Ford Financing

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TxBrian

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Just FYI, it says to apply online to get that rate.
That's how I did it (twice now) and both came back at the advertised 1.95%.
 

aggiegrad05

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My dealer said they “prefer” if I wait to refi until I’ve made 3 payments. Anyone know why? I don’t want them to send me a bill for the $1000 FoMoCo financing incentive (I know they won’t really do that) and I feel bad if my dealer loses out on some kickback they receive from Ford for getting me to finance (the dealer is a family friend, that’s the only reason I care).

In other words: do I need to wait to refi or can I do so immediately?


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TxBrian

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My dealer said they “prefer” if I wait to refi until I’ve made 3 payments. Anyone know why? I don’t want them to send me a bill for the $1000 FoMoCo financing incentive (I know they won’t really do that) and I feel bad if my dealer loses out on some kickback they receive from Ford for getting me to finance (the dealer is a family friend, that’s the only reason I care).

In other words: do I need to wait to refi or can I do so immediately?


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Technically, you can refi whenever you want, there is no penalty to you for paying the Ford loan off early.
The dealer gets a kickback/rebate for financing you through Ford and that is why they want you to wait a bit. My last purchase , they said please make 1 or 2 payments before refinancing. This purchase, they said please make 3-4 payments before refinancing.
Friend or not , I'd refi sooner rather than later.
If they want the loan, then they should be competitive with their rates, I'm not paying extra when I don't have to just so they can get a rebate.
 

Flexpedition

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My dealer said they “prefer” if I wait to refi until I’ve made 3 payments. Anyone know why? I don’t want them to send me a bill for the $1000 FoMoCo financing incentive (I know they won’t really do that) and I feel bad if my dealer loses out on some kickback they receive from Ford for getting me to finance (the dealer is a family friend, that’s the only reason I care).

In other words: do I need to wait to refi or can I do so immediately?


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Supposedly, and its been argued to death on other sites, but supposedly FMCC will somehow, someway "charge back" the selling dealer some kind of fee if the loan is refinanced in 90 days.

FMCC minimum finance amount I believe is $7K. My suggestion would be to finance $7K with Ford and the remainder at your Credit Union or with whomever you prefer. If you feel the dealership did everything right, pay the FMCC loan off after the third or fourth month.

FMCC interest rates aren't always fantastic, but we are only talking about $7,000 for 3-4 months.
 
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IK agree, the dealer can help you out sometime in the future. I would wait the 3-4 months to payoff or refinance. One thing you can do if you are just paying it off is pay everything but the last 3 payments with the first payment. Then make 2 regular payments and the final payment to payoff the loan. That reduces the interest and still gives the dealer credit for the loan.
 

edizzle

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agree on waiting 3 months. it really doesnt hurt you at all but helps the dealer. i am know dealer advocate but........
 

aggiegrad05

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agree on waiting 3 months. it really doesnt hurt you at all but helps the dealer. i am know dealer advocate but........
Generally I am fine waiting. But it does cost me an extra $70/mo and I worry about rates going up. As the dealer is a family friend, I may just give him a call. If it's something marginal (like $50 or $100) to them, I'll go ahead now...but if it's a meaningful amount I'll wait.
 

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