jhunt47

I know this has been asked several times but I'm in the process of buying a new truck. I'm taking all rebates and financing through ford the fiancé lady called today. She asked if I planed on paying it off as soon as I buy ( which I've done everytime). She said that she can see that I've done this several times! She says ford changed their policy and I need to make 4 payments before I can refinance it. I asked what happens if I don't she told me it would get charged back to the dealer. What is everyone's take on this? Should I pay the 4 payments at their crazy interest or refinance? I'm already approved at my bank for 1.9%.

PolishF150

Tell the dealer to give you another X amount off and you will do it the way so they don't get charged. If not then do it the easiest way lol.

WTF150

You are allowed to pay it off day 1. The only reason the finance lady is saying that is because the stealership gets an extra kickback after so many payments (apparently the number is 4.)

Eco2014

I was told the same thing. I made 1 payment to Ford then went to my bank and refinanced

drewzx3

I made 1 payment before I refinanced mine. It would have been sooner than that but they screwed up my registration.

Twelve

If I remember correctly the dealer told me I needed to make 4 payments as well, but I refinanced in 15 days. That was 11 months ago and the dealer has not said anything to me.

Fordguy1341

I refinanced within the first week. This was 2 months ago.

MickieMac

There was a thread on this topic which I read completely to be better informed when I went to buy my 2014 KR. I had been preapproved for a loan but when I got to the dealership I was told that to qualify for all the rebates I had to finance through Ford (at 5.89%!). I have sterling credit so the interest rate was the best they had. I said OK and about 2 weeks later contacted Ford Credit to get my Acct. # and payoff amount. I took that info to the credit union, signed the papers for that loan (at 2.24%!) and they sent a check to Ford to pay off that loan. I am all set up for auto-pay from the credit union and will save over $50.00 a month vice the Ford loan.

I was told by the finance guy (and the salesman) to make a few payments then switch the loan. I only waited long enough for all the paperwork to be completed by Ford then did the switch. It's my money and I intend to keep as much of it as possible.

Now if you can get some rebates and a good finance rate 1.9% or 2.9% from Ford (their incentives change often) then finance through them. Otherwise do what I and others have done.

Good Luck.

jhunt47

Thanks for all the help.

DirtDawg

I financed to get $1000 Ford Credit incentive. Plan was to refi within 30 days after I got 1st statement w/ loan number but my bank only offered .5 point lower than Ford (prox 3% on $10k for 2 yrs vs 3.54% on $15k for 5 yrs). Not worth the hassle, so sent payment w/ add'l $5k principle pay-down and will pay off entire amount within 1-2 yrs. Point being, Ford's APR was fairly competitive compared to a major bank.