only 2 month with Ford Motor credit for the rebate. once i got the check from the rebate i refinance no problems

 

??? The $750 rebate should have been deducted at the time of purchase.

 

No, you do not get a check. It is an instant rebate that is deducted from the purchase price at the point of purchase.

 

If you don't go ahead and refinance immediately then you should just give up on the rebate. Even if your rebate is $750 to $1250 - they make that in interest in 3 months and that is what they hope for - you'll stay at least that long - then they make their money back, you lose. Plus a good many people forget or don't want to go to the trouble to refinance after a few months and they make a huge amount of money. Refinance as soon as you can, there are absolutely no limits.

 

Correct. I picked up my truck on the first day of vacation last year. Last day of vacation, I got home, and drove to the bank and signed the papers with them to pay off Ford Credit, about eight days later. Never made a single installment payment to Ford.

The dealer loses out when you don't stay on the Ford Credit for several months, that's why the try to steer you away from other lenders and early payoffs of that nature. I told the salesman several times that's what I was going to do, and he clearly tried talking me away from it. When I finally went into the F&I office to sign the papers, that guy was irritated when I insisted to see the specific details of "no penalty for early payoff". He was a bigger ******** than most who work in the showroom. He was visibly irritated when I insisted I wasn't buying any special paint, interior, or undercarriage treatments, and no extended warranties. I had to repeatedly tell him that all I was there to buy, was a truck and nothing more.

Anyways... You don't need to make a single installment payment, and can payoff as soon as a day later. But be sure to tell them (don't ask) that "your loan has no penalty for early payoff".

 

Yes, absolutely. If not, someone is seriously yanking your chain.

 

Well said. Amazing how they sucker everyone into those warranties, fabric protection, paint protection, etc because IT ONLY ADDS $25 A MONTH ONTO YOUR PAYMENT!! roflma

 

My dealer told me that we couldn't make the deal without the $750 rebate from ford financing. I told him I didn't want the higher rate because it was 4% higher than my credit union. He said he couldn't get the price down to what I wanted without that $750. He told me that as soon as I got my account number (within a few days) to refinance with my credit union. I asked about losing the $750 or losing his loan commission. He said I would not lose the $750 and that I had to keep the loan for 90 days for him to get his commission. He said he didn't care about the loan commission because the bonus from selling the truck was much better. He was very honest. It was kinda weird.

 

I had the $750 rebate from FMC and refinanced a week after purchase with my CU for lower rates. No problems. If the dealer told me six months when I was buying my truck I would have asked to see it in writing.

While I have not heard of it with FoMoCo or their dealers, I do know some other manufacturers and dealers have fine print in their sales contracts stating minimum number of payments must be made before refinancing. Always ask and read the fine print before signing.

 

Research first. Dealers knew I was a cash buyer, and those that understood offered me the Ford Credit rebate and explained the smallest loan that would qualify (I was told $8k) and how quickly I could pay it off. Those dealers that didn't get it tried to steer me to "lower rates" at other lenders.

Easiest way for me to handle it was to register at the Ford Credit site and wait until I had an account number. It took about 3 weeks. At that point, I paid in full right away. I suspect I could have gotten on the phone with a live rep earlier or even worked through the dealer to pay it quicker. But in the end, I paid $21 in finance charge and probably 20 minutes on a credit app, approval, paperwork, and payments . . . that in exchange for $750 is a good deal.