Buying my first F-150 tomorrow! Quick Question
#1
Buying my first F-150 tomorrow! Quick Question
I am about to buy my first F-150 tomorrow. i plan on using the Ford Credit to get the extra $1000 incentive. Lowest interest rate they have is supposedly around 5 or 6% and they say I have to use them for at least 3 months. Will they have any way of penalizing if I refinance with my credit union after the first payment?
Thanks any help and also for everyone answering all my questions about these trucks over the last few weeks.
Here is the truck I am about to buy...
Thanks any help and also for everyone answering all my questions about these trucks over the last few weeks.
Here is the truck I am about to buy...
#3
The dealer told me to make 4 monthly payments and then I could pay it off.
#7
I recommend going to "Truecar.com" and get an idea what the dealership actually paid for the truck (invoice -holdback -any factory incentives to dealer). Then factor in the rebates.
You can lower the %rate by purchasing extra warranty, GAP and other services you may be interested in. The dealer should then take most of that profit to buy down the interest rate. Expect to go from about 6 to 3.5. If the dealer balks, start to walk out. I guarantee the dealer will change its mine and offer the buy down. You end up with the grand rebate and a fair rate.
3 payments later refinance if you can beat Ford's rate. If it is an credit union that has free or cheap GAP, get it and cash in the Ford GAP. You will get back about $800.
Paint/interior protection plans are usually a waste of money and are not refundable.
Enjoy that new Ford.
You can lower the %rate by purchasing extra warranty, GAP and other services you may be interested in. The dealer should then take most of that profit to buy down the interest rate. Expect to go from about 6 to 3.5. If the dealer balks, start to walk out. I guarantee the dealer will change its mine and offer the buy down. You end up with the grand rebate and a fair rate.
3 payments later refinance if you can beat Ford's rate. If it is an credit union that has free or cheap GAP, get it and cash in the Ford GAP. You will get back about $800.
Paint/interior protection plans are usually a waste of money and are not refundable.
Enjoy that new Ford.
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#9
Senior Member
Myth about paying off early is not so!
FOLKS, there is NO PENALTY for paying your loan off early (even as soon as you get your FORD account number)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Who is telling you folks this? Do you see it in print anywhere?
This is so not true.
The dealer will tell you that because they loose a small incentive if you dont hold the loan at least three months...............
FORD CREDIT will not penalize you if you pay it off early. I did it on my 09 loan and i'm doing it early on this loan.
DO NOT BELIEVE THAT THE DEALER TELLS YOU ABOUT THIS. They just do not want to loose their kickback!
YOU CAN PAY THE LOAN OFF ANY TIME YOU WANT!!!!!!!!!!!!!
Who is telling you folks this? Do you see it in print anywhere?
This is so not true.
The dealer will tell you that because they loose a small incentive if you dont hold the loan at least three months...............
FORD CREDIT will not penalize you if you pay it off early. I did it on my 09 loan and i'm doing it early on this loan.
DO NOT BELIEVE THAT THE DEALER TELLS YOU ABOUT THIS. They just do not want to loose their kickback!
YOU CAN PAY THE LOAN OFF ANY TIME YOU WANT!!!!!!!!!!!!!
#10
Senior Member
SEARCH answers the question.
Regardless of what your dealer tells you, there is NO penalty to YOU.
Last edited by gregsf150stx; 03-14-2012 at 09:33 PM.