Glen
Well-Known Member
- First Name
- Glenn
- Joined
- Oct 22, 2021
- Threads
- 10
- Messages
- 567
- Reaction score
- 455
- Location
- New Jersey
- Vehicles
- 2022 Range Rover, 2012 Dodge, 2018 Chevy, 52 M38
- Occupation
- Retired, building inspector / construction super for a builder in NY.
I dont know what I will do yet either. My other cars I just buy and leave. My wifes bitchin "use Fords money, why use ours". So, to keep her quiet I will probly do some type of finance thing to. But being as my MME wont be here till March/April. I didnt put any study on the numbers yet to see what I might do. Best of luck on what you decide.My car is getting close, so I am (re)reading the Ford Options threads a bit closer this weekend.
I have enough cash to buy the MME outright, but I wouldn't mind putting some of that towards other uses. Say I finance using Options, put down the max allowed (currently 45%?), select a term and mileage and sign on the deal. Then, make two-four normal payments to let the whole deal settle in. Then, make a lump sum payment large enough to cover all of what I financed but not the balloon at the end. What happens after that?
It seems like it is either:
A) Ford will still require a monthly 'payment' which is just the interest on the still outstanding balloon amount.
B) Ford will still require a monthly 'payment' which is the original interest portion of the whole agreement - balloon and financed portion of the vehicle.
Why do this?
1) Ford will kick in $1000 towards the vehicle price.
2) I don't want a sizable monthly payment if I can avoid it, but I would also like to not hand over $65K for a GT if I can keep some in my hot little hands.
3) Get the benefits of a lease-like arrangement - turn in the vehicle, pay/finance the rest and keep it, whatever.
Thoughts and counterpoints welcome
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