Anyone else having problems with Ford Credit and the balloon payment at the end of Ford Options?

[infinihertz]

My final payment to Ford Credit on my Ford Options contract was around $25k and due on February 17. I had automatic payments on, which had worked for 3 years, and more than $25k in my bank account. Ford never withdrew anything. It was over the weekend and Monday was a bank holiday, so I called them Tuesday (2/20) and they said that the final one needed to be paid manually, but couldn't explain why ("maybe it's because the amount is so large; I'm not sure"). I tried to do so via the website, and it kept failing, just giving a general message to contact customer support. They had me try to cancel automatic payments, which also said to contact support. They had me try to pay via the automated phone system; same thing.

After about an hour with them on the phone Tuesday and multiple reps, I tried again Thursday (they said there would be no late fees if it was handled in 10 days). Same issues; reps couldn't explain why they couldn't take my money. So I was instructed to have my bank send it to them as a bill payment instead, pushing to them instead of them pulling it. I did that on Thursday, 2/22, and it said it was a 1-day electronic transfer, Ford Credit was already in the bank's system, and I did it all with the rep on the line, confirming all of the details.

It's now Monday, 2/26, the money was gone on Friday, and Ford Credit still says it doesn't have the payment. I spoke with a rep, and they insisted my bank must have mailed a check instead. I confirmed that's not what happened via their website and mobile app, but she insisted I call them instead. I did, and the bank confirmed it was electronic and Ford should've received the money Friday. The bank said to wait a day and then dispute the charge if it was still a problem. But that doesn't solve Ford Credit wasting my time for a week and a half and possibly marking me as delinquent, when I've had the money in the account since before it was due - I just want them to take it. Maybe tomorrow it'll just magically resolve, but I'm worried it won't. And even if it does, this was a TERRIBLE experience with Ford to end the 3-year contract.

Has anyone else dealt with stuff like this from Ford Credit? I tried searching, and wasn't finding much.

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[macchiaz-o]

I've been having a miserable time trying to get Ford Credit to respond to my request to refinance the final payment.

I've made at least four or five calls to them for this so far since January. Final payment is due March 5... On the most recent call, the agent suggested I delay my bill pay payment while waiting for a loan agent to eventually call me back to confirm refinance details.

 

[awp0]

I have Ford Options as well, though my 3-year term goes into 2025. Question: How do you inform Ford whether or not you intend to keep the car and make that balloon payment, or give the car back to them?

 

[Blue PonyE]

The process is spelled out on the backside of your purchase contract. I started about 30 days out from my final payment due date by calling Ford Credit and saying I wanted to purchase my '21 Mach E and refinance the balloon payment. At first, the assistant wasn't sure of what I was asking for, as Ford Options was on again off again financing product. It did take about 30 days and a number of calls to Ford Credit to complete the process but in the end, I was able to refinance my balloon payment at my original contract finance rate. I didn't try to renegotiate the length of term, but I was told there would be no prepayment penalty.

Other than having to make several calls to get the transaction completed, I did not have to visit the dealer finance office or pay sales tax.

Originally, I was told to mail a letter to Ford Credit saying I would like to purchase/refinance the balloon payment. I didn't get any response acknowledging receipt of my letter so I called Ford Credit and asked if it had been received but the assistant could not find that it had been received. There is a way to upload a document to Ford Credit on the account web site under the self services tab, reason, then select other, then drag a pdf or jpg file.

 

[infinihertz]

The process is spelled out on the backside of your purchase contract. I started about 30 days out from my final payment due date by calling Ford Credit and saying I wanted to purchase my '21 Mach E and refinance the balloon payment. At first, the assistant wasn't sure of what I was asking for, as Ford Options was on again off again financing product. It did take about 30 days and a number of calls to Ford Credit to complete the process but in the end, I was able to refinance my balloon payment at my original contract finance rate. I didn't try to renegotiate the length of term, but I was told there would be no prepayment penalty.

Other than having to make several calls to get the transaction completed, I did not have to visit the dealer finance office or pay sales tax.

Originally, I was told to mail a letter to Ford Credit saying I would like to purchase/refinance the balloon payment. I didn't get any response acknowledging receipt of my letter so I called Ford Credit and asked if it had been received but the assistant could not find that it had been received. There is a way to upload a document to Ford Credit on the account web site under the self services tab, reason, then select other, then drag a pdf or jpg file.

So even though I don't want to refinance and want to just pay it off in one transaction, I might need to write them a letter saying so? I thought it was only if you wanted to refinance. The letter I got ~3-4 weeks ago saying my final payment was coming up made no mention of any of this, though I did expect if I wanted to refinance (which I don't) I'd have to contact them.

 

[awp0]

The process is spelled out on the backside of your purchase contract. I started about 30 days out from my final payment due date by calling Ford Credit and saying I wanted to purchase my '21 Mach E and refinance the balloon payment. At first, the assistant wasn't sure of what I was asking for, as Ford Options was on again off again financing product. It did take about 30 days and a number of calls to Ford Credit to complete the process but in the end, I was able to refinance my balloon payment at my original contract finance rate. I didn't try to renegotiate the length of term, but I was told there would be no prepayment penalty.

Other than having to make several calls to get the transaction completed, I did not have to visit the dealer finance office or pay sales tax.

Originally, I was told to mail a letter to Ford Credit saying I would like to purchase/refinance the balloon payment. I didn't get any response acknowledging receipt of my letter so I called Ford Credit and asked if it had been received but the assistant could not find that it had been received. There is a way to upload a document to Ford Credit on the account web site under the self services tab, reason, then select other, then drag a pdf or jpg file.

Great explanation, even if it sounds like a frustrating experience. Thank you!

 

[Mjtee2]

No luck with Ford Credit and the ballon payment at the end of the options period. Made several calls to them and was continually told to go through the dealer. Apparently there are several Ford Credit employees who are not familiar with the Options program and revert to Lease-end processing . . . One would think that Ford Credit would have anticipated these ballon payments and set up a smooth transition for those individuals who wished to purchase their MME. . . Ultimately, we had to go elsewhere to finance the ballon payment!

 

[jksu]

i just called the 800#, got the pay off amount, and had my wife bank transfer the amount approximately 2 weeks out from the end of the options loan.

got the title in the mail a week or two later. a few weeks after that, got a $6 check for the over pay (i guess since we paid a few days early).

 

[Alan]

My final payment is next year. I’m wondering if anyone that wanted to keep their Mach-E has found the “residual” on the “lease”/Options loan is significantly greater than the market value of the car. In such a case, it would be cheaper to turn in the car (not make the final payment on the lease), and theb buy the car (or another one of nearly the same age/mileage/options/conditions for the lower market price. This happened to me with a 2014 BMW i3, and BMW allowed the dealer to just sell me the car for the actual market price, which was about $9K below the lease (also a pseudo-lease loan just like the Options plan) termination price. Does anyone know if Ford is likely to do the same? The company savings (my loss) is that the car does not then have to be prepared for sale with a CPO warranty added and the paperwork is far simpler for all. My gain beyond the cash savings was to keep my same car.

 

[macchiaz-o]

I’m wondering if anyone that wanted to keep their Mach-E has found the “residual” on the “lease”/Options loan is significantly greater than the market value of the car. In such a case, it would be cheaper to turn in the car (not make the final payment on the lease), and theb buy the car (or another one of nearly the same age/mileage/options/conditions for the lower market price.

My balloon is $20,855. It's due in one week. I think the used price for my car is currently higher than that, though I haven't checked.

That said, I benefit from the significant annual AZ VLT discount that I'd lose as soon as any change is made to the registration. (This discount no longer exists for new registrations.) And I'd owe the turn in fee, dealer sales fees for the replacement vehicle (even if it were my existing vehicle), sales tax, etc. Don't forget to consider added costs like those when you do the math for your situation in a year from now.

 

[awp0]

My final payment is next year. I’m wondering if anyone that wanted to keep their Mach-E has found the “residual” on the “lease”/Options loan is significantly greater than the market value of the car. In such a case, it would be cheaper to turn in the car (not make the final payment on the lease), and theb buy the car (or another one of nearly the same age/mileage/options/conditions for the lower market price. This happened to me with a 2014 BMW i3, and BMW allowed the dealer to just sell me the car for the actual market price, which was about $9K below the lease (also a pseudo-lease loan just like the Options plan) termination price. Does anyone know if Ford is likely to do the same? The company savings (my loss) is that the car does not then have to be prepared for sale with a CPO warranty added and the paperwork is far simpler for all. My gain beyond the cash savings was to keep my same car.

I've been wondering the same thing, but so far I've seen no evidence that it is possible to negotiate and purchase the car at market value rather than balloon payment. In fact, as evidences above, some people are finding that Ford Credit reps have no idea what Ford Options is.

 

[SONEWBE]

No problems here. Cancelled auto-pay, transferred ballon to checking account, paid balance on-line. Ford credit account showed zero balance 2 days later. All done from mexico.

 

[Gino_A]

The process is spelled out on the backside of your purchase contract. I started about 30 days out from my final payment due date by calling Ford Credit and saying I wanted to purchase my '21 Mach E and refinance the balloon payment. At first, the assistant wasn't sure of what I was asking for, as Ford Options was on again off again financing product. It did take about 30 days and a number of calls to Ford Credit to complete the process but in the end, I was able to refinance my balloon payment at my original contract finance rate. I didn't try to renegotiate the length of term, but I was told there would be no prepayment penalty.

Other than having to make several calls to get the transaction completed, I did not have to visit the dealer finance office or pay sales tax.

Originally, I was told to mail a letter to Ford Credit saying I would like to purchase/refinance the balloon payment. I didn't get any response acknowledging receipt of my letter so I called Ford Credit and asked if it had been received but the assistant could not find that it had been received. There is a way to upload a document to Ford Credit on the account web site under the self services tab, reason, then select other, then drag a pdf or jpg file.

@Blue PonyE congratulations to you for getting Ford Credit to finance your balloon payment at the original interest rate. I am trying to do the same. I called 30 days before the balloon payment due date and was told to submit my request in writing, which I did. As of today, I have not heard back from Ford. I called today and was asked if I submitted my request in writing and informed them that I did. I was put on hold for 10 minutes and was informed that they did receive my request and it was under review. I was then told that I should hear back from Ford soon. I hope so because by balloon payment is due in 2 days.

 

[Blue PonyE]

I think there is a grace period on the payment, but if you have a specific person you were working with and more importantly, a direct phone number, give them a call back to see if your balloon was refinanced and if not, that there is a grace period.

 

[Gino_A]

I think there is a grace period on the payment, but if you have a specific person you were working with and more importantly, a direct phone number, give them a call back to see if your balloon was refinanced and if not, that there is a grace period.

I received a call from Ford Credit this afternoon and was informed that my balloon payment was approved for financing. The terms are 36 months with the same interest rate as my original Ford Options agreement. You are absolutely correct @Blue PonyE, getting to a knowledgeable person at Ford Credit is the key to getting a balloon payment financed.

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