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Posted on 6/20/20 at 11:54 am to dwr353
8% interest? Jesus. I’d refinance the second I left the dealership. Don’t worry about hurting them. They probably gave you a shitty deal and convinced you they did a good thing for you
Posted on 6/20/20 at 12:22 pm to Upperdecker
Yeah I'll help out a dealer if they give me a good deal, but at 8% I'm not waiting 90 days.
Posted on 6/20/20 at 12:30 pm to dwr353
quote:
7.95%.
Jesus, I can see why Ford is in so much trouble. Nobody finances at that rate unless it is a used car and you have crappy credit.
Ford must be learning or catching up to the fact that you cannot make money at 0% or 1.9% financing especially if you have people that are now in forbearance. I alway had a suspicion that the reason why car prices were inflated was so that unsuspecting credit customers were buying a vehicle with the credit costs in the price of a vehicle. For example, a deal is selling a car for 25k. A customer looking for dealer financing has to buy it at 25k, while a person buying with cash or outside financing could negotiate it down to about 20k. So now that they have to cut pricing, to move inventory, they adjust the price of the car lower while increasing the borrowing costs through interest.
On a side note: I had crappy credit last year, and was still able to get 1.9% financing through Ford. Of course, I have been a long time Ford customer. But now any new vehicle purchase will now be cash and used.
This post was edited on 6/20/20 at 12:51 pm
Posted on 6/20/20 at 1:13 pm to dwr353
What dealership did you use? I am looking right now?
Posted on 6/20/20 at 3:45 pm to Whatafrekinchessiebr
Crain Ford of Little Rock.
Posted on 6/20/20 at 3:53 pm to Upperdecker
As I said earlier, I saved $4000 over the best deal I was offered in La. Not smoke and mirrors, actual deal. I research and compare thoroughly when I purchase. No one had to convince me that it was a good deal. I bought a 2020 for less than I could buy a comparable 2019. Also larger trade in than previous offers.
Posted on 6/21/20 at 6:37 am to dwr353
Corona virus has helped this process out alot. Dealerships are much more willing to play ball over the phone now than they used to be. Previously I never did very well over the phone, I had to go sit down to get the best deal.
Posted on 6/21/20 at 7:13 am to DownshiftAndFloorIt
I think you are correct.
Posted on 6/22/20 at 10:16 am to dwr353
I did that back in 2014 on a demo. Drove from the dealership to the credit union and refinanced same day.
This post was edited on 6/22/20 at 10:19 am
Posted on 6/22/20 at 7:34 pm to dwr353
quote:
You get standard rate for $1000 extra off. 7.95%. Obviously not keeping. Bought in May.
You may pay 1,000 interest in 90 days if you financed it all
Posted on 6/23/20 at 8:46 am to yellowfin
No, not even 1/3 of price. My holdup is DMV. Credit Union will not complete paperwork until I get my registration. Manufacturer's title is somewhere in the black hole that is DMV. They tell me 45 day or more turnaround due to Covid. Currently trying to find my packet.
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