It Has Arrived, Final Prep Time
FTE Community Team
Joined: Mar 2017
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From: Florida
Now several times I have made big down payment and financed only $5,000 to get the $500 rebate. 10 days later I pay off (not refinance) the loan, In that case the Doc stamps are only $$17.50 and 10;days interest on $5.000 @7% is only about $10. Not a bad deal to get a $500 rebate. I did this recently with a Ford Focus I bought.
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Joined: Dec 2018
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In Florida it gets more complicated. Any finance agreement requires you pay Florida Doc Stamps at $0.35/$100 financed. So if you finance say $60,000 you will have to pay $210 in Doc Stamps. If you refinance the $60,000 you pay the doc stamps again. In addition there’s a few days where you are paying interest on both loans. Plus say the Ford Loan is at 7% that’s $11.50/day interest. At 3% daily interest is $4.93 so you’re paying an additional $6.57/day as long as you have the Ford Loan. So if it takes you 20 days from buying the truck to completing the refinance you have paid an additional $131 in interest, plus the $210 doc stamps plus dual interest of about $30. I also seem to remember there was a fee of $25 to pay off the loan. So your $500 rebate savings is pretty much eroded.
Now several times I have made big down payment and financed only $5,000 to get the $500 rebate. 10 days later I pay off (not refinance) the loan, In that case the Doc stamps are only $$17.50 and 10;days interest on $5.000 @7% is only about $10. Not a bad deal to get a $500 rebate. I did this recently with a Ford Focus I bought.
If you have cash and nothing better than 3% to do with it, then yes: finance $2,000, pay it off ASAP and take the rebate.
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This way you pay the same amount every month but how that amount is split among interest and amortization of balance owed changes every month.
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One Final Question. My Sister-in-Law(The one who gave us the A-Plan Pin) was told to make sure we get the true factory invoice. I am fairly certain that, that is the invoice that shows the A-Plan pricing on it. But she wants to make sure I don't get ripped off.
Does anyone have a picture of the true factory invoice or is there a way I can be 100% certain that the dealer isn't trying to pull a fast one over. We do live in Alaska where all the ford dealerships are owned by the same company(Unless I would have driven 5 hours to Fairbanks) So our dealerships are not the most accommodating.
Does anyone have a picture of the true factory invoice or is there a way I can be 100% certain that the dealer isn't trying to pull a fast one over. We do live in Alaska where all the ford dealerships are owned by the same company(Unless I would have driven 5 hours to Fairbanks) So our dealerships are not the most accommodating.
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Joined: Mar 2018
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From: Fairbanks, AK
One Final Question. My Sister-in-Law(The one who gave us the A-Plan Pin) was told to make sure we get the true factory invoice. I am fairly certain that, that is the invoice that shows the A-Plan pricing on it. But she wants to make sure I don't get ripped off.
Does anyone have a picture of the true factory invoice or is there a way I can be 100% certain that the dealer isn't trying to pull a fast one over. We do live in Alaska where all the ford dealerships are owned by the same company(Unless I would have driven 5 hours to Fairbanks) So our dealerships are not the most accommodating.
Does anyone have a picture of the true factory invoice or is there a way I can be 100% certain that the dealer isn't trying to pull a fast one over. We do live in Alaska where all the ford dealerships are owned by the same company(Unless I would have driven 5 hours to Fairbanks) So our dealerships are not the most accommodating.
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