Ford credit question

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Oct 23, 2021 | 12:41 PM

#16

Ltngdrvr

Lead Driver

Joined: Nov 2005

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Quote:

Originally Posted by (Overthebars)

The reason I'm asking is my dealer is trying to pull some last second BS and tried telling me they are not accepting outside financing even though ive already been approved with a Great rate 1.89 elsewhere. When I ordered I was told I could get outside financing. My truck is arriving within next week or so and I'm pretty furious they are trying to play games with me at the last minute when they have been pretty good to deal with so far.

Well, that is very wrong, but I guess you could tell them that is fine, so long as they can match the rate from your other finance source.
Either that, or discount the price of the truck to make it even out to the same total amount on their finance source.
Although, now that I think of it, I don't think it is legal for them to require you to use their financing source.

Oct 23, 2021 | 12:55 PM

#17

morehouse7

Fleet Mechanic

Joined: Mar 2021

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Credit unions are usually going to be by far the best rates. Most have easy ways to join like open a checking account with $20 and keep it open with no fees. Also when the dealerships offer to get your outside financing they are authorized to jack the rate and keep the difference. Example: Hi I'm preapproved with credit union X and am doing my loan with them, they have 3%
-Oh we deal with credit union X and can do the deal right now and you don't have to go back and do any paperwork with them
Ok sounds good
-We called them and the rate is 3.99% that's the best they will do...

Oct 23, 2021 | 12:59 PM

#18

Qvan666

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Joined: Oct 2003

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From: Wonderful, Fun, Pahrump!

The last time I financed through a dealer they offered 1/100th of a percent higher than I was getting from my credit union. Over the life of the loan that was essentially nothing. He filled up my gas tank for me, was at less than a quarter tank so I probably made a couple of bucks. Other than that I would have gone with prearranged. What ever you decide to do report the dealer to your state consumer affairs department. They won't do anything but if they get enough complaints they may look at the dealer in the future.

bob

Oct 23, 2021 | 01:06 PM

#19

Germanrazor

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Joined: Jan 2021

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Ford or any manufacturer’s credit will be higher almost always. They rather have the money up front from other banks than lend their own. But they offer it as a service but you will pay certainly more. The only way their credit may work to your benefit is if you use it then negotiate a better trade-in price, money off a sale price or what have you. But even then, Ford will get that back from you like any other manufacturer would.

I did let Ford find me the best deal when I financed. It was almost if not more than 1% better than my credit union I bank with.

Oct 23, 2021 | 01:08 PM

#20

4wd6.7L

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Joined: Dec 2020

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Quote:

Originally Posted by Qvan666

The last time I financed through a dealer they offered 1/100th of a percent higher than I was getting from my credit union. Over the life of the loan that was essentially nothing. He filled up my gas tank for me, was at less than a quarter tank so I probably made a couple of bucks.

It doesn't hurt to compare what the dealer has to offer, they aren't always completely out of line on rates. I don't know of a dealer that doesn't fill the tank at time of sale, that is standard procedure as far as know.

Oct 23, 2021 | 01:38 PM

#21

powerboatr

Cargo Master

Joined: Apr 2021

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From: Texas

You can go on build and price. Look for incentives
it will show rates and lease info. Current for your area.
found in past if Ford offers real low rate and cash back. Do it.tgen refinance in 60 days and get lower rate at credit union or other institutions. Check fine print in terms of. Cash back.
if yiur credit is excellent...shop around .

Oct 23, 2021 | 01:45 PM

#22

Qvan666

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Joined: Oct 2003

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From: Wonderful, Fun, Pahrump!

Quote:

Originally Posted by 4wd6.7L

This was a used vehicle so I guess he didn't feel the need to sell it with a full tank of gas. I was kind of surprised at that also. Most new vehicles come with a full tank but if you get into the weeds of the sales contract you can often find a "fuel fee".

bob

Oct 24, 2021 | 02:18 AM

#23

ogeidnad

4wd High

Joined: Mar 2021

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Quote:

Originally Posted by (Overthebars)

Nod your head and say you’ll keep the loan for however long they’re asking. Then refinance immediately or a few days before their kickback period ends. If you walk now, it’ll just allow them to continue lying to customers to extract a few extra bucks by using their preferred lender. Don’t enable their dishonest behavior.

Last edited by ogeidnad; Oct 24, 2021 at 02:21 AM.