Scuba Steve

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...

freezit

I was told ford will come after the rebates? I waited three months.

acadianbob

The dealer told me to make 4 monthly payments and then I could pay it off.

Scuba Steve

That sucks... My credit union told not to worry with it and just pay it off, but they wouldn't be the one stuck with the $1000 bill.

2011FX4SC

There is a box on the finance paperwork for early payoff penalties. Make sure it is not checked. I refinanced my before my first payment.

Scuba Steve

I will look for that box. I am buying out of state, so I will make sure everything is in order before sending the papers back to them.

Jax123

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.

iFord

One of my credit unions has 1.49% for 48 months; I sure would not pay that kind of rate Ford has.

gregsf150stx

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!!!!!!!!!!!!!

gregsf150stx

Regardless of what your dealer tells you, there is NO penalty to YOU.