner or manager and rat out the finance guy for lying.
Credit rates NOT affected by promotions vary based on your credit worthiness. In addition, dealerships are allowed to increase the rate that you qualify for from Ford Credit. If you're an A/Z buyer (employee, employee family), the rate is pure Ford Credit, is the lowest possible (and in fact may be better than what your credit determines), and the dealership is NOT allowed to increase it.
Now, add the promos into it. Based on your credit rating, you MAY qualify for a lower rate that is BOUGHT DOWN. It's bought down by REDUCING YOUR REBATES. If you run the numbers, most/if not all of the reduced offers are WORSE than if you take the non-promo offer and accept the rebate. Then, you simply refinance days later. You would want to know ahead of time if you have that ability, simply asking your credit union (or finding one including many online with low rates) what rate you'd get to refinance a brand new car if you did it for X term. Then, you have KNOWLEDGE to save money.
Rebates (outside of financing rebates) vary by region and trim. If there are too many ____s in Texas, they get better rebates to move ____s. Boston may not get those rebates. And you get the rebates for the zip code you live in, not where you buy. So you can't drive to Texas, buy the high rebate truck there, and get the Texas rebates - you get the Boston rebates because you live in Boston. My son bought a car in California, but lived in Michigan (officially) and got the much higher Michigan rebates.
Last edited by Ricktwuhk; 02-09-2018 at 09:14 AM.
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chopin_guy (02-09-2018)
02-09-2018, 10:26 AM
#14
Member
Thread Starter
There is zero cost to refinance an auto loan with a credit union.
There is zero cost to close your existing loan.
There is zero penalty to close your existing loan. If you close your Ford Credit loan in less than 3 months, the dealership doesn't get their kickback from Ford Credit. If they tell you that you HAVE TO keep it open for 3 months, they are simply lying to you and you should seek out the dealership owner or manager and rat out the finance guy for lying.
Credit rates NOT affected by promotions vary based on your credit worthiness. In addition, dealerships are allowed to increase the rate that you qualify for from Ford Credit. If you're an A/Z buyer (employee, employee family), the rate is pure Ford Credit, is the lowest possible (and in fact may be better than what your credit determines), and the dealership is NOT allowed to increase it.
Now, add the promos into it. Based on your credit rating, you MAY qualify for a lower rate that is BOUGHT DOWN. It's bought down by REDUCING YOUR REBATES. If you run the numbers, most/if not all of the reduced offers are WORSE than if you take the non-promo offer and accept the rebate. Then, you simply refinance days later. You would want to know ahead of time if you have that ability, simply asking your credit union (or finding one including many online with low rates) what rate you'd get to refinance a brand new car if you did it for X term. Then, you have KNOWLEDGE to save money.
Rebates (outside of financing rebates) vary by region and trim. If there are too many ____s in Texas, they get better rebates to move ____s. Boston may not get those rebates. And you get the rebates for the zip code you live in, not where you buy. So you can't drive to Texas, buy the high rebate truck there, and get the Texas rebates - you get the Boston rebates because you live in Boston. My son bought a car in California, but lived in Michigan (officially) and got the much higher Michigan rebates.
There is zero cost to close your existing loan.
There is zero penalty to close your existing loan. If you close your Ford Credit loan in less than 3 months, the dealership doesn't get their kickback from Ford Credit. If they tell you that you HAVE TO keep it open for 3 months, they are simply lying to you and you should seek out the dealership owner or manager and rat out the finance guy for lying.
Credit rates NOT affected by promotions vary based on your credit worthiness. In addition, dealerships are allowed to increase the rate that you qualify for from Ford Credit. If you're an A/Z buyer (employee, employee family), the rate is pure Ford Credit, is the lowest possible (and in fact may be better than what your credit determines), and the dealership is NOT allowed to increase it.
Now, add the promos into it. Based on your credit rating, you MAY qualify for a lower rate that is BOUGHT DOWN. It's bought down by REDUCING YOUR REBATES. If you run the numbers, most/if not all of the reduced offers are WORSE than if you take the non-promo offer and accept the rebate. Then, you simply refinance days later. You would want to know ahead of time if you have that ability, simply asking your credit union (or finding one including many online with low rates) what rate you'd get to refinance a brand new car if you did it for X term. Then, you have KNOWLEDGE to save money.
Rebates (outside of financing rebates) vary by region and trim. If there are too many ____s in Texas, they get better rebates to move ____s. Boston may not get those rebates. And you get the rebates for the zip code you live in, not where you buy. So you can't drive to Texas, buy the high rebate truck there, and get the Texas rebates - you get the Boston rebates because you live in Boston. My son bought a car in California, but lived in Michigan (officially) and got the much higher Michigan rebates.
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Ricktwuhk (02-15-2018)
02-09-2018, 09:48 PM
#15
Member
I just bought a 2018 XLT and IMO, Ford Credit isn't using promo rates to move more vehicles. Rather, they seem to be targeting those who may not be able to get credit elsewhere, and charging them accordingly.
With 800+ credit, the best financing they could offer me with was 5.9% !! However, the highest value rebate stack I found included financing through Ford; which I did because I wanted the cash.
So I'll pay 5.9% for a month or two and then refinance the loan for 2.9 through my credit union.
BTW, the finance guy agreed with my approach.
With 800+ credit, the best financing they could offer me with was 5.9% !! However, the highest value rebate stack I found included financing through Ford; which I did because I wanted the cash.
So I'll pay 5.9% for a month or two and then refinance the loan for 2.9 through my credit union.
BTW, the finance guy agreed with my approach.
All of that said, good deal or not, I still drove straight home to take a long hot shower when it was all over.
02-10-2018, 09:15 AM
#17
Member
Thread Starter
Must be something to do with managing their loan portfolio exposures by duration and geography. I'm in Maryland. I bought at Christmas and after fighting about price for several hours then spent several more hours arguing about rates and duration and ended up with 0% for 48 mos, effectively getting both the rebates and the low rate. I could have paid cash but free money is free money.
All of that said, good deal or not, I still drove straight home to take a long hot shower when it was all over.
All of that said, good deal or not, I still drove straight home to take a long hot shower when it was all over.
02-15-2018, 10:01 AM
#18
Member
Thread Starter
Slight update on things - I was thinking I was going to wait until until truck month to see what incentives came about. However I just came across a couple of well equipped 2017 Platinums that are pretty aggressively price. Their sticker price is $65k and they're at $48k right now. Not knowing the market for these vehicles that well - is this as good a deal as it appears?
02-15-2018, 12:02 PM
#20
You need to post in this thread if you want actual help:
https://www.f150forum.com/f118/just-...e-paid-295614/
https://www.f150forum.com/f118/just-...e-paid-295614/
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chopin_guy (02-15-2018)