Rejected by BofA
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Junior User
Joined: Sep 2017
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Rejected by BofA
I finalized purchase and delivery of my 2018 450 last month and used Ford Credit to get the $1,500 incentive offered at the time.
Prior to completing the deal I was preapproved for a loan from Bank of America at a much better rate. Like 2+ points better.
Well, went to BofA to complete the loan to payoff Ford Credit and they are now telling me they do not finance 450’s because they are considered commercial vehicles.
I do a lot of business with BofA and have been caught off guard by this. It is now escalated so will see what happens.
m
Prior to completing the deal I was preapproved for a loan from Bank of America at a much better rate. Like 2+ points better.
Well, went to BofA to complete the loan to payoff Ford Credit and they are now telling me they do not finance 450’s because they are considered commercial vehicles.
I do a lot of business with BofA and have been caught off guard by this. It is now escalated so will see what happens.
m
Senior User
Joined: Feb 2017
Posts: 377
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My state's BMV asked whether the F-450 I bought would be used commercially. I suspect that Bank of America will require some sort of confirmation from you that your vehicle will not be used for commercial purposes, even for part time work. My guess is when they look in their computer system to select the vehicle, it automatically populates their fields for a commercial loan and are confused about how to proceed.
Senior User
Joined: Aug 2016
Posts: 297
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I have found no way around by anyone (dmv, insurance,etc...) that my 450 is NOT used commercially. For what it’s worth, I used State Farm for financing, they gave me a great rate which includes full value payout incase of total loss.
Senior User
Joined: Sep 2017
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State Farm agent said F450 Super Duty is on a list of non-commercial vehicles.
Credit Union wanted verbal it was non-commercial.
Today, 1 week AFTER delivery, the Credit Union asked for verification of income. A bit late!
Anyway, I photocopied 2 top pages of tax return and sent it to them. It totally supports what was put on application, so all should be fine.
Credit Union wanted verbal it was non-commercial.
Today, 1 week AFTER delivery, the Credit Union asked for verification of income. A bit late!
Anyway, I photocopied 2 top pages of tax return and sent it to them. It totally supports what was put on application, so all should be fine.
Tuned
Joined: May 2017
Posts: 467
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From: Mount Arlington, NJ
Depends on the state too. Here in NJ, you can register almost any vehicle as a passenger vehicle. For pickups and RVs, it's what's denoted as a Code 15... you pay the registration fee of a truck by its registration weight (not necessarily GVWR), but you get passenger car plates. The "Pass-Comm Fee 15" on the registration is sufficient identification in NJ that the vehicle is not used for commercial purposes. It can not be lettered with a business, and it can not be used for work/hire.
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Joined: Dec 2017
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I just refi-ed with a credit union and they almost rejected my F-350 SRW because they said it was "commercial." I own a landscaping company so perhaps they thought I would use it for that. I told them that 1 ton trucks are used often for other things besides work. The underwriter gave in and i got my truck refi-ed today after 1 month of ownership.
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New User
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I finalized purchase and delivery of my 2018 450 last month and used Ford Credit to get the $1,500 incentive offered at the time.
Prior to completing the deal I was preapproved for a loan from Bank of America at a much better rate. Like 2+ points better.
Well, went to BofA to complete the loan to payoff Ford Credit and they are now telling me they do not finance 450’s because they are considered commercial vehicles.
I do a lot of business with BofA and have been caught off guard by this. It is now escalated so will see what happens.
m
Prior to completing the deal I was preapproved for a loan from Bank of America at a much better rate. Like 2+ points better.
Well, went to BofA to complete the loan to payoff Ford Credit and they are now telling me they do not finance 450’s because they are considered commercial vehicles.
I do a lot of business with BofA and have been caught off guard by this. It is now escalated so will see what happens.
m
You WILL NOT get approved by BOA for an F-450 on a personal loan, how do I know, I just went thru the same thing AND I WORK FOR THEM. I have been with them for 10+ years and suffice it to say I don't have any credit issues, it was only a matter of what you state above, they can't get past the "guidelines" saying it's a commercial truck. In fact the people I spoke to (internally) didn't even think that an F-450 came with a normal PU bed.
It's a shame really that the company that boasts "We're better when we are connected" and pushes us to recommend them to our family and friends can't deliver if one thing is not what they excpect.
Anyway, rant over and good luck but I'll bet a lot of money you will get the "sorry" answer in a week or so.
Senior User
Joined: Sep 2017
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I purchased my F450 a few weeks ago and let the dealer blast my credit out to find a good deal. Received a letter from BofA saying they wouldn't lend to me due to something with collateral, with an 820 credit score.
So yah they don't lend on F450s.
Ford kinda screwed us up by using the same designation on a commercial and a consumer vehicle. My loan ended up being about 1% higher than I could have received on a F350 just because of that 4.
So yah they don't lend on F450s.
Ford kinda screwed us up by using the same designation on a commercial and a consumer vehicle. My loan ended up being about 1% higher than I could have received on a F350 just because of that 4.
New User
Joined: Feb 2018
Posts: 8
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I finalized purchase and delivery of my 2018 450 last month and used Ford Credit to get the $1,500 incentive offered at the time.
Prior to completing the deal I was preapproved for a loan from Bank of America at a much better rate. Like 2+ points better.
Well, went to BofA to complete the loan to payoff Ford Credit and they are now telling me they do not finance 450’s because they are considered commercial vehicles.
I do a lot of business with BofA and have been caught off guard by this. It is now escalated so will see what happens.
m
Prior to completing the deal I was preapproved for a loan from Bank of America at a much better rate. Like 2+ points better.
Well, went to BofA to complete the loan to payoff Ford Credit and they are now telling me they do not finance 450’s because they are considered commercial vehicles.
I do a lot of business with BofA and have been caught off guard by this. It is now escalated so will see what happens.
m
I have worked for them for 10+ years and tried the same thing late last year. The escalation was internal for me and it was still no. Going thru the normal process you have no chance, sorry.
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