04-HD
1) I has been my experience that most salesmen simply check the "own" box when i tell them my housing situation. I don't believe this is the problem.

2) You may have hit the nail on the head here. I have found out that my credit has been "pulled" 30 TIMES in the last 2 months despite only having run it at 5 dealers. However, one dealer had run it to 12 banks! Was this really necessary? The finance officer at the dealer who gave me this info said that the finance officer at the dealer who ran it 12 times must have been "new", or didn't know what he was doing. The message from FMCC was that the number of inquiries was largely to blame for what's happened. I am still ill, but at least now i have a legit reason ( if you want to call it that ).

3) See first post: 2 Jeeps, one used, one NEW. Toy were financed as well, and at about average rates for the time they were bought. Several toys, actually...

4) I work 48 hours a week, 52 weeks a year. The plant i work in only closes for Christmas. I can afford it, comfortably.

5) With a rate as low as 2.9, why not go 72? It's likely i would pay more than the payment each month. I just thought 72 would give me a little cushion in case something really bad happened and i had to miss a lot of work. I may keep this truck for 20 years.

6) I could have made a small down payment, but was told it was not enough to make a difference. Again, this did not help matters any.

7) Again, i have yet to see anyone go below $28,800+tax, tag, etc on a XLT in my area. The GMC at the dealer who is inquiry happy was $26,632 out the door.

Reality check? Sure...i have gone out of my way to buy the Ford, but it's just not happening at this time.

At this point and time, i think it's best if i just lay low for a while, pay some bills, and let my credit repair itself. Perhaps by that time, Ford will be running some good incentives, and i can park a Silver FX4 supercab ( with leather captain's chairs ) in my drive.

 

Yes, try another dealer. One thing that most people dont realize is that dealers will make money on financing if it goes to a bank and not Ford motor credit. See... Ford Motor credit sets a rate, advertises it and thats what you'll get from the dealer. If you go to a dealer that is trying to steer you to another bank, they are probably uping the rate the bank gave them. You said you got like a 14.9% rate from the bank, well the dealer may have actually got the bank rate at 10% or even less (depending on how much they are trying to get you for)

THE DEALER GETS TO KEEP THE EXCESS MONEY!

Moral of the story, GO TO ANOTHER DEALER AND NEVER RETURN THERE.

Good luck.

 

Ttry the ford website and "build your ford" there and continue with the purchase/ find dealer options...

my 2 cents worth

 

DGRider, some good comments above for all of us about fiscal conservatism and for only purchasing what the buyer can afford. But your initial post seems to blame "ford" for the stupidly high interest quote you received. Please dont blame "ford" for rip off antics perpetrated by the dealer. Yes, the dealers will shop your application and will try to make money from the financing. Before you buy, insist on credit from your local bank/credit union or Ford motor credit. And as you have done, walk away when the dealer tries to cram outrageous interest down the buyer's throat. A previous neighbor of mine was the financing mgr and part owner in a large local new car dealership. I am a CPA and understand cost of money issues. Some of the "deals" they pushed or tricked people into were nothing short of unbelievable (i am not saying the deals were "illegal"). And the dealer wasnt focused on gender or ethnicity or buyer age or purchaser income ; they were equal opportunity rip offs who would peel every last pound of flesh they could from every customer (lying to the customer was an accepted and approved way of business at that dealer). So hang in there, dont blame FordMotor Co, save a few bucks for a bigger down payment, be patient, pay some bills off, consider a vehicle with fewer options and a new ford can be your reward.

 

Doesn't really sound like a Ford problem to me:

In your first post you said the Ford dealer found you a bank that would provide you a loan at 4.9 - what is wrong with that???? That is a good rate for your credit score - heck that is good for almost anyone; bankrate.com lists the national average for 60 month new car loan at 5.6. We all know you have to have great credit for the promo rates. AGAIN - They were not trying to push you in to the 14.4, they found you better at 4.9!!!

Yes, of course you have a lot of inquires - sounds like you went to multiple dealerships and they usually send out the request to multiple banks/credit unions. I've been screwed the same way.

I think you need to do more research on prices. If you do not buy from Jeff get the invoice price on the truck you want and work up from there. You should pay invoice or slightly over invoice MINUS rebates.

Not that my opinion means anything but in the future I recommend you first find the vehicle you want BEFORE looking for credit - pick your Ford, GMC, Nissan, or whatever - then get an interest rate quote from only one of the following: your credit union, bank, or capitaloneauto. Within 30 days go to the dealer to get your truck and let them try to beat that rate and instruct them to only run your credit once.

And finally - I am missing what the heck how many hours you work has to do with being able to afford something? Someone can work 50 hours @ 10/hr and make 500 a week, others can work 50 hours at 100/ hr and make 5000 a week.

 

tm, i think he was emphasizing that he is gainfully employed on a full time basis.

 

f150man - you may be correct - but I still think he implied how many hours one works can determine how much one can afford:


"4) I work 48 hours a week, 52 weeks a year. The plant i work in only closes for Christmas. I can afford it, comfortably."