kevin70

I am negotiating on a 2013 F150 Supercab. It looks like I will have to finance to get a deal done (since there is a $2000 finance rebate). I had planned to pay cash (have a cashiers check for $20,000 already made out to the dealer and cash to cover whatever the final deal is).

I don't think they have even run a credit check on me (my credit is good) but they are showing 6.15% interest on the loan. That is a horrible rate. Can I just get the loan and pay the whole thing off with the first payment so I don't have to pay but one months interest?

I think the deal is pretty good. The "top line MSRP" is $34755 (Total MSRP is $33255 after package discounts) plus it has a spray in bedliner the dealer installed which they are claiming is $499. The drive out price (which includes taxes of 6.25%) we are now at is $26,900 ($900 above what I was hoping for). I need to decide in the next few hours.

packplantpath

You don't even have to wait until the first bill to pay it in full. Call and get an acct number and mail the check!

Just make sure that they don't slip in any prepayment penalty on the loan and you can pay it off as fast as you like.

kevin70

Awesome. Thanks. I will make sure there is no prepayment penalty. The sales guy said something about having to make at least 4 payments, but mentioned paying off almost all of it on the first payment (I don't totally trust anything he says though). What you are saying is even better.

4alkings

When I financed mine, in order to get the finance rebate I was told I would have to make 3 payments. Ford Credit rate was 6%. I'm planning on refinancing through my bank for under 3%.

jeffinthebag

I did the same thing. Put down 80% cash and finance 20% for the instant $2,000 kickback. Soon as you make the first payment, ask for the buyout and cut a check. 30 days later the Title is sitting in your hands. So it's 6.5% so what? In 45 days after delivery of the vehicle the loan is terminated and the title is yours free and clear.

F-100

Assuming Ford Credit. My salesperson suggested making two or three payments before paying off balance. No reason given. I cleared the loan with the first payment. No problem. Check for prepayment penalties though. Mine specified that there were none but then again the finance rebate was only $1000.00.

Ricktwuhk

Dealership pays penalty if you pay it off right away, that's why they tell you to wait.

Al Czervik.

Disregard.

tufcat

Read the fine print in the contract. There will be a paragraph that covers prepayment terms. Contracts vary by state, so read the document that you are being asked to sign.

No matter what penalty (if any) you're probably way ahead of the game to take the $2K.

This was the prepay verbiage in my (2013) new car contract.

Wannafbody

I called Ford Credit and they said they don't charge back the rebate to the dealership. So I basically told Ford, either lower the rate or I'll refinance. So I ended up refinancing. Seems Ford really wasn't that interested in keeping my loan business.