The dealer is lying to you. They want to steal money from you. I just bought an 02 Lariat 4 months ago and paid $18K. They want to sell you a cheap-*** base model truck for $21K? Which do you think will be worth more in 3 years? A 6 year old Lariat SCab is worth a heck of a lot more than a 3 year old regular cab work truck with a 6 cylinder and bench seat.

If you can get approved for $21K for a ripoff base model, then you can get approved for your 3 year old Lariat.

 

Like RockyJSquirrel said if you can get approved for a new pickup a 3 year old Lariat should be no problem. Your dealer isn't looking for your best interest.

 

Just my .02 Reloader. I too am a finance dir. and we run into this every day. It is much easier to get Ford to stretch on someone with some slow credit on a new vehicle than a used. My guess on the no go on the Stang would be less equity on it, trucks have big rebates right now, Mustangs dont. Having said that I would insist they try different sources. All dealers have second chance lenders that would probably pick up the new one or at least your old truck IF your other credit is not too bad. By the way, regardless of what you hear otherwise, from 24 years of experience, the short term loan you were on is the best way to do it. Good luck!

 

The lease you signed says what the purchase is at the end of the lease. It doesn't matter where the money comes from. Try to get a loan elsewhere and buy the truck if you can get a loan. When I bought my truck, Ford Credit had the 4th from lowest interest rate that the dealer had available but I had to finance $7,000 for 3 months to get the $1,000 rebate. I did the Ford Credit financing for 3 months and put a new roof on my house with the money had to hold back to get the rebate.

 

how do you say DONT DO IT in 30 different lanuages.

 

Don't settle and tell that dealer to kiss your.. well.. you know. Here's why:

I just bought a 2004 SC Lariat.. and do you know what was on my credit? lol.. I had barely a 600 beacon score, and at least 8 30 day late payments on my other car. So.. I think your about to get screwed.. and I don't mean getting a Lariat Supercrew. I wish I could have everyone one I know and have met go see my dealer because they are top-notch. I walked in and left with my new truck 1.5 hours later.

 

I agree that something if fishy here. You're dealer has an agenda and isn't being straight with you. Either they want your '02, or they want to move a base unit truck that isn't selling, or both. I also agree that you should find financing on your own and work from there. The dealer will tell you that they have worked on your behalf for your financing, when in reality they very well may have added points to your rate. They are working on their behalf. Call some credit unions, and good luck.

 

Sorry to hear about your situation. It sounds like you make every attempt to be responsible with payments and in my opinion I would get into whatever you feel you can afford until your wife is working again. I don't know if you have kids or are planning on kids but a standard cab probably would not be the best idea. I know it may not be what you want to hear but I would hate to see you get in over your head. Good luck with whatever you decide.

 

If you are having this kind of difficluty, why are you A) trying to buy out a Lariat Supercab or B) buying a new truck?


If things are tight in a way that causes you to be late with payments, maybe you should think about something much cheaper.

Here is another thought: If your wife is out of work do you need 2 vehicles right now? Think about it... save the payments and insurance on 1 for a couple of months and there is a downpayment for when you need to get a second vehicle.


Other thought, you have the Dakota. Do you need a second pickup? Maybe you should think about a Focus/Civic/Corolla until you and wifey are in a better place.



I don't want to sound like an a$$, but you are asking about buying a used Lariat or a brand new F150 (neither of which are cheap) while in the same breath telling us you are financially strapped.

Doesn't make sense to me.

 

Go to another dealer, they'll take your lease since it has low miles. You can apply for credit all over the place, usually the dealer has alternative credit sources. Leases aren't inherently bad, you just have to do your research on the credit issue.

I have decent credit but I made sure I had a great deal with the financing before I went to the dealer. They'll use everything they can to manipulate the sale, trade-ins, leases, credit, everything.

Take control!!!

 

Based on what you stated, I would shop for a loan to get your 02.
It appears that the lease residual is below the 02's value; if it was higher than the value, the dealer probably would find a way to re-fi you since they would not want to be "buried" in it. It might be worthwhile calling Ford Credit yourself to see what your options are.

If that does not work, shop other Ford dealers for a new truck. There is nothing worse than making payments on vehicle you hate.

 

I agree you are getting a good dealer screwin by the sound of it.


BUT


I agree with J150 more. Get yourself a Civic for now and save the beans. ONLY A CIVIC. Great resale value on a small car and you will love the quality on the car. Even used ones hold up like freakin tanks. and speakin of tanks wait untill you will that first tank up with 17 bucks and drive 300 miles on it. My wifes 99' civic got 29 mpg her new accord gets 32mpg. That is how you save money. I know that dakota isn't getting good mpg. you are fortunate to have a truck (dakota) so get the civic and save some money. (while I was on my soap box I forgot you already were approved for a truck at ford, the focus is a decent car as well)

With that said, I've been were you are. IT FREAKIN SUCKS. but guess what it always gets better. I learned to focus on the long term when I went through the financial ringer. getting an economy car now saving on payments, gas, insurance, plates, will all add up and its better to be in a decent car with easy to make payments than a truck you are unhappy with, with payments that stretch you.

 

exactly. This route makes sense from every direction you look at it.

If I was in the same boat as you at this point in time, I would definitely walk from an expensive truck and focus on the important things first.

After all, it's just transportation.

 

Reloader,

It's already been said, but you would be a fool to let up and give in so easy. I would fight for your 02.

In the future, don't EVER be late on a payment. Sell a kidney, give blood, do whatever it takes, but don't make a late payment.

Personally, I would fight to the end of possible negotiations, and then tell you Ford dealer that the Chevy dealer is giving you a better gig.

Of course, don't buy the Chevy, just find another Ford dealer elsewhere.

I would buy a used POS for the time being, and save for a new truck a couple years from now before I go along with a sleazy dealer like that.

That's just wrong dude.

 

Reloader,

You should be able to extend your lease for some time. I'm not sure what Ford Credits policy is but I have friends that have extended their leases for up to a year and had the same monthy payment and kept there vehicles.