I don't know about you guys, but I've got some real reservations about Ford's latest "We'll Give You 0% Interest Even If Your Credit Is Shot" promotion. Can you imagine how many "financial dolts" are headed down to a Ford dealer right now to purchase a car they probably can't afford?

In about 2-1/2 years, half of these idiots are going to have their vehicles re-possessed because they can't balance their car payment, their boat payment, their 4-wheeler payment, and their credit card payments! This flood of "dumped" vehicles is going to end up driving down the resale values on most Ford vehicles.

I'm afraid that pretty soon owning a Ford will have the same stigma to it as someone who is "purchasing" their living room chair, their television, and their dishwasher from Rent-A-Center......

 

ROFLMAO

I have pretty good credit where I generally get real low interest rates. Anyway while we were getting my daughters Mercury Mainer I asked my son just who could qualify for the 0%/72 months.

He told me his sale manager told them "If they can fog a window they will qualify..."

 

I think that has already happened.

 

i know someone that has bad credit, lives in a bad part of town.

they just got a loaded King Ranch, F350 4x4. i would guess the truck had to cost around 50k

it is a awsome truck, but not my first choice for financial reasons.

 

There ain't nothing wrong with getting furniture from a Rent-To-Own.
Just like leasing a car, I figure by leasing my couch I can just trade it in when it gets full of farts.

(p.s. but I wouldn't never buy used, no sir)

 

But, what about someone that is in the market for a new truck. 0% is awesome.

 

Are they doing this on Stangs too? I read somewhere that Stangs were still 4.9%...

 

I hope they do drive down the resale value. I'd love to pickup an 05 or 06 on the cheap 5 years or so from now.

 

My wife and I have always saved our money and paid cash for vehicles. All except the first one (a 65 Mustang), which we financed but paid off early. Our credit cards, when used, are paid off currently so there is no interest. The only monthly payment we have ever made was for the house. Yep, we are conservative! Anyhow, when I bought my truck, I financed it to get the cash bonus for financing ($1000, at the time) and paid it off after 90 days. When they ran my credit, it came back questionable as I had no credit history for them to check, therefore my interest rate was higher. Seemed stupid to me, I wanted to write them a check, but it would cost me more than if I financed. Then my interest rate was higher. The world has gotten upside down somehow. I am saving now for a 2008!

 

I started building my credit at 18. I had my own credit card, charged most my purchases, paid it off monthly. No problem and when I bought my house at 24, I was good to go.

 

Closer, the promotion was ALL 2006 MODEL FORD trucks, cars, suvs, etc..

 

Maybe not if you actually crunch the numbers.

In MOST cases, you are better off taking the rebates and discounts in lieu of the cheap financing. Most of the 0% offers preclude you from taking advantage of any rebates that might be offered.

While I tend to save and pay cash for my vehicles, even if you finance you can generally get a better deal if you finance outside the manufacturer and take the rebates and discounts off of the MSRP instead.

0% is USUALLY a pitch that gets financially unsophisticated people to actually pay more for a vehicle over the course of time than they really need to. The fact, however, is that most of these folks don't even realize it -- they just see the 0% interest rate and move merrily along thinking they got a great deal.

 

When I got my truck 2.5 years ago on 0% for 72 I ran the numbers both ways, and 0% @ Xplan price was less expensive than the rebates by about 40 bucks a month.

 

You have to remember that relatively few people have access to X-plan pricing. I would bet the total number of vehicles sold on the X-plan is miniscule compared to Ford's overall sales for the year.

I wasn't aware that they have offered 0% for 72 months before -- the best rate I had always seen was 0% for 60 months (?).

Also, in a scenario like this you have to be sure that you're looking at the total cost to purchase the vehicle -- not just the monthly payment. That is where most people get taken -- they're too focused on "monthly payment" and are not paying enough attention to "total cost to purchase" the vehicle.....

 

ANYTHING that was 2006 except the Ford GT, not Mustang GT, but the Ford GT and a few select F150's for what ever reason, other then that is was 0% for 72 months on EVERYTHING else...