I contacted FMC and found out you can refinance (i.e., payoff FMC) immediately with no penalty.
Subject : Re: Payment Information <<##>>
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:
P.O. Box 790119
St. Louis, MO 63179-0119
"The Spoon Department is now closed. Please proceed to the Self-Help Department, 3 doors down. Door is unlocked, but you will need to turn the **** and actually open the door yerself. Otherwise, be prepared to stand in the hallway unnoticed for a very long time."
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.
2010 F150 Screw, Dark Blue Pearl, 5.4, 3.55LS, Chrome Package less step tubes, 2" AS Leveling Kit, Factory 18" w/Hankook ATM's, Aftermarket Backup Camera, Underseat Organizer, Color Matched Line-X, Rugged Tri-fold Tonneau
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
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...
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.
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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