Ford Options Contract-End Information

Mach-Lee · Mar 20, 2024

Ford has launched a website and guide regarding what to do when your Ford Options plan comes to an end.

https://www.ford.com/finance/finance-options/ford-options/
https://www.ford.com/finance/content/dam/ford64/us/pdf/lease-end/FordOptions_RenewalGuide.pdf

Please note there are actions that must be completed >30 days before the end of the contract if you are going to keep and refinance the vehicle. Again, the "Options" are:

Trade-in for another Ford/Lincoln
Keep and pay-off current vehicle (balloon $ due)
Keep and refinance vehicle into more payments
Return your vehicle (pay $475 disposal fee)

hybrid2bev · Mar 20, 2024

And for #4 any excess mileage and wear charges could also apply.

eStang · Mar 20, 2024

I did the refinance option. Handled it all over the phone. I called initially at about 45 days before last payment due to convey my intention. Had to wait until the final payment was due to get the refinance done, so a call back was needed at 29 days, so they could complete the refi, which just needed me to accept the new terms verbally in a recorded conversation. New payment terms showed up in the Ford Credit app the next day. Very easy process.

KDub · Mar 20, 2024

eStang said:
I did the refinance option. Handled it all over the phone. I called initially at about 45 days before last payment due to convey my intention. Had to wait until the final payment was due to get the refinance done, so a call back was needed at 29 days, so they could complete the refi, which just needed me to accept the new terms verbally in a recorded conversation. New payment terms showed up in the Ford Credit app the next day. Very easy process.

Rates are different from 3-4 years ago. When you refinanced, what kind of rates was Ford offering (if you don't mind sharing)? Thanks.

eStang · Mar 20, 2024

KDub said:
Rates are different from 3-4 years ago. When you refinanced, what kind of rates was Ford offering (if you don't mind sharing)? Thanks.

The policy is that the refi is at the same interest rate as your original term.

Scooby24 · Mar 21, 2024

Is there an option for return your vehicle, have it go to auction, have your dealer buy it at auction for pennies on the dollar, sell it back to you at deep discount?

Sign me up for that one please!

bshaw · Mar 21, 2024

eStang said:
The policy is that the refi is at the same interest rate as your original term.

That's a great deal, I didn't know that was possible.
I just paid the balloon $ amount because I assumed the refi would be at a current interest rate.

bshaw · Mar 21, 2024

Scooby24 said:
Is there an option for return your vehicle, have it go to auction, have your dealer buy it at auction for pennies on the dollar, sell it back to you at deep discount?

Sign me up for that one please!

My balloon $ amount was still below what the local market value would be for my vehicle. Maybe other geographies the value has dropped more significantly, but here in the Northeast, EVs are still somewhat in demand.

4sallypat · Mar 21, 2024

bshaw said:
My balloon $ amount was still below what the local market value would be for my vehicle. Maybe other geographies the value has dropped more significantly, but here in the Northeast, EVs are still somewhat in demand.

Good to know!

West coast definitely EVs are in demand due to the higher gas prices.

Dnorwood98 · Mar 21, 2024

eStang said:
The policy is that the refi is at the same interest rate as your original term.

Not all terms are that way, I believe this is on a state by state basis. My terms do not include that language.

Gimme_my_MME · Mar 21, 2024

Dnorwood98 said:
Not all terms are that way, I believe this is on a state by state basis. My terms do not include that language.

Hey @hybrid2bev , how does Michigan handle this? Asking for...uhh...a friend

GrisGris · Mar 21, 2024

Dnorwood98 said:
Not all terms are that way, I believe this is on a state by state basis. My terms do not include that language.

Correct. See the discussion here. I believe mine (in FL) would be at a new rate as well.

metfoo · Mar 21, 2024

i've been thinking about t his quite a bit lately. I am due in 10 months, so I have time. EV prices seem to be dropping, which has me thinking about getting rid of mine. I only have 18k miles on my 2021 first edition though, so it's still practically a new vehicle in my eyes, making me want to keep it. I do want a GT, which is what I would trade in for. But I can't convince myself I really need a GT, considering how little I drive it. I also have an R2 deposit in, and would like to go with that or possibly the T5 platform. so many decisions. I'd love to hear what Californians have been getting for the new interest rates.

bshaw · Mar 21, 2024

metfoo said:
i've been thinking about t his quite a bit lately. I am due in 10 months, so I have time. EV prices seem to be dropping, which has me thinking about getting rid of mine. I only have 18k miles on my 2021 first edition though, so it's still practically a new vehicle in my eyes, making me want to keep it. I do want a GT, which is what I would trade in for. But I can't convince myself I really need a GT, considering how little I drive it. I also have an R2 deposit in, and would like to go with that or possibly the T5 platform. so many decisions. I'd love to hear what Californians have been getting for the new interest rates.

Just enable the power meter on your 1st edition and pretend it’s a GT. Thats what I am doing. Best part, there is no jail bars limiting the acceleration after a few secs like the GTs have.
You’ve got a while until R2 comes out.

hybrid2bev · Mar 21, 2024

Gimme_my_MME said:
Hey @hybrid2bev , how does Michigan handle this? Asking for...uhh...a friend

The refi procedure is to use the same contract rate.

Ford Options Contract-End Information

Mach-Lee

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hybrid2bev

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eStang

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KDub

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eStang

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Scooby24

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bshaw

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bshaw

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4sallypat

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Dnorwood98

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Gimme_my_MME

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GrisGris

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metfoo

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bshaw

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hybrid2bev

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