At what point can you arrange financing with Ford?

I ordered the truck. I have the VIN. Do I have to wait for the day of delivery or can I apply now with some sort of lock in.

Sorry if this is a dumb question.

 

You can apply at any time. I don't know if you will be able to lock in the rate, however. Generally, approvals or qualifications are good for 30 days. (I know with General Motors, they are.)

 

I was denide ford finacing but I had saved up some cash and had enough to pay for my 04 lariat with cash. So Ford you didn't think I could make monthly payments but yet I could pay cash???? I never had any credit problems in the passed either.

 

What reason did they give you for the denial?

Did you get a copy of your credit report?

You will not believe the cr*p that will show up on it ....but don't get me started on the credit bureau issue ....

(And get ready for ChoicePoint in the near future .....)

Anyways, I think that Ford Credit has different criteria or scaling for extending credit ... and with a sizeable down payment, you should be able to get financing.

I believe that they rate you from 1-5 or something like that, as opposed the FICO/BEACON score from the bureaus.

I don't know what 'score' you need to be in to get the best rates ... but this is always negotiable.

As part of FOMOCO's larger 'turn around' strategy, Ford Credit is supposed to be re-focusing on its core values, and as a part of this (and to reduce its portfolio risk), they are shying away from the sub-prime paper that they (and all the other moneylenders) were espousing as 'the newest untapped market with great profit margins' back in the go-go 90's.....

Not sure what this means to the 'credit score marginalized' yet otherwise good faith paying customers .... back to the predatory, sub-prime, high interest, zero benefit and excessive fee credit market I guess ...

What a joke ....

 

With money being as cheap as it is right now, why would you put so much down? The cost of the money in my loan is only 2.9 cents per dollar. (2.9%) While I could have contributed more, I only put 9,900 down and even this was motivated by the fact that when you use 10k or more for the DP the dealership must report you to the IR$.

Why would you do an outright cash purchase? There MUST have been a point to which the risk is satisfied by the lump sum of your downpayment. This would not be the full amount. Perhaps as high as 50% down. Even if you invested VERY conservatively, you could have earned an 8% return on your cash. This would still net you 5%. Based on 34.5k this is 2,760.00 at 8% and 1725 based on 5% . Invest that and it grows into more very quickly too. As it is you get nothing but depreciation. Bad choice, but non of my business.

Sorry man I hope this does not flame you. But Wow.

 

wow skiultr, your so smart! But sometimes you must put your personal comfort above your number crunching. I probably would have only got about 7 or 8% because I don’t have a long credit history, mostly because I’m in my early 20s. To get the money to make more than 8% I would have to keep it in the stock market. That means risk. So therefore (9% average in market) – (8% on a loan) = 1%. So then I though is 1% worth the risk if I lose my job, the market goes down (or doesn’t go up 9%), and I can’t make payments on my truck. Not worth it to me. You might think this is too conservative but it might be the reason I’m in my early 20s and paying cash for a new f150 lariat. Not to many others my age are doing this.

 

That's weird. Must have been a glitch in the application. If you have enough to pay cash then you obviously can handle the payments.

In Canada, the manufacturers rarely turn people down. It's one incentive to sell the cars. They finance when all of the banks reject you.

 

One thing people never think about when financing opposed to paying cash is the cost of postage.

37 cents times 60 payments is well over 22 dollars.

(and if you don't get the self adhesive stamps you have to consider the spit.)

 

Thanks alot Raoul, I thought I had a good deal on my truck
until you brought up that point.

 

Don't get me started about the price of envelopes and walkin' to the mailbox.

 

You say your problem is your young and without credit history but what did you do to remedy this? Uh, nothing, you only helped to prolong it. Others do not do this because they choose more wisely; its not because they can't. They fix the problem not contribute to it. But hey, do you really think I care? Nope. I was just offering suggestions to others who might read this post and I used you as the example of what NOT to do.

As for the Stock Market, I have made more in the past 2 years than the previous 3 combined! It is all in the stradegy. Ford for instance was at $6.58 just last April and now it is at $16.47. Had you invested that $34,000 in "F" stock you'd have more than doubled it and still had a new truck. Duh! But then seeing the way you bought your truck, you prove not to have any real sense or strategy. But again, your money, or lack there of now. Non of my business beyond a public posting. BTW I am 35 and I am brilliant, not just smart.


RAOUL: Your too funny man. I posted this after your reply below. The stamp thing was cool to.

 

Had Hasselbeck thrown to the tightend in the flank rather than wideout which was picked off for the Overtime game winning TD, Seattle would be playing next week instead of Green Bay.

But hey, do you really think I care? Nope. I was just offering suggestions to other QBs who might read this post and I used Hasselbeck as the example of what NOT to do.

(I'll post other most excellent smart football tips next Monday!)

 

I bought some Ford stock back in 2001 in hopes of paying cash for a new '04.

I got in at $51.30 a share, last April I couldn't take it anymore and got out at $6.58.

Now I'm riding a bicycle.
(It's not new but, it has a new seat and I'm stylin)

 

Let me guess you wrote a check for it?

 

RAOUL ... thats just to funny