Ford Financing rate?
Posting Guru
Joined: Feb 2005
Posts: 2,295
Likes: 2
Yes, you absolutely can lock in the rebates - I've done it twice. The dealer completes a form to lock it in at order time. When purchase time rolls around, you can either take the locked-in rebates or you can take the new rebates - whichever one works out best for you.
Senior User
Joined: Apr 2007
Posts: 161
Likes: 0
From: Crestwood Ky
Wow I learned something new, I have bought many new cars/trucks and have always been told that when I ordered one that they could NOT lock in the rebate and that I would get whatever was available at the time I actually bought the vehicle. If that is the case that they can lock it in, I stand corrected, I will call my dealer and delve into it.
Thread Starter
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New User
Joined: Mar 2010
Posts: 8
Likes: 0
Dealt with finance last night, and with a 738 score, the best they could give me was 8.99% @ 72. When I asked asked what the pre-pay/refinance penalty was, the finance guy was honest and said nothing but they're asking a favor. I could handle the higher payment for three months, so I took it for their honest. Will be refinancing 91 days out though.
Junior User
Joined: Mar 2010
Posts: 77
Likes: 0
Same here. When they said the best was 7.99 for 48 months, I laughed. I just bought a car a month ago at the same place for 4.3% and then decided to pay it off. So I knew this dealership had access to lower rates. Ended up at 2.9% and I don't have to refinance. I'm happy without the $1,000 from FMCC.
Senior User
Joined: Mar 2010
Posts: 110
Likes: 0
Just returned from the dealership and they gave me the 1K for financing and another 1K for going from a Toyota lease to a Ford. They also guarenteed that the most I would pay in interest and fees if I paid it off in 15 days was $60. I am financing 7K for 15 days. The truck will arrive in 6 weeks and the sales manager told me if there are any additional rebates before I take delivery, I get that as well. So far I got 5k in Ford rebates and $4,568 off MSRP plus a free Power Moon roof. Looking forward to this truck. You guys who already have yours seem very pleased.
Moderator
Joined: May 2007
Posts: 158,311
Likes: 11,961
From: Greenfield, MA
The ability for a dealer to lock in or guarantee rebates depends on the size of the dealerships. In general...the smaller dealers...known as select dealers...can guarantee rebates at time of purchase. The larger dealers...known as contact dealers...generally can not.
Technically...they are not locking in the rebates or low rates...they are locking in your payment...whether you're financing or not.
Technically...they are not locking in the rebates or low rates...they are locking in your payment...whether you're financing or not.
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Senior User
Joined: Aug 2009
Posts: 179
Likes: 0
From: Massachusetts
Dealt with finance last night, and with a 738 score, the best they could give me was 8.99% @ 72. When I asked asked what the pre-pay/refinance penalty was, the finance guy was honest and said nothing but they're asking a favor. I could handle the higher payment for three months, so I took it for their honest. Will be refinancing 91 days out though.
Senior User
Joined: Apr 2007
Posts: 161
Likes: 0
From: Crestwood Ky
I checked around on rates for a new vehicle and the best deal I found was at fifth third bank, the offered 3.59% for 48 months if they deduct the payment from my checking acct., or 3.89 for 60 months. Anyone found a better rate?
Junior User
Joined: Mar 2010
Posts: 77
Likes: 0
Texas and 60mos, but like I said, it was a deal through the dealership. I also only financed a small amount, so I'm not sure if that makes a difference. I was going to pay the diff. between the new truck and trade, but at this interest rate, I'm tempted to just pay the small payments for a while.