Ford Credit Rebate- When to Refinance?

j_obeck · #1 (**permalink**) 10-13-2004, 12:02 PM

I just purchsed an 04 F250 PSD 4x4- we took the $1000 rebate from Ford Motor Credit with a gastly interest rate.

Question- I long do I HAVE TO wait to refinance? I had read at least a month- finance guy said three payments- but could not back up that claim in legal print!

Steina · #2 (**permalink**) 10-13-2004, 12:17 PM

J -

Do it as soon as possible - the only reason your F&I guy said to wait is because he gets no kickback if you make 0 payments to FMCC. Call if you haven't got a statement to find out your account number.

Steve

Steve

j_obeck · #3 (**permalink**) 10-13-2004, 12:29 PM

Did you do this? Has anyone refinanced right away?

Steina · #4 (**permalink**) 10-13-2004, 12:41 PM

J -

I paid off my '04 Explorer in May without making a payment and there was no penalty; you DON'T have to wait a certain # of payments to refinance, you just need your FMCC account number to get the ball rolling.

Steve

j_obeck · #5 (**permalink**) 10-13-2004, 12:44 PM

I am a little dense- I get the account number and take it to my credit union and refinance it?

How many days did you wait? Somebody said the DMV paperwork would have to be filed- and don't they have 20 days or so to file it?

Steina · #6 (**permalink**) 10-13-2004, 12:53 PM

J -

Yes, take your FMCC account number to the credit union and get the paperwork started.

As soon as I got my first statement, I sent the full payoff amount to FMCC (which is what you're doing by refinancing).

Again, the dealer will tell you whatever it takes to make sure he gets his kickback.

Steve

Tell3131 · #7 (**permalink**) 10-13-2004, 02:03 PM

You have to wait ZERO days to refinance or payoff the loan. As far as the DMV thing goes, most states give you 30 days to title.

For Example:

Oct 1: I go buy a new F150 and take the Finance rebate

Oct 2-10: I refiance and payoff Ford Credit loan, so new loan is with MY credit union.

Oct: 15-30: I now have 15 days to go to DMV and tell them the lien holder is MY credit union and title the truck.

This take a little more paperwork and hassle on your part, but well worth the $1000.

I don't know why they have that stupid Finance Rebate, I guess some people actually think they have to wait to refinance or payoff the loan.

It is that simple.

Steina · #8 (**permalink**) 10-13-2004, 04:17 PM

[quote=Tell3131]

I guess some people actually think they have to wait to refinance or payoff the loan.

They think that because of what the dealer tells them, to get the kickback.

Steve

barnbridge · #9 (**permalink**) 10-13-2004, 05:16 PM

I'm glad I read this post. I financed the minimum $5000(or so they told me) for the minimum 5 months(so they told me) and my finance charge is $31 per month. After reading these posts I decided to check my account online and there is a payoff amount which will save me 4 months of interest, or $120! Thats almost 2 tankfuls of diesel for my new F-250!

bajaron · #10 (**permalink**) 10-13-2004, 05:39 PM

Quote:

Originally Posted by barnbridge

I'm glad I read this post. I financed the minimum $5000(or so they told me) for the minimum 5 months(so they told me) and my finance charge is $31 per month. After reading these posts I decided to check my account online and there is a payoff amount which will save me 4 months of interest, or $120! Thats almost 2 tankfuls of diesel for my new F-250!

well I'm glad you saved some money.

This is a great site for INFO

Steina · #11 (**permalink**) 10-13-2004, 05:49 PM

Barn -

Better hurry and get those fill-ups; the way prices are going on diesel and gasoline, $120 might pay for only one tankful soon!!!

Steve