Desperate for help with dealership - Ford Options Plan

[jgillmer]

I'm Jonathan but I think you were replying to {Jonathan} @JonathanEzor. ???

You can get to this calculator by going to the 2022 Mustang Mach-E page on Ford's website and begin doing your own vehicle build. There is a calculator finance option once you get far enough along.

I don't think the calculator option is available anymore for 2021 model year. The interest rates etc may be different on them.

Don't use the website with the dealer, as the rates have not been correct since the Q3 offer expired. For customers with qualifying credit score, the Ford Options should be 2.25% APR for Select/Premium and 1.4% for GT and GTPE. The cash incentive for using Ford Options is $1,000 or $2,500, depending on your state. There are a few states/areas where Ford is not offering Ford Options at all, such as DC proper (Northern VA and Maryland is ok).

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[jgillmer]

Don't use the website with the dealer, as the rates have not been correct since the Q3 offer expired. For customers with qualifying credit score, the Ford Options should be 2.25% APR for Select/Premium and 1.4% for GT and GTPE. The cash incentive for using Ford Options is $1,000 or $2,500, depending on your state. There are a few states/areas where Ford is not offering Ford Options at all, such as DC proper (Northern VA and Maryland is ok).

My understanding is that the current Ford Options APR and cash incentive offers have been extended to 11/1. Many, like me, following these threads are praying the terms renew at the same offers through the end of the year.

 

[Rfehl62]

I am leaning towards this being the case. I actually left and sat In the parking lot for a while before calling and asking for the GM. Surprisingly he was there and asked me to come in and talk with him. He apologized for the lack of training/knowledge on the Ford Options plan and told me to take the car and he would sit down with his team on Monday to make sure the paperwork is right before having me come back in to finalize it. At this point my wife is in love with the car and I am dead set on making them get it right, so we took it home.

I am glad to hear that he let you do that. I would live to hear how it turns out.

 

[joshmeister]

First payment at delivery is for RCL (leases). Not retail installment contracts like Ford Options.

Anything you pay at delivery should go towards the down payment on your contract (unless you're paying some fee's/taxes out of pocket, outside of the financing).

Here is what my contract looked like with Ford Options as an example of how your payment schedule should look if doing 48 months. (notice the balloon contract provisions box is checked)

This is most helpful! Thank you. Importantly I see there is "no prepayment penalty" which means one can refinance at any time.

@hybrid2bev Question for you: where does it show the Ford Credit Options incentive? And how much incentive did you get?

 

[hybrid2bev]

This is most helpful! Thank you. Importantly I see there is "no prepayment penalty" which means one can refinance at any time.

@hybrid2bev Question for you: where does it show the Ford Credit Options incentive? And how much incentive did you get?

It is shown on the rebate line on the following page. I put $11.5k down in cash +$500 deposit. Since I’m in Michigan I only got $1,000 Ford Options bonus cash = $13k down payment.

 

[C_P]

Heading there tomorrow to sign the “fixed” paperwork. We’ll see… in the meantime:

 

[Mach 5e]

Ford Options wasn't actually originally crafted for the Mach-E. It was created back when states like New York enacted new laws that could impose accident liability on vehicle owners, which made leasing too big of a risk for companies like Ford. For a while, car companies just stopped offering leases in those states, but Ford was able to offer a "lease-like" product with Ford Options without being subject to the liability that came with being the vehicle owner.

Ford did, however, dust off the Options plan and bring it back into existence for the MME since it also works well for maintaining the purchaser's eligibility for the federal tax credit.

Great history. Good to know

 

[Jeff_S]

I am in North Carolina, and Ford Options is not available. What's the best financing rate Ford is offering right now? I expect to take delivery in November.

 

[generaltso]

I am in North Carolina, and Ford Options is not available. What's the best financing rate Ford is offering right now? I expect to take delivery in November.

0% for 36 months

 

[hybrid2bev]

I am in North Carolina, and Ford Options is not available. What's the best financing rate Ford is offering right now? I expect to take delivery in November.

The lowest program rates until Nov 1st are 0% for 36 months, 0.9% for 48 months, 1.9% for 60 months.

After Nov 1st that could change or they could be extended, we don't know what the programs in November will be yet.

 

[connoisseurr]

Heading there tomorrow to sign the “fixed” paperwork. We’ll see… in the meantime:

Congrats and hope it all went smooth. I really regret not getting Iconic silver ?

 

[Jeff_S]

The lowest program rates until Nov 1st are 0% for 36 months, 0.9% for 48 months, 1.9% for 60 months.

After Nov 1st that could change or they could be extended, we don't know what the programs in November will be yet.

Thank you so much. Is the dealer required to offer these rates (if the credit check approves it), or can they mark them up?

 

[hybrid2bev]

Thank you so much. Is the dealer required to offer these rates (if the credit check approves it), or can they mark them up?

Financing negotiations, like rate, are between you and your dealer.

 

[Jeff_S]

Financing negotiations, like rate, are between you and your dealer.

I figured as much. thanks.

 

[C_P]

For those still following here is the end of the story from me. I did go back into the dealership and as agreed the financing paperwork was correct and the title application had my name as the owner. I confirmed it was a retail agreement one last time. The dealer never brought back up the paperwork that was incorrect, which they previously said was their Internal paperwork and didn’t really matter. I had refused to sign it previously because it did not match the Ford credit paperwork. The finance guy that I had been working with didn’t say more than three words to me. Never said hello, just pointed to a chair and pushed the paperwork across the table. Never thanked me for my business, or even told me to have a good day. The Director of finance was nowhere to be found. I will never do business with AutoNation Ford Katy in the Houston area again. Moral of the story for anyone else is to be as informed as you can and not let the dealership finance people push you around or tell you you don’t know what you’re talking about just because there is a new program they are not familiar with. They genuinely seemed surprised that I actually read the paperwork I was signing. They were almost annoyed I was reading it . The only person who ever acknowledged they were doing something wrong is the GM. I negotiate purchasing agreements as part of my professional life and I would never do business the way these people did. The only other positive experience I had during the whole ordeal was with the sales guy. Maybe he was just playing the “good cop” but he seemed genuine. I did get one last laugh in when I wrote the check for the down payment. They asked me to write it for an amount including the $500 deposit by mistake. I just sat back in the chair and said “ah ah ah” and he quickly recanted and asked for the lower amount. I’m sure he just misspoke, but I could tell it hurt him to have to concede that I was right once more.

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