Ford Financing Review

[djwildstar]

The ideal thing to do is to get a "check ready" or similar loan product from your bank or credit union, at the best rates you can get. These loans typically don't start until you sign the check, and expire in about 30 days.

So you can walk into the dealership with that check in your back pocket, and then talk loan with them. If they can't beat the rate you've already gotten, then you pull out the check and buy the truck. If they can beat the rate (or as was my case, match the rate and add an extra $1000 to my trade in and a $500 "customer loyalty credit") then you come out ahead.

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[Cpaul3]

Thank you all for the replies!
Seems like FORD FINANCE rates are real (September 2023 deadline) with not much issues. Aside from the Finance Manager trying to get you to add their products.

For the people that have financed, have you guys come across this issue of lying to customers that they NEED to get to warranties or products to get the low rate??
I want to see if it’s a common practice for FORD Finance Managers.

I can see them saying “With this low rate VS your credit union you can now add this warranty/product and still be saving money when you finance through us.”

 

[Cpaul3]

The ideal thing to do is to get a "check ready" or similar loan product from your bank or credit union, at the best rates you can get. These loans typically don't start until you sign the check, and expire in about 30 days.

So you can walk into the dealership with that check in your back pocket, and then talk loan with them. If they can't beat the rate you've already gotten, then you pull out the check and buy the truck. If they can beat the rate (or as was my case, match the rate and add an extra $1000 to my trade in and a $500 "customer loyalty credit") then you come out ahead.

Minus the check in the back pocket part this was what I was going to do. I know the finance department is a probably the toughest part of the buying experience. Thank you and great strategy.

 

[metroshot]

Thank you all for the replies!
Seems like FORD FINANCE rates are real (September 2023 deadline) with not much issues. Aside from the Finance Manager trying to get you to add their products.

For the people that have financed, have you guys come across this issue of lying to customers that they NEED to get to warranties or products to get the low rate??
I want to see if it’s a common practice for FORD Finance Managers.

I can see them saying “With this low rate VS your credit union you can now add this warranty/product and still be saving money when you finance through us.”

F&I manager will try to sell you all the upgrades, packages, options, warranties, and even some creative financing (Ford Flex).

I only purchased the GAP insurance which would be a good idea if you are not putting a substantial downpayment.

If you stick to your guns, you are not required to buy any add on stuff at finance.
Should be negotiated price plus TTL.

Also, make sure you get real trade in values from other dealers before you go in.

My Ford dealer saw my best trade in quote from another dealer and beat it by $1000 using Trade Assist because I was financing thru Ford Motor Credit.

 

[The Weatherman]

I financed two 2022 Mavericks at 0% for 36 mon. No issue , other than I paid those off back in April, 2023 and they still show as open on Credit Report.

 

[invertedspear]

I financed two 2022 Mavericks at 0% for 36 mon. No issue , other than I paid those off back in April, 2023 and they still show as open on Credit Report.

I think this is pretty standard on how loans show, paying them off early doesn't close them. They show until the end of the original planned loan duration. But re-fi does for some reason. I've had several loans do the same over the years.

 

[DudeTheObscure]

My salesman locked in the $500 incentive and low rates the day I ordered in July.

I called my dealer last week to lock in and they said they couldn't do it, but that Ford would "likely" continue the low rate specials. I'm dubious on both counts.
The best case scenario would be if it arrived before the end of the month. It's built, but no word on shipping.

 

[RickLightning]

Fun tip - nobody makes you go in the finance guy's office...

At my dealership here, my former salesman (now retired) did it all for me, because he knew I wasn't doing that. When he retired, switched dealerships, and the GM did everything in his office. All the forms were checked "NO" or "DECLINE" ahead of time.

I bought the Lightning out of state, and neglected to mention this to my salesperson, who was going to be out of town that day. They had me go in, and besides reeking of cigarettes the finance guy proceeded to waste time filling out title forms for my state (not needed) and other stuff. Didn't push anything, but he took 45 minutes to do what takes 15.

 

[Cpaul3]

-Thanks Metro will make sure not to budge. I’ll also make sure to check other dealers trade in value for my car.

-Good info Weatherman I plan to pay off early as well. You killed it by paying off 2 years early. Kudos to that.

 

[Cpaul3]

-Good luck Dude hopefully comes in before September.

-Thanks for the tip Rick! My NEW salesman and I have been talking through text getting my out the door cost after all taxes and fees. We haven’t spoke about financing yet. So I will let him know in advance if we decide to finance through Ford.

 

[djwildstar]

Minus the check in the back pocket part this was what I was going to do.

The advantage of having the check in your pocket is psychological. Once you’ve seen the truck and are in the finance office, you’ll be eager to take that new toy home NOW. The finance guy knows that, and will use it to his advantage (“I know you said your credit union can do a half-point better, but they can’t finalize the loan until they open Monday. If you take my financing and this warranty plan, you can drive that truck home in 15 minutes …”).

Having your back-up-plan loan approved and ready for your signature means that the psychological pressure moves from you (take the dealers terms or wait and come back later) to the finance guy (how can I make a commission off this sale). You’re taking the truck home in 15 minutes regardless, and the ball is in the dealers court if they’re going to be able to convince you to take their loan or not. Loans and add-ons like warranties are one of their profit centers, so there’s a good bit of pressure on them, too. If they try to load up on warranties and other junk to “qualify” for the loan, you can say, “Nah, I don’t want any of that. Here’s a bank check for the purchase price. Nice doing business with you.”

 

[Cpaul3]

Man that is too true. In the heat of the moment i would no doubt want to take that truck home ASAP. I’ll look into getting that blank check. Thank you for the suggestion!

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