Ford Financing Question
FTE Community Team
Joined: Mar 2017
Posts: 3,337
Likes: 1,050
From: Florida
Most dealerships won't allow you to use a credit card for the down payment because there are multiple "fees" (merchant fees, interchange fees, etc.) that they have to pay in order to accept that credit card payment. The average amount of total fees to accept a credit card payment is around 2.5% to 3%, so a $30,000 credit card payment can cost them upwards of $900. Even just a $5,000 payment costs them $150.
local Ford dealer had a $3000 limit on credit card when I bought my 2016 F150XLT
another Ford Dealer allowed me to out $3000 on my card when I bought my 2017 F350
local Nissan dealer allowed me to put $3000 on credit card when I bought our 2018 Nissan Leaf, rest paid personal check.
Last month I bought a 2018 Ford Focus Titanium. $5,000 on credit card and rest personal check.
Local RV Dealer once only allowed $3000 in 2016 and another time $10000 on credit card. Remainder was paid via personal check.
New User
Joined: Nov 2018
Posts: 23
Likes: 0
so I bought my F350 2 weeks ago.. financed through FMCC for 6.95% for 84 months. (this was no bueno) I waited 1 day and went over to my local credit union to start the refinance process.
Took about a week for FMCC to create the account number and a 10 day pay off. I now have a 3.5% interest rate for 78 months through my local credit union. Saving about $11,000 in interest over the life of the loan.
Definitely worth it to go get a better rate. In california you don't have to wait for crap.. don't listen to the dealer..don't listen to anyone else.. I literally just did this this week.
Took about a week for FMCC to create the account number and a 10 day pay off. I now have a 3.5% interest rate for 78 months through my local credit union. Saving about $11,000 in interest over the life of the loan.
Definitely worth it to go get a better rate. In california you don't have to wait for crap.. don't listen to the dealer..don't listen to anyone else.. I literally just did this this week.
Thread
Thread Starter
Forum
Replies
Last Post
davidpacificnw
2017 - 2022 Super Duty
29
Mar 21, 2018 06:31 AM
