Financing w Ford and then refinancing?
08-06-2017, 12:56 PM
#1
Senior Member
Thread Starter
Financing w Ford and then refinancing?
In the market for an F-150. I have been reading through the "how much under invoice you paid" thread and some folks have talked about taking the Ford financing at the normal (not promotional) rate and then refinancing with a credit union a week later to avoid the higher interest. That way you still get the rebates. Can this really be done? Is there no fine print that prevents this? How can it be refinanced so soon - doesn't it usually take several weeks to get the first loan payment in the mail with all of the loan number info on it?
08-06-2017, 01:54 PM
#2
Five-0 Ret.
I've done that several times Jason. However, I do pay the first three payments so the dealer can get their money back from Ford. If you pay any sooner the dealer is out the money as Ford will not reimburse them for the rebate. I figure it's the right thing to do, and if I ever need warranty work or any other work there may be a chance the remember that butthead that chit them out of money. 
Disclaimer: I've bought from the same dealer since 1986, and they always treat me right. So I try to treat them right also.
Short answer, yes you can do that. It's called a simply interest loan, and it states in the contract you can pay it off at anytime.
Disclaimer: I've bought from the same dealer since 1986, and they always treat me right. So I try to treat them right also.
Short answer, yes you can do that. It's called a simply interest loan, and it states in the contract you can pay it off at anytime.
08-06-2017, 01:58 PM
#3
Senior Member
In the market for an F-150. I have been reading through the "how much under invoice you paid" thread and some folks have talked about taking the Ford financing at the normal (not promotional) rate and then refinancing with a credit union a week later to avoid the higher interest. That way you still get the rebates. Can this really be done? Is there no fine print that prevents this? How can it be refinanced so soon - doesn't it usually take several weeks to get the first loan payment in the mail with all of the loan number info on it?
DISCLAIMER: read your paperwork. While this is where the finance guy makes his commission, some have felt the need to wait 3 payments as instructed, it is not necessary unless you just want to give them your hard earned money.
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SCrewYou (08-06-2017)
08-06-2017, 02:00 PM
#4
Senior Member
Thread Starter
I've done that several times Jason. However, I do pay the first three payments so the dealer can get their money back from Ford. If you pay any sooner the dealer is out the money as Ford will not reimburse them for the rebate. I figure it's the right thing to do, and if I ever need warranty work or any other work there may be a chance the remember that butthead that chit them out of money.
Disclaimer: I've bought from the same dealer since 1986, and they always treat me right. So I try to treat them right also.
Short answer, yes you can do that. It's called a simply interest loan, and it states in the contract you can pay it off at anytime.
Disclaimer: I've bought from the same dealer since 1986, and they always treat me right. So I try to treat them right also.
Short answer, yes you can do that. It's called a simply interest loan, and it states in the contract you can pay it off at anytime.
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Wanted33 (08-08-2017)
08-06-2017, 03:51 PM
#5
Senior Member
Ignore any baloney the dealer tells you. Forget waiting X amount of months so you can feel like saint. To think the dealer will somehow remember this and hook you up later is laughable. Refi when you get the first bill.
Last edited by SteveLord; 08-06-2017 at 03:55 PM.
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digitaltrucker (08-06-2017),
SCrewYou (08-06-2017)
08-06-2017, 04:06 PM
#6
Senior Member
I've done that several times Jason. However, I do pay the first three payments so the dealer can get their money back from Ford. If you pay any sooner the dealer is out the money as Ford will not reimburse them for the rebate. I figure it's the right thing to do, and if I ever need warranty work or any other work there may be a chance the remember that butthead that chit them out of money.
Disclaimer: I've bought from the same dealer since 1986, and they always treat me right. So I try to treat them right also.
Short answer, yes you can do that. It's called a simply interest loan, and it states in the contract you can pay it off at anytime.
Disclaimer: I've bought from the same dealer since 1986, and they always treat me right. So I try to treat them right also.
Short answer, yes you can do that. It's called a simply interest loan, and it states in the contract you can pay it off at anytime.
There is no reason to not refinance the same week, you simply call Ford Credit and get the loan number and payoff balance days later.
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SCrewYou (08-06-2017)
08-06-2017, 07:37 PM
#7
Senior Member
Refinance as soon as you get your Ford Credit Account number. Everyone is right.
Even your contract states you can pay off the loan at any time without penalty.
Telling you to wait three month is almost as worse as a dealer marking up the loan percentage rate.......
Even your contract states you can pay off the loan at any time without penalty.
Telling you to wait three month is almost as worse as a dealer marking up the loan percentage rate.......
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08-07-2017, 01:50 AM
#9
Dont wait, buy from Ford then go to your CU to move as soon as you get the account number. Have done this on 3 cars.
DISCLAIMER: read your paperwork. While this is where the finance guy makes his commission, some have felt the need to wait 3 payments as instructed, it is not necessary unless you just want to give them your hard earned money.
DISCLAIMER: read your paperwork. While this is where the finance guy makes his commission, some have felt the need to wait 3 payments as instructed, it is not necessary unless you just want to give them your hard earned money.
Hi, I financed my truck to get another $1,000.00 off. I made three monthly payments and it cost me about $65.00 in interest. Truck was paid off in three months.
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Wanted33 (08-08-2017)
08-07-2017, 09:27 AM
#10
Senior Member
