Tractorhunter

I have a new FX-4 Eco Scab coming in hopefully in mid February. I would like to pay the difference between my trade and what new truck costs ( +tax & license ) but also use the $1000 incentive to use Ford credit. Can I finance the balance, make a payment or two and pay off the loan in full? What would be the most economical way to do this?

upalittle

That's exactly what you do: finance it, make one payment, then pay it off. You'll the the $1,000 off.

Txblue

you dont even have to make a payment just give it a day or two to generate an account number, call in for a payoff and pay it off

wheelsee

The dealer asked me to keep the note for at least 4 months......

At $90 per month interest, I paid it off as soon as I got my payment slip.

Shovel-ready project

Yep, the F&I guy will make you think you have to leave it with Ford Credit. Read the contract. Truth is you can call your credit union the very next day and get a tremendous deal to refinance. Mine is at 1.49 percent for that kind of deal.

moerod

Before 4 months the dealer looses the credit for the sale and the commission they get from ford finance. For the most part I've always waited the four months if the dealer was helpful and worked a good deal for my truck. One time I told the finance guy as I signed the papers "you know this has been my worst vehicle finance experience, I'll be paying it off in less than a week so thanks for working for free!"

RDFTS

iTrader: (1)

Yeah they told me to make three payments before refinancing. I refinanced mine before the first payment with a lot better rate. Could care less about the dealer's commission with Ford Credit, they didn't come down far enough nor enough for my trade. They never do...

jedorri

It is not the dealers call. Ford does not require you to keep it any length of time. Call you bank where you want the loan 30 days in advance and set up everything to lock in rate. When truck comes in finance it with ford for rebate and as soon as you get account letter from ford stating account number and payoff( mine took 1 week) call your bank and refinance it with them. This is what I did and got rebate and no penalties. In fact ford credit sent me a letter thanking me for paying loan off.

flanneljunkie

Agree with all the posts. Finance via FoMo Credit and pay off immediately. If you want the dealership to get the finance commission, then give it 3 or 4 months.

I told everyone up front that I was going to be refinancing right away. The dealership didn't screw around with me, but I wasn't about to pay the ridiculous interest rate that I got with Ford.

10-Ford

You know, I keep reading posts where people state the dealer loses a commission but I think this is wrong. When I bought my 2010 the finance guy told me to pay it off immediately. If the dealer was losing a commission I would assume the finance guy would try to pressure me into keeping it.
Honestly, the only way I would keep it longer than to get a payoff would be if Ford had offered a reasonable rate instead of close to 10%.