Are you financing through Ford?

Macfarland · Jan 11, 2015

I'm just curious guys. How many of you use Ford Credit?

vanguard · Jan 11, 2015

banks and credit unions in bc/(canada?) could not compete -
rate is prime (3.00%) + whatever you get with your credit history
ford finance : 1.99

DarkKnight · Jan 11, 2015

Macfarland said:
I'm just curious guys. How many of you use Ford Credit?

I have excellent credit, so in general, if Ford can beat USAA, then I'll go with Ford.

I'm going to finance for 60 months.

However, if my Ford dealership tries to pull the bait-&-switch tactic of giving me the lower rate based on my credit (I'm not talking about the special APR offers!!) *ONLY* if I can't use any rebates, then I'll use the rebates and go with USAA's 2.25%. Salesman told me with good credit they can do 2.00%, though.

Just to be clear, I'm not talking about the special APR deals (I know Ford already does the either/or on the special APR offer or rebates).... I'm talking about Ford looking at my credit and deciding if they want to beat the USAA rate that I already have on the table.

2 weeks until my GT is built..... The Waiting, The Waiting.... :headbonk:

dgc333 · Jan 11, 2015

In general you can get a better rate locally than through Ford. My experience has been that the dealers if you have good credit will try and sell you a loan from a local bank because they get a kick back.

I have used Ford credit once because there was a $750 rebate if you used Ford Credit. I then refinanced after three months to get a lower rate.

DarkKnight · Jan 11, 2015

dgc333 said:
In general you can get a better rate locally than through Ford. My experience has been that the dealers if you have good credit will try and sell you a loan from a local bank because they get a kick back.

I have used Ford credit once because there was a $750 rebate if you used Ford Credit. I then refinanced after three months to get a lower rate.

I already tried that. My credit union either thought I was a rube or didn't want my loan because they gave me a APR that was twice what I previously mentioned.

I see you're in union/liberal country. Here in The South, things work differently, and kickbacks are the exception, not the rule. :shrug: Besides, it's not like the salesman gets no commission for every buyer he sends Ford Credit's way.

2Cool · Jan 11, 2015

USAA here, they killed the best rate Ford could offer by over .5%.

2wheels4me · Jan 11, 2015

0.9% from Ford Credit. Paid half of the car cash, other half financed for three years.

DarkKnight · Jan 11, 2015

2Cool said:
USAA here, they killed the best rate Ford could offer by over .5%.

Ooooh! I love your list of mods--- :thumbsup:

are you going to do the cat-back, intake, and springs yourself?

I just replaced the hood struts on my current car, so I didn't ask about the Quicklifts. ;)

dgc333 · Jan 11, 2015

DarkKnight said:
I see you're in union/liberal country. Here in The South, things work differently, and kickbacks are the exception, not the rule. :shrug: Besides, it's not like the salesman gets no commission for every buyer he sends Ford Credit's way.

Use of the term kick back was miss leading. There is nothing under handed going on, just standard banking practice.

You get a mortgage for a home through a local bank. Chances are very very high that the local bank is being paid by the actual lending institute a fee to administer the loan. You never deal with the actual lender.

Same thing happens with car loans. Banks will pay auto dealers a fee for selling loans and I am quite sure they receive some monetary benefit for selling Ford Credit loans too. Your local dealer will tend to push you in the direction of the best deal.

Ford has the advantage of being able to tie incentives to their loans to move certain models of cars.

Nothing going on here that is northern liberal or southern conservative.

Andella · Jan 11, 2015

Most likely take whatever ford is offering to get out of the dealership as soon as possible then refinance with Navy Federal Credit Union as soon as my refund for the Cadillac's extended warranty comes in. NFCU has good rates and will pay me $250 to refinance.

Papaya · Jan 11, 2015

I always think that dealers like to pull my legs. Got to the dealer after my car arrived and he said: "You have the best credit score. No worries......"

Then he said because I ordered my car in August I couldn't get the 1.99% Ford offered. I didn't said anything because the manager did hire me the same day. Long story short. I left after one week because I didn't like it there. (Telling customers to come more often for oil changes etc. as they should - not my thing. I like to be honest.) So in the next couple of weeks I will go with my home bank and pay off the dealers bank.

evo8904 · Jan 11, 2015

It helps to already have financing from your bank prior to going to the stealership. They will usually match or beat your bank financing. Plus, if they try to play games then you can just use your bank financing.

mkenny28 · Jan 11, 2015

I have excellent credit and went with Lightstream. They offer 1.99% for 60 months which no one could compete with here. The huge factor in choosing them for me.... It is an unsecured loan so no Lien and no ridiculous paperwork.

Andella · Jan 11, 2015

evo8904 said:
It helps to already have financing from your bank prior to going to the stealership. They will usually match or beat your bank financing. Plus, if they try to play games then you can just use your bank financing.

In my experience, the dealers in my area have never even come close to my credit union but I always give them a chance.

LindsayEOD · Jan 11, 2015

mkenny28 said:
I have excellent credit and went with Lightstream. They offer 1.99% for 60 months which no one could compete with here. The huge factor in choosing them for me.... It is an unsecured loan so no Lien and no ridiculous paperwork.

Ever since you first posted this concept, I have been looking into it and I must admit it is an interesting idea. Thanks for sharing it.

Are you financing through Ford?

How did you buy your S550?

Ford Credit

Credit Union

Private Bank

Cash

Macfarland

MacFastang

vanguard

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DarkKnight

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dgc333

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DarkKnight

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2Cool

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2wheels4me

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DarkKnight

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dgc333

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Andella

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Papaya

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evo8904

I'm a member???

mkenny28

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Andella

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LindsayEOD

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