you can refinance immediately I did it if the dealer tells ya any different he is B.S. you

Thanks for the heads up. I'm in the process of buying a new truck now and I heard the 3 month request too. They did make it sound like it was in the contract. My local credit union will give me 4.49% too. I asked them about the 3 month deal and she told me they could purchase any legal lean, at any time. So I feel "why wait? It's like Donald Trump would say "It's not personal, it's business"!!

Bob

There is no pre-pay penalty on a car loan. Pay it off whenever you want.

I took the FMC loan too to get the extra $1,000 off but they can kiss my arse if they think I'm paying over 8.00% for a car loan when I can either pay it off immediately or finance at sub 4% levels.

The finance guy here asked me to wait three months before refi because "they frown on it" if you do it right away. I asked "who do they frown on...you or me?" He said both. I told him I didn't give a **** if they frown on me.

He then changed up a bit and said they actually frown on the dealer and if they get too many that refi right away then the dealer might not be able to offer that incentive any more. Sounds like a load of BS...but it's his problem at any rate...not mine.

That is total BS.

Thanks guys. This was very helpful. The same people told me this at Covert about having to pay at least 3 payments which would equal the $1000 that I got from the rebate. They have been ****ing me around since day 1. This weekend I will go and refinance my truck. They basically told me that if i didnt wait the 3 payments that I would lose the $1000 rebate.

These guys are all full of crap. This is why I gave up the $1000 and went with the very cheap (2.9%) financing right away, rather than deal with this mess.

Old thread that I don't think should die because it's very useful. Should be a sticky if you ask me. :)

I just did mine as well. You can refinance for 2.0% right now (bankrate.com). I went for the $1000 rebate and financed through FMC but if I wait 3 months at my current rate I give back $180 bucks of that $1000 rebate because the rate is so crappy. Dunno if I'm going to be nice yet or not. :)

Yep, you can do it anytime. If you do it before 3pymts it goes against the dealer and they get dinged by FMCC. If you pay out the first three they get their 1000 bucks back. I guess it depends on how much you like your dealer...

I was trapped too for 3 months, or fooled i must say. The reason I heard of the such high rates from FMC is they know your going to refinance anyway so they use in conjunction to get the sale and the high rates do afford them some money even if you keep the loan for a month or two. That and they figure some people just forget.

But really to finance the day after like some get all proud off is not a big deal. Whether I refinance now or in 90 days the rates are going to be the same and the extra 2% interest that ford charge me for a few weeks isnt costing me anything.

Crappy thing is refinance rates are not usually as good as getting the original loan through an institition.

Think i got 4.9 through ford and refi for 3.25 through USAA. Also beware on these 1.9 rates people throw out they are usually for new cars and are for 36 months sometimes 48 months.

Refinanced mine a few days after the sale for 1.9% through my credit union. Won't lose a wink of sleep over my dealer's loss.

I plan on doing the same. I can refi within 30 days of the sale with the credit union and the transaction is treated the same as new car loan.

I took the $1000 off and went with the Ford financing. I re-financed before the first payment came and had no problems.

delete

Does anyone know the minimum amount financed through Ford, I've heard $7500 or $10000 in order to receive the rebates? I am going to pick up my F150 in a couple of days.

You all have confirmed my suspicions on this and I am a little pissed. I know the dealer is there to make a profit and I don't begrudge them that. However I was handed the same BS 3 month line also. Now if they would have been straight up with the truth and said they (the dealership) stands to lose a little if I refinanced earlier I probably would be cool with that and go along. I will refinance tomorrow now.

As long as I'm bitching about the buying experience, I got one other thing that ticks me off that I won't ever do again. Agree to binding arbitration. From what I've read after the fact, is that it is a pretty universal clause that most dealerships are now using. I told the finance guy I didn't like it. He said he couldn't process the paper work without it. I have bought maybe four cars from this dealership in the past and they have always delivered good service and fair deals for me, so I went ahead and signed. They don't need that clause because they do have a good reputation for taking care of their customers. It just makes them seem a little seedy. I don't know, maybe they have changed for the worse. At any rate, I will not sign away my meager legal rights again.