Financing with Ford Motor Credit

[dmann]

I hope this is the place to ask this question.
There is a $3000 rebate currently and the only way you can get it is to finance with them. The kicker is the rate, 7.6%...

My sales guy says they suggest waiting till after the third payment otherwise they will put you on a NO rebates list in the future.

Have any of you heard this?

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[Cardude99]

Lol they all say that crap. It's a lie so they can get their commission. I refinanced the second I got my first bill. They are just trying to scare you. They don't get to determine that. They even tried to say that my 5.75% rate was a great deal. Lol ya right. Refi'd and got 2.9% 3 weeks later. Never trust a salesman or dealer finance manager.

 

[HoosierDaddy]

+1. Definitely a lie. They say that to make sure they don't lose their commission on the loan.

I always pay cash but have taken a loan on occasion to get the extra discount and payed it off the next banking day.

Make sure there isn't any fine print that limits what you can do or if there are any penalties, but there weren't any when I did it.

 

[dmann]

thanks for the reassurance!

 

[wildcatgoal]

If it means getting a better dollar price on the car, I will take whatever financing they want to shove down my throat and I use the interest rate on their loan as a negotiating lever. Just don't go into a dealership without first having gotten approval for an interest rate you feel is more appropriate for your credit history. When you're at the table, say that you'll only take their financing and their interest rate if they meet X price on the car and Y price on the trade (if you have one). Be reasonable, but expect them to come back in the middle somewhere. Tell them one more time, you'll only take X price on the car and Y price on the trade and deflect all their bullshit. They'll come back closer to your prices and you can then decide if you want to accept it or not.

The second you get home, call up your CU or Bank or whatever and say, I just bought a car and wish to refinance the loan immediately. They'll help you from there as long as it's within the first 30 days (for new cars, to get new car rates) and you can take your time with a used car, but obviously just do it quickly anyway.

 

[dmann]

If it means getting a better dollar price on the car, I will take whatever financing they want to shove down my throat and I use the interest rate on their loan as a negotiating lever. Just don't go into a dealership without first having gotten approval for an interest rate you feel is more appropriate for your credit history. When you're at the table, say that you'll only take their financing and their interest rate if they meet X price on the car and Y price on the trade (if you have one). Be reasonable, but expect them to come back in the middle somewhere. Tell them one more time, you'll only take X price on the car and Y price on the trade and deflect all their bullshit. They'll come back closer to your prices and you can then decide if you want to accept it or not.

The second you get home, call up your CU or Bank or whatever and say, I just bought a car and wish to refinance the loan immediately. They'll help you from there as long as it's within the first 30 days (for new cars, to get new car rates) and you can take your time with a used car, but obviously just do it quickly anyway.

It was always about getting the discounts. Their verbiage was "we like for people to stay" with FMC so thats the reason I ask.
Their rate blows my mind.

 

[dmann]

BTW,
I picked the car up Thursday.
My son and I put about 600 miles on it that day. Plus he learned how to drive a manual that day

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