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  #1  
Old 02-24-2010, 08:00 AM
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Join Date: Feb 2010
Location: Austin, TX
Vehicle: 2010 Ford F150
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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?
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  #2  
Old 02-24-2010, 08:12 AM
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I would call up the FMC loan company to see for sure.

When I bought my wife's Honda we refinanced within a day or two from driving it home.
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  #3  
Old 02-24-2010, 08:21 AM
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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
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  #4  
Old 02-24-2010, 08:22 AM
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I don't see anything in the contract. Salesman made it sound like they might be penalized if I refinanced early than 3 payments.
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  #5  
Old 02-24-2010, 08:54 AM
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ASAP...it will not affect you...maybe the dealer,but not you.
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  #6  
Old 02-24-2010, 08:55 AM
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A few years ago the salesman told me I could refinance at any time.
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  #7  
Old 02-24-2010, 08:56 AM
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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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  #8  
Old 02-24-2010, 08:58 AM
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I was told the same thing on my wifes car, wait three months. I refinanced through my credit union within two weeks of buying. Over a year ago and no issues. Its all about that interest they receive.
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  #9  
Old 02-24-2010, 09:54 AM
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Immediately.

The sooner the better.
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  #10  
Old 02-24-2010, 10:37 AM
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Refinance ASAP! You will not be penalized.

If anyone is looking at rates, USAA (for those with prior-current military) is tough to beat at 4.19% for 48 months. Local Credit Union here was 5.75% for 48.

Good luck! -Matt
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  #11  
Old 02-24-2010, 10:50 AM
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Quote:
Originally Posted by MLambert19 View Post
Refinance ASAP! You will not be penalized.

If anyone is looking at rates, USAA (for those with prior-current military) is tough to beat at 4.19% for 48 months. Local Credit Union here was 5.75% for 48.

Good luck! -Matt
X2...

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...
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  #12  
Old 02-24-2010, 10:53 AM
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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.
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  #13  
Old 02-24-2010, 11:03 AM
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I did the same last time. Went home, waiting 3 days for it to be in the system and sent the check out. That way the dealer does not makes his cut either. There was no penalty for me. And I am doing it again this week after buying my FX4.
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  #14  
Old 02-24-2010, 11:32 AM
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Quote:
Originally Posted by MLambert19 View Post
Refinance ASAP! You will not be penalized.

If anyone is looking at rates, USAA (for those with prior-current military) is tough to beat at 4.19% for 48 months. Local Credit Union here was 5.75% for 48.

Good luck! -Matt
I just refinanced my '10 FX4 through USAA...can't beat their rates!
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  #15  
Old 02-24-2010, 01:02 PM
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do it right away take your $1000 and run i did.
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Old 02-24-2010, 01:02 PM


 
 
 
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