Sponsored

Ford Financing Question

Earlsays

Well-Known Member
Joined
Aug 27, 2015
Threads
76
Messages
520
Reaction score
236
Location
KATY, TX
Vehicle(s)
2021 MUSTANG GT
I was told by my dealer and I got it in writing that they will give me the best of either what was in place when I ordered (5/21/22) or what is available at the time of delivery.
That is true too - I was breifly considering trading my Mustang and special ordering a Bronco - decided against it for now due to the 3.9-4.9 being a "good" low interest rate currently....
Sponsored

 

paulm1

Well-Known Member
Joined
Mar 4, 2022
Threads
8
Messages
455
Reaction score
555
Location
Northeast PA
First Name
pau
Vehicle(s)
2021 GT mustang
Thanks for the tips. I have an excellent credit score so I should get a good rate. I was curious because I thought there was a 0% financing deal with Ford Credit when I placed my order and that's currently not an option. I wanted to get some insight before talking to the dealer.
I bought my car in march and got 1.9%, 60 months with ford credit.
 

MAGS1

Well-Known Member
Joined
Mar 6, 2020
Threads
47
Messages
5,610
Reaction score
8,449
Location
Somewhere in Middle America
First Name
Mark
Vehicle(s)
2022 Mustang GT
That is true too - I was breifly considering trading my Mustang and special ordering a Bronco - decided against it for now due to the 3.9-4.9 being a "good" low interest rate currently....
Yep, 3.9% on a 60 month is a pretty good rate right now. If another Fed rate hike comes later this month, the 3.9 will look even better.
 

daSNAK3

Well-Known Member
Joined
May 9, 2022
Threads
14
Messages
709
Reaction score
948
Location
Warrenville, IL
First Name
Jake
Vehicle(s)
2021 GT
Vehicle Showcase
1
They tried to tell me 5.9% was a good rate last month when I bought mine.. I was straight up and said no, not acceptable. They came back with 4.9% and tried telling me they couldn’t even get the older guy with a 850 score better than that for his new truck. I basically told them that is bullshit and I’m not doing 4.9%.. and I would go elsewhere. They came back with 1.9% for 60 months with Ford Credit. Don’t buy the lines they try to feed you.. unless you have not so great credit, then 4.9% might be the best you can get... credit karma was saying my score was around 738 but when they ran it, it came back as 800.. same thing happened last time I bought my WRX.. seems credit karma definitely reads low.
 

Mspider

Well-Known Member
Joined
Apr 7, 2022
Threads
2
Messages
618
Reaction score
554
Location
Michigan
First Name
Mike
Vehicle(s)
2022 GT
I just bought mine few months ago and used ford credit. However the 1,000 rebate was for custom ordering, not for using ford credit. However I still used ford credit.
 

Sponsored

Muhnopoly

Well-Known Member
Joined
Oct 4, 2019
Threads
43
Messages
296
Reaction score
181
Location
Socal
First Name
Jay
Vehicle(s)
2020 mustang gt
You just have to be firm and tell them to only run your credit through ford credit and no other lenders. And even if you get approved for 0% with ford credit you'll be saving more then 1k just by doing that vs your credit union so who cares about the 1k off if you can't stack promos.
1 dealership ran me through 10 different lenders, told another dealership only use ford credit since I had then with my last mustang, came back 30 mins later and said okay they approved you again no problem !
 
OP
OP

DCloak

Member
Joined
Mar 25, 2022
Threads
1
Messages
20
Reaction score
43
Location
West Chester, PA
First Name
Craig
Vehicle(s)
2022 Mustang GT
My understanding is that the Ford rates are locked in on order date if it's in the order documents.
Thanks. That seems to be the case. I just spoke to my sales guy and he said I would get the better of the Ford Incentives including Financing rates through Ford Credit either when I ordered the car or when I pick up the car. He said the Manager has the ability to pull up previous rates and he wasn't in today. I don't remember what they were in February and can't seem to google historical rates. I know the APR was better in Feb than now.
 

Spartan1

Well-Known Member
Joined
Apr 6, 2020
Threads
13
Messages
497
Reaction score
984
Location
SE MI
Vehicle(s)
2022 Eruption Green GT 400A
I put half down 3 weeks ago on my '22, and the dealer got me 3.6% on an 84 month term through a credit union I'd never heard of prior, think it's called Lake Trust.
 

Sponsored

Some Random Guy

Well-Known Member
Joined
Nov 3, 2021
Threads
9
Messages
199
Reaction score
171
Location
WA
First Name
Chris
Vehicle(s)
Jeep Wrangler
I think Ford Credit program codes from date of order are honored just like incentives. So a clueless finance office might benefit from your having the PGM number for the offer, just like if you had the incentive PGM.
As for credit score discrepancies brought up, there are different credit scoring formulas even within FICO or other models. So your auto credit score is often higher than your generic credit score. It values employment over almost everything else. I believe, but haven’t researched, this is how some finance departments make money. They blast your info out to a bunch of banks, offer you a rate worse than you’re approved for, but think you’ll be excited about. If you take it, there’s a kickback structure.
 

Lgb0250

Well-Known Member
Joined
Feb 16, 2020
Threads
18
Messages
314
Reaction score
528
Location
NC/SC
First Name
Larry
Vehicle(s)
22 Mustang GT Premium, 22 Lexus 450h Luxury
I think Ford Credit program codes from date of order are honored just like incentives. So a clueless finance office might benefit from your having the PGM number for the offer, just like if you had the incentive PGM.
As for credit score discrepancies brought up, there are different credit scoring formulas even within FICO or other models. So your auto credit score is often higher than your generic credit score. It values employment over almost everything else. I believe, but haven’t researched, this is how some finance departments make money. They blast your info out to a bunch of banks, offer you a rate worse than you’re approved for, but think you’ll be excited about. If you take it, there’s a kickback structure.
F&I Offices get a buy rate from ea lender. The last dealer i worked for would allow his finance managers to make up to three points on rate. Many dealer didnt cap their profit at all. Everything that comes out of the business office has some type of profit margin attached to it. From the extended warranties to gap or L&D to protection packages, etc, etc, etc. Anyone that walks into a dealership that doesnt already have their financing set up if needed or at least know what rate is available elsewhere, is just asking to be taken advantage of. The old adage of "buyer bewate" applies to vehicle purchases more than almost anything else.
 

HadoDemi

Active Member
Joined
Apr 26, 2020
Threads
4
Messages
30
Reaction score
42
Location
Elko Nevada
First Name
Michael
Vehicle(s)
2022 GT500
Has anyone actually used lightstream?
I have a decent rate that I can get through my union bank but was curious about them.
Sponsored

 
 




Top