1 year from Ford options end - Job 1, now what?

[Ajax]

Check the language on your contract (or balloon addendum). Here's mine, see "Second".

Mine's the same. Rates may go down again by the time my 4 year options lease is up, but either way I will only have about 2 years at current payments to pay the rest off.

If a gen 2 Mach-E (or US version of Explorer) comes out by the time my Options lease expires in Aug 2025, I'll probably trade up for that. Otherwise I'm pretty happy with the car and will keep the financing I have.

 

[CompilerBreak]

Ignoring the financials, and assuming you do enjoy the car, personally, I don't think there's anything else in the market (or arriving for sure in the next 12 months) that's a clear "upgrade" worth the effort unless you're switching category, like to a Lightning. Granted, I'm in a state where I have to pay sales tax on the car and that factors into my hassle/cost of switching so ymmv.

 

[Anton]

My contract says the APR rate will be agreed upon with the Creditor at time of refinance.

I'm at 2.49%. About halfway through 36 month contract. Would be difficult for me to consider trading it in as I have some aftermarket suspension parts, ppf bra, ceramic coat, and wheels and tires.

But... who knows. We'll see what happens in 18 months.

 

[yngwenli]

Check the language on your contract (or balloon addendum). Here's mine, see "Second".

My wording doesn't say the same as yours, but from your blurb above, is it a sure thing you can get the same rate? It just says the APR will be the lower of the APR... OR the maximum APR permitted by law.

Mine says that the monthly payment will be the same only:
The refinancing Annual Percentage Rate (APR) will be agreed to by you and the Creditor at the time of refinancing and will not exceed the maximum APR permitted by law. Your refinanced monthly payment will be the same as in this contract if the refinanced amount will be fully paid in 36 months or less. Otherwise, your monthly payment will be the amount needed to fully pay the refinanced amount in 36 months.


I'll probably just pay if off then and drive it to the ground. Maybe like stock investing, it's good to know going in what you planned to do when you bought it (or have a pretty definite plan at purchase time).

Edit: My wording is like Anton's.

 

[hybrid2bev]

My wording doesn't say the same as yours, but from your blurb above, is it a sure thing you can get the same rate? It just says the APR will be the lower of the APR... OR the maximum APR permitted by law.

Mine says that the monthly payment will be the same only:
The refinancing Annual Percentage Rate (APR) will be agreed to by you and the Creditor at the time of refinancing and will not exceed the maximum APR permitted by law. Your refinanced monthly payment will be the same as in this contract if the refinanced amount will be fully paid in 36 months or less. Otherwise, your monthly payment will be the amount needed to fully pay the refinanced amount in 36 months.


I'll probably just pay if off then and drive it to the ground. Maybe like stock investing, it's good to know going in what you planned to do when you bought it (or have a pretty definite plan at purchase time).

It’s the LOWER of the two rates. My 2.25% rate is lower than the state max rate.

 

[eStang]

My Options rate is low. I am going to refinance mine when the period is up.

I am in the same boat! So glad I read this thread because I have also been starting to think about what I will do a year from now. I learned now that Ford Options gives me options! Like others, I had presumed there would be some cool new model on the market by now that would be more enticing than my First Edition, but honestly I love my First Edition so much it's going to take a lot to make me switch.

 

[HuntingPudel]

I am in the same boat! So glad I read this thread because I have also been starting to think about what I will do a year from now. I learned now that Ford Options gives me options! Like others, I had presumed there would be some cool new model on the market by now that would be more enticing than my First Edition, but honestly I love my First Edition so much it's going to take a lot to make me switch.

Yeah, I am not seeing a thing that's coming onto the market in my price range that I think would *maybe* be something I'd leave my GT-PE for. There's nothing I'd definitely leave it for.

 

[lbj]

Check the language on your contract (or balloon addendum). Here's mine, see "Second".

I just checked mine - sigh. It says "The refinancing Annual Percentage Rate (APR) will be agreed to by you and the Creditor at the time of refinancing and will not exceed the maximum APR permitted by law."

 

[mikeinet]

I wonder what private 3rd party car loans do in this case.

is this considered buying a used car at the end of options?

 

[Thor2j]

Ah. Yeah, if that's an option I might consider it, but I bet we end up just paying it off and keeping what we've got. I'm trying to hold out for an EV pickup truck that can tow for longer distances.

Don't hold your breath unless they completely reinvent the battery. Not gonna happen. Whatever the mileage is cut it by a minimum 65%. Unfortunately nature of the beast.

 

[hybrid2bev]

is this considered buying a used car at the end of options?

Yes. Another lender will consider it as used.

 

[macchiaz-o]

I just checked mine - sigh. It says "The refinancing Annual Percentage Rate (APR) will be agreed to by you and the Creditor at the time of refinancing and will not exceed the maximum APR permitted by law."

Mine is the same as yours.

I'll see what they have to offer, but most likely I'll just pay the balloon amount in month 36.

 

[MachDoc]

I am in the same boat. 12 months left. I really like this car. I intend to buy mine outright.

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