0% for 84 months Financing on 2019 Mustangs (not including GT350)

[Elp_jc]

Just a side comment, dealer literally forced me to take a Ford loan to give me the agreed price (I never finance anything), due to one of the rebates being for that purpose. With almost an even trade, they had to give me money back, since the minimum was 5 grand. I was going to pay it off immediately anyway, so didn't pay attention to details, but turns out they gave me a 12-month loan at 7.9%, and that's with a combined credit score of 812, no debt of any kind, never a late payment in my 58 years, and just 10% of the car's cost. And then a week or two later, AFTER I had paid the loan off, received a letter that Ford had 'rejected my offer', and I needed to renegotiate the interest rate. It can't hardly get any safer than that, and I get rejected for 5 grand at 7.9% for 1 year with a $50K car? WTF? So what do you need to qualify for the 0% offer? Your girlfriend's or daughter's a$$? Geez.

Oh, and almost 3 months later, and I haven't even received the freaking title. Will NEVER agree to do that crap again.

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[shogun32]

Apparently Ford is trying something new: buy a used or CPO car and if you lose your job you can return the car within 1 year. Haven't read the fine print but smells of desperation and tantamount to 'vendor financing'. We all remember how that worked out in the past...

 

[vanquishvzla]

Just a side comment, dealer literally forced me to take a Ford loan to give me the agreed price (I never finance anything), due to one of the rebates being for that purpose. With almost an even trade, they had to give me money back, since the minimum was 5 grand. I was going to pay it off immediately anyway, so didn't pay attention to details, but turns out they gave me a 12-month loan at 7.9%, and that's with a combined credit score of 812, no debt of any kind, never a late payment in my 58 years, and just 10% of the car's cost. And then a week or two later, AFTER I had paid the loan off, received a letter that Ford had 'rejected my offer', and I needed to renegotiate the interest rate. It can't hardly get any safer than that, and I get rejected for 5 grand at 7.9% for 1 year with a $50K car? WTF? So what do you need to qualify for the 0% offer? Your girlfriend's or daughter's a$$? Geez.

Oh, and almost 3 months later, and I haven't even received the freaking title. Will NEVER agree to do that crap again.

to me, as an F&I manager, the other bank was offering maybe more money than ford or they were making more in the back end or the were making points on you (extra APR)... for example, ford is giving me 50k check no back end, 0% apr... the "other bank" was offered me, 49k check, 4k back end for warranty and gap and 5.99% apr buying rate but with the option of making a couple points so your contract rate is 7.99% (70% of that extra apr is money for the dealer, the bank keep the other 30%

another thing... by law, when a bank rejects your application (they decline to finance you), they have to notify you with a letter.

about the title, did you check for an electronic title? here in FL the dmv will only sent you the title if you tell them to mail it to you or pay for a fast title... if not, your title will remain as an electronic title until you tell them you want the actual paper.

 

[Copperhead73]

your credit rate is based on your credit... shitty credit, shitty apr... why? because you have a history of bad payments so you are high risk...

with my credit, i don't take anything over 2.9% but i close people every day at 20, 24.95 and even at 27%... but hey, they need/want a car, they have horrible credit, and the banks that are willing to take the risk, want to destroy your ass as much as they can because they know you are a possible contract default and they know you are not gonna pay your contract in full...

Sometimes it is based on a lack of credit history, but more often than not, you are right...bad history. I wish I had taken it more seriously when I was younger. Mine was never terrible, but it could have been stellar if I had paid more attention to due dates. I am 46 now and it is nearly top tier. Life would have been much smoother though in my 20's and 30's if I had been more vigilant.

 

[vanquishvzla]

when you have no credit history or just a ghost score (700 because you have a $500 secured credit card lol) the deal just have to make sense for the bank... if you try to get a used mercedes/bmw, they'll say no... if you are trying to get a hyundai elantra, different story lol...

they vehicle plays a good part on you interest rate when you are "credit challenged"... if your credit sucks and the car you are trying to get is 5 or more years old, they ram the full legally possible apr up your ass... but if the car is newer, they have caps... like 1 year no more than 17%, 2 years 18. something, etc... 5 years, welcome to 24,95%

fun fact... people with the worst credit always want the nicest car... "man, i need something that fits my life style you know"... yeah mofo... maybe the public bus a bicycle from walmart... and they get mad because their 450 credit score ass can't get the $13995 jaguar lmao... if this business was a movie, it will be a tragic comedy lol

 

[Mustang5ohMan]

when you have no credit history or just a ghost score (700 because you have a $500 secured credit card lol) the deal just have to make sense for the bank... if you try to get a used mercedes/bmw, they'll say no... if you are trying to get a hyundai elantra, different story lol...

they vehicle plays a good part on you interest rate when you are "credit challenged"... if your credit sucks and the car you are trying to get is 5 or more years old, they ram the full legally possible apr up your ass... but if the car is newer, they have caps... like 1 year no more than 17%, 2 years 18. something, etc... 5 years, welcome to 24,95%

fun fact... people with the worst credit always want the nicest car... "man, i need something that fits my life style you know"... yeah mofo... maybe the public bus a bicycle from walmart... and they get mad because their 450 credit score ass can't get the $13995 jaguar lmao... if this business was a movie, it will be a tragic comedy lol

what I’ve been wanting to understand, how does the bank make their money on the back end with the bank by selling you a higher interest rate. How does that process work?

 

[3rdRGR]

Thats a long time to pay on a car..not sure I would go for a term that long.

The money you save on the payment can go to other things. Then you trade it in for something else before you run out of powertrain warranty. Quite simply you can get more car for less money and with 0% interest, there is no downside. You keep more of your money longer. Only downside is if you try to trade out very early in your term because you'll probably be upside down. I bought used and got a good APR (relatively on an 84 month term), so it was the best of both worlds. I let someone else take the huge depreciation hit and I got a really nice payment. So I'll be ahead of the game no matter when I choose to trade out. Loving the Roush so far, so I'll probably get the ESP when I get to the 2.9 year mark.

 

[3rdRGR]

i just saw that... ford will pay the first 3 months... and then, no payments for the next 3 months (they will just move them to the back of the loan)... meaning, you don't have to pay anything for 6 months until all this shits recovers... but your actual debt will be 81 months because ford is paying 3 months...

i may stop by on one and try to low ball the shit of them lol...

That's a sweet deal. If you can manage to save and put aside some of those would be payments, for 6 full months, you start using that to make payments starting month 7 and that's a beautiful thing.

 

[Biggus Dickus]

Just a side comment, dealer literally forced me to take a Ford loan to give me the agreed price (I never finance anything), due to one of the rebates being for that purpose. With almost an even trade, they had to give me money back, since the minimum was 5 grand. I was going to pay it off immediately anyway, so didn't pay attention to details, but turns out they gave me a 12-month loan at 7.9%, and that's with a combined credit score of 812, no debt of any kind, never a late payment in my 58 years, and just 10% of the car's cost. And then a week or two later, AFTER I had paid the loan off, received a letter that Ford had 'rejected my offer', and I needed to renegotiate the interest rate. It can't hardly get any safer than that, and I get rejected for 5 grand at 7.9% for 1 year with a $50K car? WTF? So what do you need to qualify for the 0% offer? Your girlfriend's or daughter's a$$? Geez.

Oh, and almost 3 months later, and I haven't even received the freaking title. Will NEVER agree to do that crap again.

WTH?

 

[Biggus Dickus]

your credit rate is based on your credit... shitty credit, shitty apr... why? because you have a history of bad payments so you are high risk...

with my credit, i don't take anything over 2.9% but i close people every day at 20, 24.95 and even at 27%... but hey, they need/want a car, they have horrible credit, and the banks that are willing to take the risk, want to destroy your ass as much as they can because they know you are a possible contract default and they know you are not gonna pay your contract in full...

Then they repo the car and sell it to another sucker at 25%. The car is probably paid for 5 times over by the time its put out of its misery.

 

[Copperhead73]

fun fact... people with the worst credit always want the nicest car... "man, i need something that fits my life style you know"... yeah mofo... maybe the public bus a bicycle from walmart... and they get mad because their 450 credit score ass can't get the $13995 jaguar lmao... if this business was a movie, it will be a tragic comedy lol

As the saying goes, "The rich keep doing what made them rich and the poor keep doing what made them poor."

 

[vanquishvzla]

what I’ve been wanting to understand, how does the bank make their money on the back end with the bank by selling you a higher interest rate. How does that process work?

usually you can make up to 2 points on the interest... lets say your interest rate is 5.99 but I'm allow to go up to 2 extra point, if i close you at that 7.99%, i keep 65% of that extra interest, the bank keep the other 35%

same with the GAP or the extended warranty.... whenever you see those GAP coverage for $799, $899... just remember this... gaps cost between $130 to $180 for the dealership lol... but as an advice from me... ALWAYS get gap... $399 is a decent price.

 

[vanquishvzla]

Then they repo the car and sell it to another sucker at 25%. The car is probably paid for 5 times over by the time its put out of its misery.

i worked on a dealership long time ago that do buy here pay here.... i remember this honda civic that was showing SOLD in the system 7 times hahahahaha... last time was towed to an impound lot, when i called to get our car back (repo obviously) it was over $1000 between towing fees, storage, etc... i said fuck it, keep the car... we sold that shit 7 times! that means, 7 down payments, who knows how many monthly payments, etc... and when you repo a car, you file for sale tax return... that was a very good money maker.

 

[Mustang5ohMan]

i worked on a dealership long time ago that do buy here pay here.... i remember this honda civic that was showing SOLD in the system 7 times hahahahaha... last time was towed to an impound lot, when i called to get our car back (repo obviously) it was over $1000 between towing fees, storage, etc... i said fuck it, keep the car... we sold that shit 7 times! that means, 7 down payments, who knows how many monthly payments, etc... and when you repo a car, you file for sale tax return... that was a very good money maker.

How were you able to sell the same car for 7 times?

 

[shogun32]

How were you able to sell the same car for 7 times?

to 7 different people, obviously. Each buyer makes N payments, goes 60day late and the car is immobilized remotely. It beacons its GPS coordinates so the repo guy knows exactly where it is. 90 seconds on the ground and the car is gone and returned to the seller. They clean up the paperwork with the DMV and courts if needed, and slap a SALE sticker on it and a couple weeks later it's in buyer #2's hands. Rinse, lather, repeat.

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