Anyone doing Ford Options?

[BenK]

Just curious on what people's thoughts of Ford Options is and if anyone might be going this route?

Personally I'm still undecided, but being the first model run I'm tempted to do this in hopes of a better model down the road.

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[ajmartineau]

It really depends on the interest rate, so maybe. I like the options that options give us.

 

[jhalkias]

Yup. All depends on that rate.

 

[timbop]

Very seriously looking at it, although it depends on how competitive/realistic the rates are. Battery technology is changing rapidly, and I'm not sure I want to have to sweat out resale value tanking - so very much inclined to the options plan as a failsafe. The problem is that Ford so far is showing abysmal value at the end of the options terms - looking at the options calculator an equivalently priced Tesla model 3 (AFTER the $7500 rebate on the Mach E) is more than $100/month cheaper

 

[ajmartineau]

Also, another consideration is if the "one pay" option is available. Basically, if you make a down payment large enough to cover all the payments to the "options" date.

 

[MachE2021]

Definitely considering it. When I placed my order there was a $2500 rebate that showed up that was available if using Ford Options. Who knows if that’ll still be available when I actually purchase mine, but if it is, that along with a very competitive rate might seal the deal for me.

 

[hybrid2bev]

Also, another consideration is if the "one pay" option is available. Basically, if you make a down payment large enough to cover all the payments to the "options" date.

No, there is no single pay with Ford Options. There is a limit as to how much you can put as a down payment at the contract inception. But you could simulate a one pay, after the purchase you could make a larger payment to pay ahead. Just like you could on a simple interest loan.

 

[portlandg]

I have had my last 4 cars on Ford Options. My wife has had her last 3 cars on the same deal. I will definitely getting my MME on Options as well. I think it is a good way to buy. The monthly payments are usually lower than normal finance. Ford will guarantee a minimum resale value (balloon payment) and you can walk away, trade in or refinance after the term. If, when the time arrives and you trade in for a newer model and your dealer will give you more than the balloon payment, that is yours to put towards the new car. That's how it works in the UK anyway

 

[jhalkias]

I have another question about Ford Options . . . when you choose a mileage limit, is there a set price that is higher if you decide to turn in the car with excess mileage like a traditional lease? In other words, it is X cents per mile if purchased up front, but if you exceed the mileage, you pay X+Y at return of the car? My mileage per year will exceed even the highest under the plan, and even though I think I would keep the car anyway, I am trying to strategize how best to approach this. Anyone know how this works with Options vs a traditional lease?

 

[portlandg]

I have another question about Ford Options . . . when you choose a mileage limit, is there a set price that is higher if you decide to turn in the car with excess mileage like a traditional lease? In other words, it is X cents per mile if purchased up front, but if you exceed the mileage, you pay X+Y at return of the car? My mileage per year will exceed even the highest under the plan, and even though I think I would keep the car anyway, I am trying to strategize how best to approach this. Anyone know how this works with Options vs a traditional lease?

I presume Options will be the same in the US as it is in the UK so the answer to your question is YES. But I believe it is only brought into effect if you return or part ex the car. If you pay off/refinance I don't think there is a problem. I paid off the finance on my current Kuga bought on options and it didn't even enter the discussion. Best check with your dealer just to be sure though

 

[hybrid2bev]

I have another question about Ford Options . . . when you choose a mileage limit, is there a set price that is higher if you decide to turn in the car with excess mileage like a traditional lease? In other words, it is X cents per mile if purchased up front, but if you exceed the mileage, you pay X+Y at return of the car? My mileage per year will exceed even the highest under the plan, and even though I think I would keep the car anyway, I am trying to strategize how best to approach this. Anyone know how this works with Options vs a traditional lease?

@portlandg is exactly right. The excess mileage charges are only in effect if you return the vehicle at the end of your term.

Buying additional mileage upfront on Ford Options is only allowed in a few states (check with your dealer). Additional miles may be added only at the time of vehicle sale when 19,500 mileage option is selected (eligibility varies by state).

The excess mileage charge on Ford Options if you return the vehicle at the end of your term and you are over your allowed mileage that you selected at inception (allowed + purchased) is $0.25 per mile (regardless of which mileage option you choose).

The plan is to have the same annual mileage options to choose from with Ford Options as you would with a traditional lease (7,500 to 19,500 per year). The residual is adjusted up or down depending on which mileage option you choose (other than 15,000 which is standard so no adjustment).

Hope that helps.

 

[jhalkias]

So I emailed the sales manager at my dealership, and it is hard not to laugh . . . he thinks Ford Options is a rebate program if you finance with Ford Credit at their standard rate (maybe that is some other similar sounding program)? He went further to tell me there is no lease program now for this car. (Yeah, I know, it's called Ford Options with a balloon payment at the end, but we won't go there). The ONE piece of useful information (I think) that I got was on a lease, you can go up to 33K miles per year at 20 cents a mile if you pay up front for 3 years, or pay 25 cents a mile for excess mileage at the time you turn the car in.

So, regardless, still will have to see what the rate is on Ford Options vs. traditional finance, and then decide if I go with Ford Options whether to pay in advance for excess mileage, or low ball it to keep the payment lower with a higher balloon at the end? Still will need more info to make a decision when final details come out.

 

[janitorjim]

I am going for Ford Options as there is no clue what the trade in/resale value will be and what kind of issues with these first year cars will be I also figure the car will be upgraded a lot in 3 or 4 years anyways.

 

[timbop]

I am going for Ford Options as there is no clue what the trade in/resale value will be and what kind of issues with these first year cars will be I also figure the car will be upgraded a lot in 3 or 4 years anyways.

I'm assuming that battery technology and prices will be markedly different in 4 years, which is why I am planning to go the options route. I think Ford feels that way too, which is why the backend number (aka residual) is so low on the options.

 

[jhalkias]

Lots of talk elsewhere about the Model Y $599 lease vs. the MME over $800 with Ford Options. I rang the phone on Twitter at Ford and Ford Credit. Will be curious if they answer the call.

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