Current State Of Ford Options?

[ChuckA]

I invested most of it but have enough cash to pay cash.

Still, if I rolled in and didn’t say anything, they‘d offer me a rate of 3.99% or 4.99%, not the top tier rate, because it’s just what they do.

And I guess that’s what bothers me, they know what I am, the inheritance didn’t materially change my credit score, which has been around 800 for years, yet every time I have to go through some lie in the finance room.

I get it on a 600 credit score, who may barely be able to afford a car, but I’ve never bought a car I couldn’t afford, and I’ve had to go through this crap in some form every single time there wasn’t a special finance deal like 0% for 60 months or something.

I went in to the dealer expecting to pay cash but realized Ford Options was a no brainer. The $2500 rebate paid the 2.25% interest on the 36 month term loan. I put down only $7500. Great program. Of note is I’m 69 and thought being able to walk away in 3 years made sense for me.

FICO doesn’t adjust for wealth, only timely payments on debt. If you only purchase things for cash, it’s a negative against FICO.

Sponsored

 

[jgillmer]

I'm asking about the incentive and ford option APR rate program numbers to insulate against a dealer who might say " you need to show me in writing that such an offer exists before I'll even consider it."

 

[jgillmer]

Looked at all the paperwork and didn't see program number anywhere. If anyone has any idea where it may be listed, let me know.

Thanks for checking!

 

[BMT1071]

I agree on the opaque nature but think maybe we’re not making the same point. I woke up $750K in cash richer one day last year. Technically, it happened 3 years earlier in an inheritance but that’s when we sold the property. My credit score barely moved. In fact, when I spent roughly $30K over 2 months, my credit score dropped 30 points, despite the fact I was richer than I had ever been, by a lot, and easily paid the cards off.

Dumbest system ever.

You could run the calculator through an estimated credit score but that’s not really what I’m after. It’s also easy to get a credit score. In fact, Ford could run your credit during the process. It’s already an option to have your credit run on some manufacturer websites, not sure about Ford. And, 3 of my credit cards give me a free credit score so it’s not hard to get one.

Regardless, the process needs to more transparent. I should be able to go to a calculator, run everything through it for a purchase, at an interest rate, generate payments and the balloon so I can verify, and trust, the accuracy of what I’m signing.

Right now, that’s hard to do, and we’ve clearly seen dealers screw it up, for whatever reason. I won’t even accuse them of playing games, having this is a benefit to the one’s trying to do it right, so we know they’re doing it right. And it protects us from honest errors too.

They can absolutely do this. In fact, they already are doing it. They just aren’t willing to show it to us.

As I hope you've deduced by now, wealth has no bearing on your score. None of the free scores we have access to mean anything to a lender. They will base their credit offering on a hard credit inquiry. Most of us try to avoid unnecessary hard inquires as they negatively impact your score.

 

[deadduck]

As I hope you've deduced by now, wealth has no bearing on your score. None of the free scores we have access to mean anything to a lender. They will base their credit offering on a hard credit inquiry. Most of us try to avoid unnecessary hard inquires as they negatively impact your score.

We're going around in circles on the wrong thing but it doesn't really matter so I'll check out on this one for awhile.

 

[deadduck]

I realized I wanted to try one more time. Let’s ignore credit scores.

I looked just now and there was nothing stating the Ford Options rate that I could find with a Google search. It’s only listed at 5% on the purchase site, nowhere else that I could find..

This will cause several unintended consequences.

• People will ignore it as an option thinking the rate is too high.
• If it advantages the finance person in some way they will set higher rates. You won’t know the actual rate is 2.25% so you’ll either decline or pay a higher rate than you had to. Hopefully, this is out of the finance guys hands.
• if you can’t know the rate, you can’t calculate the payment accurately leading to distrust and games.

Transparency is always good. Unfortunately, I wish I could trust the finance guy but I just don’t.

And by the time some of us get these, interest may really be 5% too.

 

[macchiaz-o]

And by the time some of us get these, interest may really be 5% too.

Maybe so.

And you will know this, because your dealer will ask you to read and require you to sign a truth in lending disclosure which plainly says so.

 

[Dancefreak]

I realized I wanted to try one more time. Let’s ignore credit scores.

I looked just now and there was nothing stating the Ford Options rate that I could find with a Google search. It’s only listed at 5% on the purchase site, nowhere else that I could find..

This will cause several unintended consequences.

• People will ignore it as an option thinking the rate is too high.
• If it advantages the finance person in some way they will set higher rates. You won’t know the actual rate is 2.25% so you’ll either decline or pay a higher rate than you had to. Hopefully, this is out of the finance guys hands.
• if you can’t know the rate, you can’t calculate the payment accurately leading to distrust and games.

Transparency is always good. Unfortunately, I wish I could trust the finance guy but I just don’t.

And by the time some of us get these, interest may really be 5% too.

A dealer in the United States that sells you the car with an installment loan without disclosing the rate would be breaking the law.

 

[deadduck]

Maybe so.

And you will know this, because your dealer will ask you to read and require you to sign a truth in lending disclosure which plainly says so.

And you’ll never get that far because the website says 5%, the finance guy will say the same, then if you push, “oops, made a mistake”, but not everyone will push and disregard it.

 

[bhall22]

The Options incentives were all extended again to Nov 1st. No change.

Keep in mind the customer website is not the single point of truth on incentives. It may take a bit of time for the site to be synced up with the current incentives.

Do you have a reference for this? Starting reaching out to the dealership and they are playing dumb.

 

[hybrid2bev]

Do you have a reference for this? Starting reaching out to the dealership and they are playing dumb.

Tell the dealer to look here for the current information:

Rates and programs:
FMC Dealer >> Sales >> Contest & Incentives

Ford Options:
FMC Dealer >> Finance >> Consumer Finance Programs >> Ford Options

 

[hybrid2bev]

Hey there. My dealer just sent me their credit application and it is from AutoFi. Since options is from Ford, I shouldn't fill that one out right?

Yes you can, that’s fine. AutoFi is a credit aggregator. One digital credit application that can be sent to multiple lenders, Ford Credit included.

 

[Fordguy]

Tell the dealer to look here for the current information:

Rates and programs:
FMC Dealer >> Sales >> Contest & Incentives

Ford Options:
FMC Dealer >> Finance >> Consumer Finance Programs >> Ford Options

I am having the same problem. I am in NJ, but the dealer in PA says there isn't a $2500 incentive even after telling them where to look in their system. Not sure what to do next since Ford removed the calculator.

 

[hybrid2bev]

I am having the same problem. I am in NJ, but the dealer in PA says there isn't a $2500 incentive even after telling them where to look in their system. Not sure what to do next since Ford removed the calculator.

Incentives are based off of the zip code where you live. You should have either $1000 or $2500 Ford Options bonus cash in states where Ford Options is available.

If you want to DM me we can get the dealer some help.

 

[Motomax]

I am having the same problem. I am in NJ, but the dealer in PA says there isn't a $2500 incentive even after telling them where to look in their system. Not sure what to do next since Ford removed the calculator.

Yeah Some states have $1k and some have $2.5k without the website listing it how are people supposed to know. Im sure someone can post the program numbers.

Sponsored