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Pay off ford credit loan,lose rebate?

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Old 04-16-2014, 07:06 PM
jyarosz jyarosz is offline
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Pay off ford credit loan,lose rebate?

I recently bought a 2013 F150.I financed it with Ford credit and got a 1k rebate.My credit union interest rate is much lower.I was told I had to make 5 payments to Fords then I could refinance or They would want the rebate back.My son just bought a new F150 and his dealer told him 3 payments.Now a buddy of mine bought a F150 and his dealer told him he could refinance it right away.Has anyone refinanced their truck right away?
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Old 04-16-2014, 07:14 PM
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I don't know the current rules, but I took the $1K financing rebate on my 2012 and then paid off the loan after 2 months with no penalty. Only reason I waited that long was to make sure the state had enough time to process the title. I was advised by the dealership that making title changes too quickly after a new vehicle sale can cause title problems because paperwork isn't complete before you submit a change, and that messes up everything.
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Old 04-16-2014, 07:40 PM
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my dealer told me 4 payments
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Old 04-16-2014, 09:21 PM
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I took the Ford rebate when I bought my Fusion last month. The dealer told me I was free to refinance at any time I pleased, but asked that I make three payments to Ford. He said Ford may withhold money from the dealer if at least three payments weren't made.
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Old 04-16-2014, 09:59 PM
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Got my '13 SCrew about a month and a half ago and used Ford Finance to get a $2000 rebate. Made the first payment and immediately switched to my Credit Union for a 3.5% drop in interest rate. No problems. The dealer told me they like to get 3 or 4 payments before you switch and there was no penalty for switching at any time. My Credit Union will handle all the title switch work.

SPark
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Old 04-16-2014, 10:14 PM
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Originally Posted by ri_truck_guy View Post
I took the Ford rebate when I bought my Fusion last month. The dealer told me I was free to refinance at any time I pleased, but asked that I make three payments to Ford. He said Ford may withhold money from the dealer if at least three payments weren't made.
Bingo.....

Its all about the dealership getting the financing bonus.

I have done it both ways. Refinanced the week we bought one and waited 3 months for the other.

Makes no difference either way.
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Old 04-16-2014, 10:18 PM
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I was just surprised they were that up-front with me.
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Old 04-16-2014, 11:16 PM
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paid off my loan with the first payment and did not loose anything.
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Old 04-16-2014, 11:41 PM
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I was just surprised they were that up-front with me.

Yea, funny how sometimes just being honest works....
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Old 04-17-2014, 12:33 AM
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Yea, funny how sometimes just being honest works....
that`d earn my business
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Old 04-17-2014, 02:50 AM
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The only reason I left mine with Ford for three months was due to the dealer's honesty. Any form of lie and i would have refinanced the next week.
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Old 04-17-2014, 03:03 AM
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I made 1 payment then refinanced. Like others have said you can do it right away, it's the dealership that may lose money not you.
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Old 04-17-2014, 06:51 AM
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I did it with my 2004 Expy 10 years when I bought it. Ford refused to budge on the rate, or rather the dealer refused to make Ford budge. So, I bought the truck, used the $1000 and refinanced the loan before the first payment was due.

The last two that I bought were both financed at 1.9% so I took the bonus and stayed with Ford.
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Old 04-17-2014, 09:14 AM
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The ONLY right answer is the one found on YOUR contract, and nobody else's. Much of the law that governs lending is at the state level, and each state is different. So just because someone else was able to pay off theirs instantly with no penalty doesn't mean that you will.

I remember calling Ford Credit about whether or not they were going to charge me a late fee because I got my loan statement late. She calmly looked up the state the loan originated in and told me that no, I had 15 days after the due date to avoid a late fee. Because, at least at that time, Minnesota required them to include a grace period. The point I'm trying to get at is that loan terms aren't identical in every state.

Check your contract!
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Old 04-20-2014, 09:12 PM
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I found out from the local Harley dealer when I bought from them that the dealer gets some incentives from the parent company in those situations but, only after the customer has made a certain amount of payments. It differs from state to state and manufacturer to manufacturer. We got 0% thru Ford Credit when the wife and I bought a brand new F150 and a brand new Edge on the same trip to the dealer! They offered 2.5% percent on both and I told him that if we qualify for the loans to buy both vehicles at the same time then we qualify for 0% if they wanted to make the sell. They wanted to make the sell.
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