Any issues obtaining a Ford Motor Credit Payoff?

[SSally]

Looking at a deal that includes $3,000 of rebates, but requires Ford Motor Credit financing at "Standard" rates (5.9%). I've seen several posts suggesting take the rebates, making a single payment to FMC, then refinance through another source at a lower rate. Has anyone actually done this? If so, was there any hassle, foot dragging on FMC's part when requesting the formal payoff quote?

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[Louk]

Looking at a deal that includes $3,000 of rebates, but requires Ford Motor Credit financing at "Standard" rates (5.9%). I've seen several posts suggesting take the rebates, making a single payment to FMC, then refinance through another source at a lower rate. Has anyone actually done this? If so, was there any hassle, foot dragging on FMC's part when requesting the formal payoff quote?

I worked at a ford dealer for a few years and fmc is very easy to work with. It depends on the deals sometimes it’s 30/60/90 days to refinance.
I had several people take all the rebate money on an f150 finance for the allotted time and pay it off immediately after.
I have never had Fmc refuse to give a payoff or do anything “shady” to me or and of our customers.

 

[dn1984]

just don't lease a Ford

 

[I Bleed Ford Blue]

I've been told that you have to make at least 1 payment before you pay it off to keep all the rebates. Don't know if its true, but its what I heard.

 

[Louk]

just don't lease a Ford

Why do you say that? Bad experience?

 

[Armageddon Turbo]

I feel like you should be able to get payoff online.

 

[Midmustang]

We financed our truck to get a rebate. First payment came due we paid it off with no issues.

Not sure if it would have mattered if we were refinancing.

 

[SSally]

So to answer my own question, I took the $3,000 worth of rebates and 5.9% APR Ford Credit Financing. Several weeks after picking the car up, I got a letter from Ford Credit with my account information and billing. I contacted Ford Credit, and obtained a 10 pay-off letter. My Credit Union paid off Ford Credit, and initiated a 2.69% installment contract for the pay-off. Easy-peasy, no problems.

 

[Mustang5ohMan]

So to answer my own question, I took the $3,000 worth of rebates and 5.9% APR Ford Credit Financing. Several weeks after picking the car up, I got a letter from Ford Credit with my account information and billing. I contacted Ford Credit, and obtained a 10 pay-off letter. My Credit Union paid off Ford Credit, and initiated a 2.69% installment contract for the pay-off. Easy-peasy, no problems.

Yeah Credit Unions are great. How long at the 2.69?

I actually received a 3.69 for 84 months @ the ford dealer through Suntrust which I was actually satisfied with that. I know the CU has better rates so I not have a 72 month term at 2.49

 

[BimmerDriver]

If you have to forfeit the rebate because you paid off the loan too quickly, that should be in the terms of the finance agreement.

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