How soon can I refinance Ford Motor Credit loan?
#1
How soon can I refinance Ford Motor Credit loan?
I financed through FMC to get the $1000 incentive. Dealer told me to make three payments and then I could refinance. I remember refinancing after 1 payment two cars ago and never heard a peep.
Anyone do this recently and did you have any issues?
Anyone do this recently and did you have any issues?
#3
I contacted FMC and found out you can refinance (i.e., payoff FMC) immediately with no penalty.
Subject : Re: Payment Information <<##>>
Dear XXX,
Thank you for contacting Ford Credit.
I apologize for any confusion. You are welcome to payoff your account at any time. As of today's date, the payoff amount for your account is $XXX.XX with a good through date of 08/20/09. Once received, we will issue paid in full documents, which will enable you to have our lien removed from the vehicle title. Please remit the payoff, with your account number, to:
Ford Credit
P.O. Box 790119
St. Louis, MO 63179-0119
Thank you for visiting us on-line.
Sincerely,
Tina
Ford Credit
44904021
Subject : Re: Payment Information <<##>>
Dear XXX,
Thank you for contacting Ford Credit.
I apologize for any confusion. You are welcome to payoff your account at any time. As of today's date, the payoff amount for your account is $XXX.XX with a good through date of 08/20/09. Once received, we will issue paid in full documents, which will enable you to have our lien removed from the vehicle title. Please remit the payoff, with your account number, to:
Ford Credit
P.O. Box 790119
St. Louis, MO 63179-0119
Thank you for visiting us on-line.
Sincerely,
Tina
Ford Credit
44904021
#7
Dealer told me 3 months as well. I don't think FMC cares, but he made it sound like the dealer wouldn't get full credit for the $1000 discount. You might check with your Credit Union before the purchase....sometimes the rate will change from "new" to "used". Some will define it different.
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#11
The 3 month deal is BS... my dealer said I could pay it off whenever I was ready. Went through USAA and got a heck of a deal.
One thing to consider... they will only finance XX,XXX.XX amount, based on their valuation of the truck. I unfortunately rolled some negative into my '09 and when I refinanced, they would only cover the value of the new truck and nothing more. Good and bad, I had to come out of pocket a little rather than paying it down over time... good news is I was forced to elminate that negative...
#12
The reason why they tell you 3 months is because anytime before that the dealer/ finance manager get charged back a few hundred dollars from ford credit. As a rule of thumb we usually tell our customers wait until you get the first bill in the mail that way ford has time to process the loan.
#13