Ford Options- first payment?

[MrsZuko]

Just was curious to hear from those who have done Ford Options, do you make your first payment at delivery like with a lease or does the first payment happen after the fact like traditional financing? I'm just curious, I'm in the unfortunate position of having to rent a car for about 2 months until my MME arrives, my Jeep was totaled recently in a series of unfortunate events (not my fault so even more depressing), so I'm just trying to plan. No financial issue as I can make both payments, but I just want to know what to plan for. Thanks!

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[ADDZ71]

I picked my car up last week. No payment was required for the Options program (I made a decent downpayment ($13K) so that potentially influenced it) but I think it is more normal financing like.

 

[hybrid2bev]

Just was curious to hear from those who have done Ford Options, do you make your first payment at delivery like with a lease or does the first payment happen after the fact like traditional financing? I'm just curious, I'm in the unfortunate position of having to rent a car for about 2 months until my MME arrives, my Jeep was totaled recently in a series of unfortunate events (not my fault so even more depressing), so I'm just trying to plan. No financial issue as I can make both payments, but I just want to know what to plan for. Thanks!

Ford Options is like normal retail financing. Your first monthly payment is typically due 30-45 days after the contract date (delivery).

 

[machev]

The first payment with Ford Options was about 3 weeks from the day I picked up the Mach E

 

[EVRIDER]

First Payment is due after 45 days , I did Ford Option Plan.

 

[HuntingPudel]

I paid my down, then waited for Ford Credit to tell me when to make the first payment. There was some mixxup in paperwork, so my first payment wasn’t actually due until nearly 2 months after I picke up the car. ??‍?

 

[silverelan]

I’m on Ford Options and the first payment is like what @hybrid2bev says, just like a traditional financing loan.

the fun part for me will be what do interest rates look like after 47 months and it’s time to either do a lump sum payment or finance the balloon.

@hybrid2bev do we know when Ford will contact Options owners to square up on the balloon payment?

 

[J5hort]

Same as traditional finance. Payment due next month cycle. may skip a month to start depending on when it is processed.
You can walk away from last balloon payment or sell the car anytime. I went 48 month Ford Option but plan to shop for another EV just before 36 months of ownership. MA state rebate requires that the EV is kept for 36 months. I calculate that my "break even" at 36 months to make the 1 year of payments for the fourth year and the last (balloon) payment is about $26K. What do you think it will be worth with 36K miles on it?

 

[MrsZuko]

This forum is awesome, thanks! I figured this was the case given that it basically acts like traditional financing in every other way, but wanted to be sure. Now to just wait and enjoy my random rentals until I can hopefully take delivery on mine in early July (god willing ?)

@silverelan I would assume Ford contacts you well ahead of the balloon payment much like a lease so that you can start considering your options, but I'll let hybrid2bev respond as well. I don't keep cars much past 3-4 years at most, so I doubt I will be buying it. Who knows though, maybe I'll surprise myself and hold onto this one?!

 

[MrsZuko]

Same as traditional finance. Payment due next month cycle. may skip a month to start depending on when it is processed.
You can walk away from last balloon payment or sell the car anytime. I went 48 month Ford Option but plan to shop for another EV just before 36 months of ownership. MA state rebate requires that the EV is kept for 36 months. I calculate that my "break even" at 36 months to make the 1 year of payments for the fourth year and the last (balloon) payment is about $26K. What do you think it will be worth with 36K miles on it?

This is a great question, EVs are retaining their value exceptionally well at the moment, but who knows. I think there will likely still be a good market for these as many people will start dipping their toes in the EV world in the next few years and will be looking to do so without the higher initial price tag? I think we're in a good spot choosing Ford (longstanding brand), plus it has great looks and the user interface is friendly to LPG drivers who may not be ready to jump headfirst into the Tesla interface which is much different. At 36k and 4 years, you still have half of your battery warranty left, so that will help for resale too.

 

[J5hort]

This forum is awesome, thanks! I figured this was the case given that it basically acts like traditional financing in every other way, but wanted to be sure. Now to just wait and enjoy my random rentals until I can hopefully take delivery on mine in early July (god willing ?)

@silverelan I would assume Ford contacts you well ahead of the balloon payment much like a lease so that you can start considering your options, but I'll let hybrid2bev respond as well. I don't keep cars much past 3-4 years at most, so I doubt I will be buying it. Who knows though, maybe I'll surprise myself and hold onto this one?!

Lots of good info here...and the occasional banter. I own 6 cars and am a member on forums for each one. Highly recommended.

The EV landscape will be drastically different in 3 years. My guess is that huge range increases, charging options and methods as well as lower price points will be the norm.

 

[MrsZuko]

Lots of good info here...and the occasional banter. I own 6 cars and am a member on forums for each one. Highly recommended.

The EV landscape will be drastically different in 3 years. My guess is that huge range increases, charging options and methods as well as lower price points will be the norm.

Agreed! And yes, I typically always join a forum of whatever vehicle I am driving. This one is particularly helpful being a complete EV noob. I've learned a ton just from browsing.

 

[J5hort]

Agreed! And yes, I typically always join a forum of whatever vehicle I am driving. This one is particularly helpful being a complete EV noob. I've learned a ton just from browsing.

Noticed the Jeep listed in your profile. At the risk of going off topic, I have a few friends with Jeeps and mentioned the Magneto concept. They said they have little interest in a Jeep that is an EV. They ae not off-roaders. Just curious on your feelings. I anxiously await a Bronco EV at some point as I try to keep things closer to a Ford product forum.

 

[hybrid2bev]

I’m on Ford Options and the first payment is like what @hybrid2bev says, just like a traditional financing loan.

the fun part for me will be what do interest rates look like after 47 months and it’s time to either do a lump sum payment or finance the balloon.

@hybrid2bev do we know when Ford will contact Options owners to square up on the balloon payment?

The dealer should contact you within this same time frame to go over your 'Options'.

If you plan on doing the 'Renew' option you need to let Ford Credit know 30 days prior to the balloon note due date. This gives time to do the paperwork before the payment is due.

 

[MrsZuko]

Noticed the Jeep listed in your profile. At the risk of going off topic, I have a few friends with Jeeps and mentioned the Magneto concept. They said they have little interest in a Jeep that is an EV. They ae not off-roaders. Just curious on your feelings. I anxiously await a Bronco EV at some point as I try to keep things closer to a Ford product forum.

I personally think the Magneto is a cool idea, but I don't know how it all shakes out with the gear ratios and differential in 4 Low? I'm sure Jeep will think that through, I'm just sure that's probably where most people will ask the question in those situations where they want the control. Also, Jeeps are so heavily modded most of the time, you wonder what kind of mods this could actually tolerate and how it would affect range? It sounds like Jeep is putting some thought into that too in some ways with 40 inch tires, 3 inch lift, etc. and baking that in. They had to lengthen the wheel base for the EV to accommodate the drive train which could be another turn off for off roaders for maneuverability (this could be negligent though, I'm not sure of the actual specs). For the weekend warrior on heavily blazed trails, it will probably be just fine honestly. The other thing I think about is range anxiety on the trail, but again, assuming you plan, it is likely to be fine. I do think more hybrid options like the 4ev are smart, I'm not sure how you will get die hards to go full electric. My husband and I are watching the Lightnings and Rivian kind of closely to see how these options end up performing from a towing and outdoor activity perspective...if they can deliver, it'll be exciting.

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