terryj

I just made my first and last payment on mine before I even got the first statement. The dealer said there would be no penalty for early payoff. I financed the minimum they would finance. I think FMCC made about $30 off of me. Ford made a profit, the dealer made a profit and FMCC made a profit and I got a good deal.

motocross21

I think I am going to talk to me dealer, here is an email I received from my salesperson when I bought the vehicle in December. The only other bad thing is I am still waiting on my registration which I cannot get another loan without according to the credit union.

My initial email:
Sounds good. The one thing I need to find out which the finance guy wasn't really sure on is when I can go get another loan through a credit union to change my rate. Can you find out for me so I don't lose the rebate? Is it make a payment then the second payment you pay in full?

His response:
just make two payments then you can refi without consequence..

johnwill

He is lying or is just plain stupid.

You can re-fi at any time, period.

MarkY

Your dealer finance guy is looking out for the dealership. He is FOS. Go ahead and refinance.

elrod64

When I bought the truck the ford loan was 10.9% because I bought it thourgh my business. The rate was slightly higher but I was to get a $300 rebate along with the $1000 rebate. The salesman said the dealer would be penalized if I refinanced before 3 months. It took 10 weeks for the truck to come in instead of the 6 that I was told. It took 3 weeks from the build date to get it to the dealer! When it came in I had my neighbor drop me off after work since my wife was out of town. We did the paperwork about 15 minutes before the dealer closed and they told me that the $300 rebate expired the week before and there was no manager around to authorize them to give me the $300 anyway so they wanted me to pay it. I felt like walking out but I had put $1000 down when I ordered the truck and had no ride home. The truck was refinanced 2 days after the first payment!!!
Jim

cgocifer

iTrader: (1)

It depends on how long you've had it and the bank's policy. My bank only cared that it was a 2010 and was in my possession for less than 60 days. I waited until they sent my my first bill which includes the payoff amount. My interest rate went from 7.9 Ford crap to 4.3%. I'm saving over 30 bucks per month.

I have USAA by the way and they rock!

cgocifer

iTrader: (1)

The dealer may mean that to get the 1000 for financing with Ford you need to wait a couple billing cycles.

Pugnacious

I financed the minimum amount required (I was told it was $7,500) in order to receive the $1,000 Ford finance rebate. Knowing that I was normally a cash buyer and was only financing the minimum amount in order to receive the finance rebate the finance manager asked that I not pay off the loan until the third payment. I said I would make three payments and that is what I will do.

johnwill

Yes, he may have meant that, but even that is flat out wrong info.

Bottom line: the dealer WILL take advantage of you if you let them.

Re-fi as soon as you leave the shop. You are not being bad. You are not being deceitful. You are merely doing what the dealer is doing to you: getting the best deal and the most money out of the other side.

If you refinance the salesperson is not going to go hungry. He is not going to lose his job.

If you refinance, the dealer is not going to have to shut his doors. He is not going to lose his big house.

It's just business.

sixsix

I refinanced mine after I made the first payment. Dropped 2% in interest and saved 80 bucks a month.