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Ford Motor Credit
Posted on 6/19/20 at 11:40 am
Posted on 6/19/20 at 11:40 am
I bought a 2020 F150 recently. Did financing with FMC to get the extra rebate. How long do I need to wait to refinance without hurting dealer(really worked with me on price and trade-in). I heard 90 days. Any one know? Thanks.
9
Posted on 6/19/20 at 11:45 am to dwr353
They say 90 days, but I refinanced immediately. I never heard from the dealer and I doubt they care after the truck is off the lot.
Posted on 6/19/20 at 12:01 pm to dwr353
quote:
Did financing with FMC
Just wondering, what kinda rate did FMC give you? If you don't mind giving that info....
Posted on 6/19/20 at 2:36 pm to JDPndahizzy
You get standard rate for $1000 extra off. 7.95%. Obviously not keeping. Bought in May.
Posted on 6/19/20 at 4:13 pm to dwr353
Refinance it now. If you truly think the dealer helped you out you’re fooling yourself. They made money, don’t worry. They wouldn’t think twice about screwing you over.
Posted on 6/19/20 at 4:17 pm to Im4datigers
You are correct I think.
Posted on 6/19/20 at 5:47 pm to dwr353
You can re finance the next day, they tell you to wait 90 days , but that is just to protect their commission (the finance guy)
Posted on 6/19/20 at 5:51 pm to dwr353
8% interest on a brand new car and you feel obligated to stay in that loan for 0.1 seconds is wrong.
Posted on 6/19/20 at 6:04 pm to dwr353
quote:
You get standard rate for $1000 extra off. 7.95%. Obviously not keeping. Bought in May.
I wouldn’t have gone to sleep that night without refinancing that 7.95%.
Posted on 6/19/20 at 6:04 pm to dwr353
Did mine the next day
Posted on 6/19/20 at 6:22 pm to Tigerpaw123
quote:
You can re finance the next day, they tell you to wait 90 days , but that is just to protect their commission (the finance guy)
100% correct. Refinance next day, dont care about what rate is (just pay few bucks of interest until registration comes in, to ‘refinance’ with CU) as you not going to stay with it anyways. Btw, if you got pressured into a extended warranty (or paid over $600 for GaP), then cancel next day also, get 100% of your $ back
Posted on 6/19/20 at 6:31 pm to dwr353
They really helped you out lol
Posted on 6/19/20 at 8:36 pm to dwr353
If you have great credit and they gave you 7.9% I would got to your bank Monday at 8:59 am and fix this. You don’t owe them anything. Congrats on the new ride 
Posted on 6/19/20 at 9:22 pm to 24nights
I bought recently with a credit score of 804 and got 7.9% at 74 months also. It helps wiggle the price down a bit and you get the $1000 extra discount.
Posted on 6/19/20 at 9:56 pm to DownshiftAndFloorIt
10-4, I would’ve thought one could get a lower rate with excellent credit from the manufacturer. Sounds like Ford is getting a little greedy and I’m a Ford guy.
Posted on 6/19/20 at 10:01 pm to dwr353
I saw where another poster mentioned the finance guy. I was kicking the tires at a Ram dealership a few years back and the sales guy asked that if I refinanced that I wait 90 days for his sake. No idea if thats true, but he said his commission was tied to it.
I bought Ford and always have, so he got nothing.
I bought Ford and always have, so he got nothing.
Posted on 6/20/20 at 12:58 am to dwr353
quote:
7.95%.
Who the hell pays interest on cars anymore? If it ain’t 0%, I don’t buy it. Not paying interest on a depreciating asset.
Ford offers 0% all the time and don’t give me that crap about rebates. They’ll find money somewhere if you’re willing to go hardball with them.
This post was edited on 6/20/20 at 1:02 am
Posted on 6/20/20 at 7:08 am to DiamondDog
quote:
They’ll find money somewhere if you’re willing to go hardball with them
Theyll find a little more if they're planning to make 10k in interest.
Posted on 6/20/20 at 7:36 am to DownshiftAndFloorIt
My score is 840. Contacted CU yesterday, doing paperwork next week. I have been waiting on DMV to send registration. As to the zero percent offer, I did the math and the rebates beat the no interest option. Why would I pay cash when I can do around 2%? I am earning 3.75% on my lowest dividend paying stock. Zero percent could come into play if your loan amount is large, mine is not. As a side note, I contacted several dealers in La. comparing prices. I ended up buying in Arkansas for $4000 less than the best deal I had been offered. Also no add-on attempts such as protection packages, vin etching, GAP, nitrogen in tires, wheel locks, or others. No extended warranty purchased. Internet inquiry, price, drove up, signed paperwork and came home.
Posted on 6/20/20 at 7:40 am to DiamondDog
Most lenders have “Chargeback Policies” meaning if the vehicle gets refinanced within the first 90 or 120 days, the F&I manager has to pay back the fee he was paid by the lender for the deal.
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