Hello all, I will try to make this as short as I can.
I just sold my 04 F150 Lariat. I loved the truck but had to sale it because I needed money to put down on my new home. The truck had a MSRP of near 40k in O4. So it was a very nice truck, and I loved it. The problem I had was not with the truck, but with Ford Credit. I financed with Ford because of the interest rates. Everything was great until I sold the truck. I sold the truck for $30k, and I only owed $21k. Well the guy that bought the truck of course got a loan for the $30k, and I had to send the total amount from his credit company to Ford Credit. I called Ford Credit to find out how this is done. They said that they would have a 10 day processing time, and then would return my Title, and the difference in my Pay Off amount. I waited the ten days, and received my title. That is great, but I need my $9k. I of course called, and they said it should be only a couple more days for the processing. Couple days go by, and I call back. They then inform me that I will need to wait 30 days to receive my money. Nothing I can do. They are going to just keep my money for a month. I know the check has cleared, by checking with the other credit company, and this is also evident since they sent me my Title. I don't think they would send a title if the check didn't clear.
Well the truck was great, but Ford Credit has failed me miserably. I will never deal with Ford again. I needed the money for my new house, and now I will have to get a loan for that money, so that Ford can make interest on that money while I pay.
So if you are looking to buy a new Ford..... Maybe you should consider other credit companies. Or at least maybe you should call Ford Credit first, and ask them if they are going to put you in the same situation if you pay off your loan in the same manor.
Is this even legal for them to just keep my money? I know that it would be a serious situation if I would just keep their money.

 

that sucks! I know when i financed through Ford Credit Canada I never had a problem with them.



Jim

 

Sorry to hear of your trouble, but I have a couple of thoughts.
When I was right out of college I moved to the big city and decided to buy a new Ford. (Well, it was a Mercury actually) Nobody would lend me any money because I had no established credit. Not good credit or bad credit, just NO credit. Ford credit was the only place that lent me the money and it was actually at a very good interest rate. I bought through Ford credit.
Also, with the proliferation of fake money orders and bad/bogus checks, Ford is probably just making sure that the "funds" that they received are good, I don't know. They are probably just covering their bases.

 

I agree, it would seem like they are just making sure the check clears, and I am sure they wouldn't have sent the Title until everything was clear. I have had the title for almost a week.
What makes me mad is that they told me several times I would have the money in Ten days, and I needed that money as soon as possible. 30 days is not acceptable. In this day and age money moves electronically, and I know it is much faster then 30 Days.

 

Ford Credit is trying to stay relevant . . . a few months ago there was a rumor that Ford was going to sell off Ford Credit, much as GMC did.

I wouldn't stop fighting for your money.
Call them up, demand to speak with a manager, and say these three magic words:
"conversion of property"

I'm sure that what they are doing is legal (there is always fine print), but they don't want hassles, and the squeaky wheel gets the grease.

 

I don't know why you sent Ford all the money. I would have got the payoff amount, sent them that and kept the difference. Best of luck.

 

OK. I'm a financial idiot (my wife runs all the money and all that crap, but I won't even go there). Now, WHY would a manager loose the contents of his bladder at these three magic words? Could you elaborate a little more on this concept please? It sounds VERY useful, but it would be helpful if it was described just a LITTLE more in depth.

Gunner15a

 

It means you are telling them you think they are embezzling your money.

I'ld tell them I want it back with the interest you have lost by not having it available to put into an interest bearing account.

 

I'll have to agree with that. Why did you send them 9k too much?

 

Maybe the other credit union made the check out directly to FMC and he had no choice.

 

They could have made two cheques as we did for the sale of my leased truck. One to Ford Credit in the amount of the pay off and one to me for the balance of the agreed amount of the sale.

Now that is here in Canada but I don't see how that could make a difference.

Never give anybody more money than they are owed. Crreates problems as you have found out the hard way.

 

That is correct. The check was made out directly to FMC. They would only do one check, and it had to be made out to FMC since they were the holder of the title. They would not do 2 checks.

 

What makes me upset about it all, is that we called FMC before we sent the check, and they said that they would send the refund in 10 days with the Title. Well they sent the Title. So abviously the Check cleared. I just hope that at the end of the 30 days they don't tell me that they want to keep it for 60 or 90, or maybe never give it back. They will just keep it and gain interest forever. They lied to me on the 10 days. I hope they were honest on the 30. I just wish we could split the interest or something.

 

This is the reason I don't buy new trucks any more. I got bit buy ford credit. Sold 04 truck 3 months after bought it. It took 3 months to get settled with them. And they made me pay all interest for whole time period. My bank if I have load a day or 10 years If I pay it off early I get discount on interest. If you want to know reason sold . Seats (to hard) interior sucked (whats with the stupid flat dash) It road like a car. But I wanted truck . The quad cab is a joke . Should make commercial ""wheres the bed"". And with mower in bed 450 lbs felt like had 2 flat tires. I bought A low milage 94 F150 SC LB 4x4 (I'm getting better mileage on the 302. . And am hunting for a super duty crew long bed . Boy they ride nice.

 

I had a similar issue with a credit card company. I pay all my bills through my banks online bill pay system. Well my credit card company and mortage company have similar names. Going through fast one day I accidentally sent my mortage to my credit card company. (mind you the card had a zero balance and had not been used in over 1 year) I was fat dumb and happy till I got the letter from the mortage company saying "Hey dummy where's our money" After figuring out what had happend I sent the mortage company another check and went to the task of getting my money back from the credit card company. Long story short is it took me 45 days to get the money back from the credit card company and I heard every excuse in the book. I admit it was 100% my fault but the delay in getting my money back to me was ridiculous I felt. I HAD been a good customer for the cc company but after that I am now a former customer of them. so I feel your pain.