RDFTS

iTrader: (1)

My rate with Ford was 6.9%. I refinanced with BoA for 2.74%.

ViolentG

I took the Ford Financing (5 yrs at 5.4%) for the $1000 credit but then paid it off as soon as I received the first payment stub. Despite the dealer's finance guy saying I needed to make at least three payments no where in the contract does it mention a prepayment penalty. A week after I sent them the check Ford Credit sent me a $33 check for overpayment (I'm guessing the interest is calculated daily?). A week after that they sent me the title and a letter congratulating me on paying off my loan.

8litercobra

I was going to pay cash for my truck, but like others, wanted the Ford Credit incentive cash. I asked the minimum I could finance and receive the incentive. It was $7,000. I financed the 7K, paid it off in 3 months.

SkiSmuggs

My dealer only said to give it a little time for the title work to process at Ford Credit. I made 3 payments in two months at 5.95% then refinanced the lowered amount at 3.25% through USAA. Payments dropped $56.

Arctic_Ragtop

I am an F&I Manager at a Ford Dealer and the truth is that WE as the Dealer pass on the Ford Credit rebate to you, the Customer, for financing with Ford Credit. The Dealer sometimes gets a small reserve, but not as often as you'd think. You need to keep the loan for 3 months otherwise Ford Credit will charge back the Dealer for the rebate, which has already been passed on to the customer. If you want to screw your dealer there is the way to do it, because they cannot charge the custoemr back, but the dealer DEFINITELY gets charged back if you pay out the loan before 3 months. So it's not that Dealers get a commission and you are just not letting them have it, by paying it out early, it is that the dealer has done something to benefit YOU and you need to wait 3 months to pay it out in order for that dealer to not get charged back.

Arctic_Ragtop

That's the way to do it and everyone is happy. You're getting the rebate, the dealer isnt getting charged back and Ford Credit gets to make a small amount of interest in that 3 months (not even close to the amount of the rebate however)

Arctic_Ragtop

The dealer was doing you a favor buddy. There is a reason the finance guy said that. Ford Credit doesn't want anyone to payout their contract early so they won't put that on the contract but they definitely charged the dealer back for the rebate that the fiannce guy was just trying to help you save a little bit of money on.

wyoroller

My dealer initially said the minimum loan amount was $20K but the finance guy backed off and I only borrowed 10. The dealer's been pretty good so I don't want to screw them out of the 1K but it's a simple interest loan - I plan on paying off the bulk of the loan with the first payment, then making two more before paying off the balance.

I will pay very little interest but will make three payments, the dealer gets their cut - everyone's a winner!

kjo43

If thats the case, and I'm not doubting you... The dealers should get Ford credit to change their policy requiring a minimum number of months or early payoff penalty. Seems like a big loophole at $1000/sale

BeerCan

The finance guy at my dealer most not care then. He told me I could refi at anytime with no problem. Only thing he said is I might want to wait for the coupon book so I have the loan number.