Racer, was that through Ford Motor Credit or another bank like a credit union?

 

hawks,

Thought a bank with whom the dealership does business. FMCC, are you kidding me?

 

it depends on the dealership. i was able to lock them in, my dealership told me it was because they were a smaller dealership and Ford lets the smaller dealerships do that as an incentive to boost their sales (who knows if that's true, i have a hard time believing anything they say).

the nice part is, i ordered my truck last month, and the rebates went up today $500. i get that extra $500 when my truck comes in! score!

 

i am waiting on my 2010 F150 Screw to come in this month or early may. I got the $1k rebate for financing through Ford and they warned me to make 3 payments. I'm going to take a close look at the terms of the lease to see if there is a penalty for early payoff. if not, i'll be refinancing asap.

 

from what i have been told there are no penalties for early payoff the only penalty would be if you paid it off in 60 days they would charge the $1k or whatever back.

 

There is not ANY penalty to you for paying off the loan even minutes after you walk out of the store. None.

None in this thread as said many times before above.

None in any of the other many, many threads and times this has been asked.

No penalty.

Read the loan contract.

 

What would you want to do if you locked in the rebates now, and then when you went to get the truck later, the rebates were more? Thanks

 

As far as rates go, either have your dealership look around or look around yourself. You can easily make up that $1000, unless you are paying it off with cash immediately.

 

the final price, the out the door price, includes the 1k off for going through FMC. After you sign, they cant take it away from you. ITs not like the 1k rebate kicks in down the road someplace. So you can pay it off right away, you just have to agree to finance through them. If you plan to refinance, you have to make 1 payment. That way you technicaly DID finance through them. I dont know where they're getting this 3 payment stuff.

 

I know for a fact that is BS. Bought our truck in March and used Ford financing for the rebate. Before I even got paperwork in the mail I looked up my account online and over phone, got necessary info and refinanced with my credit union at 3.99% 10 days later. There is no way they can get $1000 back, nothing in contract that states that, your dealer is just trying to make sure they make their cut. I'd go elsewhere. Also my credit union paid a little too much when they paid off the Ford Mtr credit loan and I received a $16 check in the mail they other day from Ford!

 

I agree. The sales manager at our Ford dealership stated the same thing. In addition, he said I only had to finance $7,000 whcih makes the interest paid a very small amount.

 

No. Absolutely not.

 

Ford allows some dealerships to lock in the rebates at the time of order AND give you any rebate increases at the time of delivery.

I did this with my truck and the rebates already went up $500! score!

 

Ok, I happen to know a lot about this topic (I am a finance director at a Ford store). You can pay the loan off at any time without paying a penalty. Ford Credit standard rates are higher then most banks, hence the reason they offer "special" rates as low as 0%. Ford's rates are so high because they are not a bank and do not get money from the government the way regular banks do. Banks are currently getting money at .5% and then loaning it out at 4,5,6 etc. The banks are making a killing while Ford Credit is barely covering costs at the higher rates because of the lack of mark up that banks have. Honestly, take the $1000 rebate and pay it off or refi it. Even if you spend $100 in interest over a couple months you are still way ahead of the game. Ford does pay out a very minimal flat to the dealer for issuing the loan, and if you pay it off in less then 3 months the dealership will get charged back that amount. For me, it isn't worth pissing off a customer for ~$60 in profit.

One last thing. Those of you paying cash and expecting the dealer to go into holdback because you don't want to finance, you are screwing yourself. Even if you get them to do this, you could still finance and get the extra $1000 rebate. I mean really, how do you not get that concept! $1000 from ford motor credit is there no matter what the negotiated price is. Tell you what, I help you fill out the paperwork for financing and you cna give me the $1000 seeing how you are too lazy!

 

Wow, Thank you for that info. It was very well put