Gig āEm Ags! FTACO 2006My GTPE arrived this morning in College Station, Texas and will be picking it up tomorrow.
Quick shot after it rolled off truck.
Can't wait
Just got my Ford Options work sheet.My GTPE arrived this morning in College Station, Texas and will be picking it up tomorrow.
Quick shot after it rolled off truck.
Can't wait
Did you have any say what the residual value would be; or is that automatically calculated based upon term, allotted mileage and down payment?
Just an FYI that if the rates and incentives don't end up getting extended, those may not be available tomorrow. Unlikely, but possible.
The residual percentage is based on the term and mileage selected and is the same for everyone. Though it would be pretty awesome if you could just set your own. I'd set mine at 100%.
You can sort of do that by selecting whatever mileage you want. Choose 10 miles per year! ;-)
7500 miles per year is the minimum you can choose.
That's not how it works. If the value of the car is less than the residual, you can still turn it in to Ford Credit and you won't owe anything additional except the disposition fee (if no damage or excess miles). If the car is worth more than the residual, and you turn it in to Ford Credit, they won't pay you the difference. But if that's the case, you can just sell somewhere else or trade it it. If you do that, the selected mileage is irrelevant.
Yeah, I didn't think you could put 10 miles per year.
I didn't realize this, so it does change things a little. If I put 7500 miles and exceed those miles, then I only have to pay Ford if they take the car back, right? I think I will still keep a high mileage allowance because if I do sell it, it is more likely to be worth more than the balance. And who knows what interest rates are going to be like in four years - they could be crazy high and I would have lost the chance to use other people's money effectively. Likely I will just pay off the balance with cash if interest rates are high and I would rather that payment be smaller.
Correct. There's no harm in overestimating your miles if you don't turn it in at the end. Your monthly payment will be higher, but your buyout price will be lower. If you overestimate your miles and then turn it in, you're losing money.
When your Options term ends, you can refinance the balloon at the same rate as the initial term for up to 3 more years.
Yeah, there are a lot of little nuances with Options. Make sure you read the contract carefully before signing.
I've been wondering about the interest on the balloon being able to stay the same. Can you provide the document or an image that states this info?
