Hello All,
First post here. I got myself a F-150 2.7l twin turbo XLT FX4. I first want to say I love this truck! So excited and glad I got it. Already having so much fun with it.

The reason I pulled the trigger on the deal was the incentives and rebates. The dealer nocked it down a bunch but only if I went with Ford financing. I was like ok no biggie as I have great credit. WRONG! Even with great credit they hit me up @7.5%.
I said that was insane and I would refinance the loan. The finance guy at the dealership said if you re-fi you will loose the incentives and rebates. I already got pre-approved at my bank for 1.75%. So anyone else have issues with a dealer threating you like this? I pinged Ford financing and they said no early payoff fees but to confirm with the dealer. Am I crazy here or does this sound sketchy? Just looking if others have had to deal with this and what did you do? I don't want to loose the good rate but also don't want to pay the 10k in discounts!

 

The dealer is full of sheat...make your first payment with FMCC and then refinance with your bank. If your dealer belongs to Dealer Rater or some other sort of rating program...make your feelings known. It might not hurt to contact the dealership General Manager and let him know you're upset. If the GM doesn't appease you...the owner would come next.

 

I believe the dealer receives a cut of any financed product, and unless you finance for a min of 90 days.. they don't get a dime. They are greedy, and not every aspect of business should be monetized! I agree with BigKen. Pay first month, and refi.

 

 

Thanks everyone, I will be doing the refi soon. Let you all know if I hit any trouble. I couldn't find much on the subject and contacted the state but you all know how well gov works.

I am interested to see if they would even try anything. If Ford says it's paid how can they give me a hard time about it. I did talk with the Finance guy at the dealer again to ask for the language and he said there wasn't any and they would eat the cost. I love my Ford but disappointed in the way they went about this. Also talked with Ford credit and the support team said the same thing that the dealer takes the hit.

Again will update how this comes out and if I see any backlash.

 

The dealership tried pulling a fast one on you...and...they got caught with their hand in the cookie jar. With great credit 7.5% APR is almost usurious...I would get on some sort of dealership rating web site such as Dealer Rater and review them and the way the Finance Manager treated you.


https://www.dealerrater.com/

 

As a salesman at a Ford dealership there's a couple of things you should know. Yes, Ford incentivizes people to finance through FMC by providing extra rebates to do that. Ford doesn't want people to know that they can take the rebates, and go elsewhere directly after. Basically you can make your first payment with the complete balance, and there's nothing that the dealership can do about it, nor FMC. The dealership gets in trouble from FMC and has the rebates charged back to them. Buy rate on most loans right now through FMC is around 4.9% on a 60 month loan. If you have an approval from your bank at 1.75%, take it and run. If you really want to, you can wait for the third payment to make that re-fi decision. That way the dealership doesn't get charged back for the FTF rebate. Long story short, the dealership is really trying to pull a fast one on you to make an extra buck. Take the money refi at your bank.

 

Welcome to FTE ThatNEGuy......I spent 33+ years in "The Business" as salesman...F&I...Used Car Manager...Sales Manager...GM. The last 16 were at a Ford dealership as a salesman...they kept trying to promote me to F&I or Sales Manager...and...I kept refusing. Management these days is just one step closer to the door. Just to add a note to your post...0% financing is never really 0% financing as you always lose a rebate in order to get the "0%" financing. Wise to shop around and explore all your options. Otherwise...everything you typed was right on the money.

 

Thanks BIGKEN. I love selling, and have no desire to do anything else. (I figure I have an easy enough time screwing up my life I don't need underlings to do it for me.) I always try to have a conversation with my clients about the amount of money they will be spending on total loan expenses, including interest paid. Sometimes it makes sense to take the 0%, usually anything less than $2,500 to get to it unless it's on a truck. Other times it makes sense to finance outside of Ford due to rates. But hey, I'm preaching to the choir at this point.

 

When new ownership took over the Ford dealer I was working at they forbade sales people to talk about financing. They continually reminded me of their "Policy"...I continually ignored their reminders. What dealership do you work for???

 

Wagner Ford Toyota in McCook, NE. Been here for 7 months now. Before that it was six years at a larger dealership in Lincoln, NE. Within reason I'm allowed to pretty much tell whatever I want, as long as it's not detrimental to the dealership. Went from straight pay, to commission here. Much less stress, people are easier to deal with, and it's a little slower too.