Anyone know how long you have to keep an auto loan through Ford when a Ford Credit rebate is involved? Trying to weigh the options of financing through Ford for a few months to get the extra $1000 rebate, then re-financing through my credit union to get a lower rate.

What is Ford's typical "non-incentive" lending rate?

Thx,

Eric...

 

My dealer talked me into financing a portion to get the rebate and told me to make 3 payments, then I could pay it off. Hope he is correct.

 

My dealer talked me into financing a portion to get the rebate and told me to make 3 payments, then I could pay it off. Hope he is correct. Oh, I think the rate was about 6%.

 

Brought my truck in Feb '05. My dealer "tried" to tell me I had to wait 6 months before I could pay it off. I called Ford Credit. They said I could pay off the loan as soon as I got the first invoice. You got to send the final payment to a different address when you pay it off so they'll notify the DMV and send you the title. Probably could of put the check in the mail to Ford Credit after I picked up the truck and paid no interest.

Basically, the minimum $8000 24 month loan I took out to qualify for the $1000 rebate cost me exactly $38.07 in interest. Call Ford Credit the number is 800-727-7000. I think dealers must get some sort of kick back from Ford Credit. Imagine how much money Ford Credit must rake in if they can afford to give $1000 to take out a $8000 that you might pay off in 1 month.

I also put a portion of the purchase on the wife's CASH BACK credit card. They only let me put $3000 on the card towards the cost of the truck. Would of put the whole remaining balance on the credit card if they let me.

If you have the cash you can really save a ton on the interest.

 

Thanks guys. That's the info I was looking for.

I guess the rate really doesn't matter if my C.U. turns around and sends Ford a check within a couple days of delivery. Might get hit with a weeks worth of interest. No biggie to save another $1000.

E...

 

Depending What State Your From There Is No Pentalty To Pay Off A Loan . They Tell You 3 Payments Hopeing That You Will Forget To Refinance Or Pay It Off

 

Same......3 payments

 

I used Ford Credit to get a rebate on my 05 F-150.

The Dealership Finance dude told me the same thing. Had to 90 days.

He lied to me....

Thing is, the Dealership gets a kickback from Ford Credit if you wait 90 days so they (the dealership) tell you this because it's in the their best interest.

I turned around and as soon as I had an account number with Ford Credit I called my Bank and had them pay it off.

The Finance guy was taken back and was speechless when I told him that....

Oh well... That's what he gets for lying to me. I might have even agreed to keep it for 3 months if he would have told me that he or the dealership gets the kick back... Unno the whole "establish a good relationship with your dealership" thing.....

 

My dealer told me the same thing that I have to carry it for three months before I pay it off or they (Ford Credit) can ask for the rebate money back.