Ballon options in ford options contract

aaaeeeo

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I'm finally taking the delivery of my MME today.
The process wasn't really smooth though..
I noticed in my final options contact, there is a section like this:
Ford Mustang Mach-E Ballon options in ford options contract WechatIMG78

So the option c) is not checked and I think it should be?
I asked the dealer and they just said you can return the vehicle to ford but not selling it back. However I still felt not right after carefully reading the terms when I got back. Is there anyone signed with ford options and how do your contact look like?

My dealer even allowed me to put more down payment than ford allowed yesterday and I have to re-sign the contact today, so I feel like they may not know what they are doing
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ebeponyan

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so I feel like they may not know what they are doing
That checks out, in my experience asking all dealerships in the Puget Sound area about Ford Options. Without seeing the rest of the contract, that does seem off though. The options should be to pay off, refinance*, trade in for credit or return the car (with penalties) and keep the balloon.

*if you plan to refinance at the end, just go for a traditional loan in the first place.
 

Dnorwood98

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@HEV2BEV is the one to ask when it comes to all things financing. Reach out to them. Or they may reply here when able.
 
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aaaeeeo

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Thanks, my dealer also told me the max down payment of ford options is 25% instead of 30%, but I found it to be 30% on ford website and anywhere in thia forum.
 

ARK

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I'm finally taking the delivery of my MME today.
The process wasn't really smooth though..
I noticed in my final options contact, there is a section like this:
WechatIMG78.jpeg

So the option c) is not checked and I think it should be?
I asked the dealer and they just said you can return the vehicle to ford but not selling it back. However I still felt not right after carefully reading the terms when I got back. Is there anyone signed with ford options and how do your contact look like?

My dealer even allowed me to put more down payment than ford allowed yesterday and I have to re-sign the contact today, so I feel like they may not know what they are doing
In the notes section of my contract, they referenced a Balloon Addendum, and I am posting the Balloon Addendum below for reference. I wonder if they are using the wrong form for you?

For example, on your proposed contract, if by "Us", they mean the dealer, that would seem to be incorrect because the party that would accept the car back would not be the dealer but Ford (i.e. the Creditor on my Balloon Addendum).

But I think you are right in questioning why that third item isn't checked on your proposed contract. On my Balloon Addendum, the third section of Paragraph 2 seems to mirror the part your dealer does not want to include in your proposed contract.

Also, I believe @Dnorwood98 meant to tag @hybrid2bev, who has very generously answered lots of questions about purchasing/optioning/leasing the Mach-E for people on here (he works at Ford Credit I believe).

Here is my Balloon Addendum from my contract with my dealer:

Ford Mustang Mach-E Ballon options in ford options contract Ballon Addendum
 


OP
OP

aaaeeeo

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In the notes section of my contract, they referenced a Balloon Addendum, and I am posting the Balloon Addendum below for reference. I wonder if they are using the wrong form for you?

For example, on your proposed contract, if by "Us", they mean the dealer, that would seem to be incorrect because the party that would accept the car back would not be the dealer but Ford (i.e. the Creditor on my Balloon Addendum).

But I think you are right in questioning why that third item isn't checked on your proposed contract. On my Balloon Addendum, the third section of Paragraph 2 seems to mirror the part your dealer does not want to include in your proposed contract.

Also, I believe @Dnorwood98 meant to tag @hybrid2bev, who has very generously answered lots of questions about purchasing/optioning/leasing the Mach-E for people on here (he works at Ford Credit I believe).

Here is my Balloon Addendum from my contract with my dealer:

Ford Mustang Mach-E Ballon options in ford options contract Ballon Addendum
Thanks! I will ask them
My form tittle is retail installment sale contract - simple finance charge (with arbitration provision)
I don't have that addendum at all
 

hybrid2bev

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I'm finally taking the delivery of my MME today.
The process wasn't really smooth though..
I noticed in my final options contact, there is a section like this:
WechatIMG78.jpeg

So the option c) is not checked and I think it should be?
I asked the dealer and they just said you can return the vehicle to ford but not selling it back. However I still felt not right after carefully reading the terms when I got back. Is there anyone signed with ford options and how do your contact look like?

My dealer even allowed me to put more down payment than ford allowed yesterday and I have to re-sign the contact today, so I feel like they may not know what they are doing
That looks like the WA LAW contract not the proprietary Ford Credit contract form. In order to do Ford Options the dealer is supposed to have you signing via an eContract (on a electronic signature pad not on a physical paper contract form). If the dealer is using this LAW contract form then they should also have you sign the addendum form too (which would cover section C).

Make sure you Federal disclosure box looks like mine below with 47 +1 or 35 + 1 as the payment schedule.

Ford Mustang Mach-E Ballon options in ford options contract 1623268699669
 

Dnorwood98

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In the notes section of my contract, they referenced a Balloon Addendum, and I am posting the Balloon Addendum below for reference. I wonder if they are using the wrong form for you?

For example, on your proposed contract, if by "Us", they mean the dealer, that would seem to be incorrect because the party that would accept the car back would not be the dealer but Ford (i.e. the Creditor on my Balloon Addendum).

But I think you are right in questioning why that third item isn't checked on your proposed contract. On my Balloon Addendum, the third section of Paragraph 2 seems to mirror the part your dealer does not want to include in your proposed contract.

Also, I believe @Dnorwood98 meant to tag @hybrid2bev, who has very generously answered lots of questions about purchasing/optioning/leasing the Mach-E for people on here (he works at Ford Credit I believe).

Here is my Balloon Addendum from my contract with my dealer:

Ford Mustang Mach-E Ballon options in ford options contract 1623268699669
Thank you, I figured I typed it wrong when it didn't tag him (yesterday was a long day)
 

dw0095

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I've done a balloon loan through my credit union once and it wasn't even for a new vehicle.
it was very clear the what the maximum mileage was supposed to be at the end of my term and about a month prior to the end of that term they called and asked what I was going to do. They said if I plan on turning the car in, I simply just drive there and hand over the keys and take my plates home. I ended up financing the balloon balance and kept the car. That bottom unchecked option seems to be worded strangely because you are technically transferring the ownership/title to the Ford Finance...not really selling it to them if you choose to exercise that option.
 

evmass

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That looks like the WA LAW contract not the proprietary Ford Credit contract form. In order to do Ford Options the dealer is supposed to have you signing via an eContract (on a electronic signature pad not on a physical paper contract form). If the dealer is using this LAW contract form then they should also have you sign the addendum form too (which would cover section C).

Make sure you Federal disclosure box looks like mine below with 47 +1 or 35 + 1 as the payment schedule.

Ford Mustang Mach-E Ballon options in ford options contract 1623268699669
Dealer in Massachusetts claims Ford Options is not available to MA customers- in fact, they said financing with a balloon payment is illegal???
 

Mickey the T

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evmass

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On the Ford Options page it says this:
Ford Options is not available in Nevada, New Hampshire, North Carolina or Washington, D.C. Send him the link.
https://www.ford.com/finance/finance-options/ford-options
I did send them the link- didn't change their mind and they wouldn't give reasoning why they couldn't process the Ford Options.

Does the $2500 incentive come out of the dealers end or is it provided by corporate? Is their anything in writing that states what the answer really is? I believe this is another case of an uninformed dealer or one that just enjoys paying games.
 

evmass

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I did send them the link- didn't change their mind and they wouldn't give reasoning why they couldn't process the Ford Options.

Does the $2500 incentive come out of the dealers end or is it provided by corporate? Is their anything in writing that states what the answer really is? I believe this is another case of an uninformed dealer or one that just enjoys paying games.
Went to another dealer (under the same corporate umbrella) in another town and got everything- X Plan and Options incentive. It took some educating and I couldn’t have done it without info from this forum. I was the first customer to do the Options financing because I could guide them through how to find info in the Ford dealer system. They said 3 other people had asked about doing Options but they hadn’t done one because they couldn’t prove the plan existed- I think those others just did standard financing and gave up on the incentive. Deal almost went south when F&I guy called Ford and they told him the program was a lease and incentive did not apply. I almost lost it and had to show him how to find the “Options Handbook” to prove the plan existed and how to process. Crazy….
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