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

[DaveQ]

I have a big decision coming up in less than 12 months. Ford options (36 mo) is coming to an end. Would like to know what everyone else is doing. Don't need to hear from the flippers.

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[MachKet]

Evaluate what your car is worth at the time?

If less than you owe- turn it in

If more than you owe- keep it and then decide if you want to cash out the equity by selling it or keeping it

 

[hybrid2bev]

I have a big decision coming up in less than 12 months. Ford options (36 mo) is coming to an end . Would like to know what everyone else is doing. Don't need to hear from the flippers.

My plan is to refinance the balloon.

According to my contract I can refi for up to 36 months (however many months from 1-36 that it takes to keep my monthly payment the same) and I get to keep the same interest rate of 2.25% (super cheap!).

 

[Dnorwood98]

My plan is to refinance the balloon.

According to my contract I can refi for up to 36 months (however many months from 1-36 that it takes to keep my monthly payment the same) and I get to keep the same interest rate of 2.25% (super cheap!).

Is this in all the Options contracts? I don't have mine to look at currently.

 

[Neil4Real]

My plan is to refinance the balloon.

According to my contract I can refi for up to 36 months (however many months from 1-36 that it takes to keep my monthly payment the same) and I get to keep the same interest rate of 2.25% (super cheap!).

Really?!? All Options agreements allow this? That would make it a really tough decision since mine is at 1.4%. I mean, I still have about 22 months left on mine, so rates can end up going down by then, but if not, that makes it pretty tough.

 

[hybrid2bev]

Is this in all the Options contracts? I don't have mine to look at currently.

Really?!? All Options agreements allow this? That would make it a really tough decision since mine is at 1.4%. I mean, I still have about 22 months left on mine, so rates can end up going down by then, but if not, that makes it pretty tough.

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

 

[Logal727]

I'm assuming there is a plan at the 3-year mark to have a new enticing model that people will jump to

 

[SpaceEVDriver]

I'm assuming there is a plan at the 3-year mark to have a new enticing model that people will jump to

That refinance option is the plan for a new enticing model. They can get six or seven years of interest payments instead of three or four. I don't recall our Options interest rate off the top of my head, but unless it's very low, we'll probably just pay off the car sooner rather than later. Unfortunately we ended up taking delivery right as interest rates started to climb, so I know it's not as low as it should have been.

 

[Logal727]

That refinance option is the plan for a new enticing model. They can get six or seven years of interest payments instead of three or four. I don't recall our Options interest rate off the top of my head, but unless it's very low, we'll probably just pay off the car sooner rather than later. Unfortunately we ended up taking delivery right as interest rates started to climb, so I know it's not as low as it should have been.

Yeah, I meant a new Mach-E people will jump to, next-gen with more features.

 

[HuntingPudel]

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

 

[SpaceEVDriver]

Yeah, I meant a new Mach-E people will jump to, next-gen with more features.

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.

 

[Neil4Real]

Unfortunately we ended up taking delivery right as interest rates started to climb, so I know it's not as low as it should have been.

But you ordered it in Oct. 21, you can get the rate available when you ordered it or when you bought it, whichever is more favorable.

 

[Logal727]

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.

Something the size of the Kia EV9 would be awesome too.

 

[SpaceEVDriver]

But you ordered it in Oct. 21, you can get the rate available when you ordered it or when you bought it, whichever is more favorable.

Hmm... If I can work directly with Ford Credit that might work out. But the dealer messed up so much with the financing that we're not interested in spending hours negotiating with them again.

 

[Neil4Real]

Hmm... If I can work directly with Ford Credit that might work out. But the dealer messed up so much with the financing that we're not interested in spending hours negotiating with them again.

You can't go back and get the rate now, just saying you should have had the chance but sounds like your dealer was a typical slime-fest! Total bummer!

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