Garrett123

I have read several older threads on the topic but wasn't completely convinced with this specific of a situation. Bought my 2014 XLT in January for reference.

Called Ford Credit and they said said they would never take back a rebate and there are no early-payoff fees if I refinance. The dealership however is threatening that I will get a bill in the mail for $5500 if I refinance before the four months. On my paperwork it only says "Rebate $5500" and nothing else about it.

I believe the dealership is just afraid to lose on some of their commission for getting me to sign with Ford Credit correct? They were super sketchy and screwed me on my interest rate at the last moment (9.35%!) even though I have a 730+ credit. Apparently their credit rating goes from 640-715 or some nonsense so he said I fell into that area. The price I left with was also the sticker price even though I had "all these rebates" and a trade in so they succeeded in dooping me- aka I am not worried about them losing their commission.

I just wanted to see if this has happened to anyone else in 2014 and to make sure Ford Credit now controls the loan and there is no dealer-only rebate they can hold over my head.

DavidKR

I would say they're just blowing smoke but I would still recommend talking with the financial institution you want to refi through about this situation, and see if they have any insight or anything they would do to protect you if they are somehow able to make good of their threat.

DBL Boost

Best thing to do then would be wait the four months, get your rebates and then refinance. I thought you got your rebates when you purchased the truck and not after the fact. I don't think what they are doing is legal but then again what do I know.

meaz93

No...I believe Ford is correct. I remember them trying to get me to use Ford Credit and I had to be on it for like 3-4 months before I refinanced it through another institution. They obviously have a higher interest rate and want all that green. Check out the fine print! :magnifying glass:

DBL Boost

Like I said wait out the four months get your rebates then refinance.

zacharyz

I had the same threat. It's a dealer kickback from Ford credit and NO they will not send you a bill nor can they legally unless you signed a document stating you would not refinance. Which you most likely did not. Ford credit told me to refi right away if I wanted and I did before payment 1. Screw that dealer. Rebate is given at time of purchase.

ILoveAZ

Your FICO is 730 and you said ok to 9.35%? W T F ?

Enginner5

IT SAYS RIGHT IN THE FINANCE PAPERWORK FROM FORD THAT THERE IS NO PENALTY FOR EARLY PAYMENT. READ IT!


I've bought two Ford trucks and both times I financed through Ford at the dealership to get the $1000 dollar credit and an astronomical interest rate. In two or three weeks the paperwork showed up from Ford credit. I then drove to the credit union, got a vehicle loan for a much, much lower rate. The credit union then paid off Ford Credit in full.

f150tamer

I know I had to wait to refinance to get my rebate so I refinanced the day after

Enginner5

That was dealer BS.