Got a Ford Email! But it just "preapproves me" for financing to buy a vehicle that I can't even get

[Ruination]

Waiting on the Ford Options numbers.

First thing I checked lol.

I have been able to mess with the mach-e a bit, but it wasn't working last time I tried.

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[shoopg]

First thing I checked lol.

I have been able to mess with the mach-e a bit, but it wasn't working last time I tried.

Residual values were released. You can do the math and find your payment numbers with them.

 

[hturnerfamily]

I received no email, but was at first 'excited' to see a change on my reservations landing page, with this new 'pre-approval' link. Sadly, it's just a marketing message, since the disclaimer, as it would be for ANY pre-approval, does not state that it is guaranteed. And yes, it was for $110,000.00, wow!
Also, just for a real-world example, I had already asked for a Ford Loan Approval, on the website, several weeks ago - I was 'approved' for $42,000, which is the base MSRP for the PRO I put in as the vehicle to finance. Sadly, the 'approval' says it is only good thru March 31st. : /

 

[Ruination]

Residual values were released. You can do the math and find your payment numbers with them.

Yea, I don't have any idea how to do that.

 

[F150ROD]

Yea, I don't have any idea how to do that.

Example Lariat 5p 36 months with 47% Residual Value + 3% for opting for 10,500 miles so 50% residual:
$79169 MSRP x 0.50= $39584.50
$79169 - $39584.50 = $39584.50

The $39584.50 is what you will be paying over the next 36 months not including taxes or fees. As of now, it looks like Ford Options is 5% for 36 months which is severely high, and if you take DCU's rate and compare you are almost at the same monthly payment. Only thing up in the air is whether the $2500 will be offered, which I doubt.

 

[Ruination]

Example Lariat 5p 36 months with 47% Residual Value + 3% for opting for 10,500 miles so 50% residual:
$79169 MSRP x 0.50= $39584.50
$79169 - $39584.50 = $39584.50

The $39584.50 is what you will be paying over the next 36 months not including taxes or fees. As of now, it looks like Ford Options is 5% for 36 months which is severely high, and if you take DCU's rate and compare you are almost at the same monthly payment. Only thing up in the air is whether the $2500 will be offered, which I doubt.

Gotcha, it's a loan on half of it. Thanks.

For the Mach-E I I was seeing sub 3%

How do down payments get factored into it?
If it was a 10k down payment would it be 69k x 0.5?

 

[AB852]

Gotcha, it's a loan on half of it. Thanks.

For the Mach-E I I was seeing sub 3%

How do down payments get factored into it?
If it was a 10k down payment would it be 69k x 0.5?

Down payment would be made on the actual loan. 50% of $80,000= $40,000 plus down payment. If you put $10k down your loan would be 30,000 for 36 or 48 months. Sales Tax and dealer fees aren’t factored into this.

 

[Ruination]

Down payment would be made on the actual loan. 50% of $80,000= $40,000 plus down payment. If you put $10k down your loan would be 30,000 for 36 or 48 months. Sales Tax and dealer fees aren’t factored into this.

Thanks...that makes things kind of interesting.

 

[shutterbug]

Down payment would be made on the actual loan. 50% of $80,000= $40,000 plus down payment. If you put $10k down your loan would be 30,000 for 36 or 48 months. Sales Tax and dealer fees aren’t factored into this.

Down payment has no effect on the Options balloon payment (residuals) it only reduces the monthly payments.

 

[Ruination]

Down payment has no effect on the Options balloon payment (residuals) it only reduces the monthly payments.

Is that not what he said?

 

[F150ROD]

My pre-approval has disappeared lol

 

[rdr854]

My pre-approval has disappeared lol

I never got one for it to disappear! But, then again, as a long time Ford customer, I also never received the private offers that most others seemed to get - which perplexed the sales manager to no end ever time I bought a car.

 

[hturnerfamily]

I look at the 'OPTIONS' Finance plan like this, in my feeble mind : )

- it's a purchase, but you are simply putting off HALF of the cost until 3 or 4 years
- if you decide then NOT to complete the purchase, you don't have to - just give Ford back the truck
- if you want to sell the truck anytime between now and then, by all means, do it if you like, the proceeds will be needed to pay off that other 'half' of your loan, the profits are yours, if any.
- you could also choose to pay the FULL Half upfront amount and have NO payments for those next 3 or 4 years
- you can also KEEP the $7,500 tax credit, if you qualify, when you file your taxes the next year

I really don't see a lot of downside, unless you just have the money to pay it in full and know that you are going to keep it long term, or think the market value is only going UP in the future - that's very strange for most any vehicle, but we DO live in strange times! I think with this OPTIONS plan, you still have the 'option' of doing basically the same. So, maybe there is little downside.

 

[Fordskeptic]

I look at the 'OPTIONS' Finance plan like this, in my feeble mind : )

- it's a purchase, but you are simply putting off HALF of the cost until 3 or 4 years
- if you decide then NOT to complete the purchase, you don't have to - just give Ford back the truck
- if you want to sell the truck anytime between now and then, by all means, do it if you like, the proceeds will be needed to pay off that other 'half' of your loan, the profits are yours, if any.
- you could also choose to pay the FULL Half upfront amount and have NO payments for those next 3 or 4 years
- you can also KEEP the $7,500 tax credit, if you qualify, when you file your taxes the next year

I really don't see a lot of downside, unless you just have the money to pay it in full and know that you are going to keep it long term, or think the market value is only going UP in the future - that's very strange for most any vehicle, but we DO live in strange times! I think with this OPTIONS plan, you still have the 'option' of doing basically the same. So, maybe there is little downside.

I don't think that Ford gives you the option to pay half upfront. Ford limits how much you can pay as a down payment.......At least that's my understanding. Not sure if you can pay off the difference (between 50% and whatever down payment you make) early and avoid paying interest on that amount.

 

[hturnerfamily]

technically, Ford may have a 30% max downpayment, although you could still simply pay off all of the future 'payments' in one lump sum the next month and not have to deal with any monthly payments until the 3 or 4 year time frame comes around.

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