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

[infinihertz]

As an update on my end, I was never followed up with by Ford Credit (which they said they would do), but I logged on today and it says the balance is $0 and was paid off last Friday, 2/23. So I guess they're horribly slow at updating things. One would think the rep I spoke with yesterday would at least be able to see the transaction instead of say they didn't have it. I guess it's settled now, though I won't consider it done until I have the title.

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[JohnFoxeSheets]

As an update on my end, I was never followed up with by Ford Credit (which they said they would do), but I logged on today and it says the balance is $0 and was paid off last Friday, 2/23. So I guess they're horribly slow at updating things. One would think the rep I spoke with yesterday would at least be able to see the transaction instead of say they didn't have it. I guess it's settled now, though I won't consider it done until I have the title.

Glad to hear it's inching towards completion. (I recall when I paid off my load that it was an oddly manual process, though honestly I don't recall the details.)

 

[ChuckA]

As an update on my end, I was never followed up with by Ford Credit (which they said they would do), but I logged on today and it says the balance is $0 and was paid off last Friday, 2/23. So I guess they're horribly slow at updating things. One would think the rep I spoke with yesterday would at least be able to see the transaction instead of say they didn't have it. I guess it's settled now, though I won't consider it done until I have the title.

While your bank charges you for your payment immediately, and Ford Credit gets the funds that day, they probably don’t get the payment detail for days afterwards. During this blind period nobody at FC knows anything, then the payment date is back-dated.

FC probably doesn’t do the balloon by autopay to eliminate bounced transactions plus they need to verify your intentions.

 

[SimS]

Well, I'll pile on to this Ford Credit scrum. I contacted FC about refinancing my Options balloon payment and the rep said "We're not a bank, we just process payments. You'll need to contact a financial institution." He offered to send me a payoff letter that I could take to the "financial institution" with the payoff instructions. The letter arrived by email and it was some sort of Microsoft Azure encrypted .pdf file that I have yet to decrypt.

Long story short, I paid the balloon using the FC web site payment process. My bank showed the transaction immediately with an ACH hold for three days . So at least I received some sort of confirmation that the FC process worked. The bank has cleared the funds but the FC web site still shows the outstanding balance. I'll wait another day before contacting FC.

It's disappointing that Ford would set up the Options program and not everyone from dealer to Ford Credit doesn't know the process. (It took the dealer two hours on the phone with Ford Credit to set up my original Options contract.)

SimS

 

[Mach1E]

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.

I’m glad it did work out in the end, but your experience is a lesson to others.

What we learned-

1. Autopay doesn’t pay the final balloon payment.

This a good thing. It shouldn’t.

2. contact them 30 days prior to finally payment, in writing with your intentions.

3. It takes a few days for ACH to credit to your account, but it won’t be market late or charged as late if you do it on time.

4. Read your Ford Options contract for details.

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