Desperate for help with dealership - Ford Options Plan

[C_P]

Our Mach-E finally came in. Dealer called, I completed the online credit app, selected Ford Options plan, picked down payment, etc. I was happy and expected to just come into the dealership, sign what I agreed to and be on my way. I spent 4 hours at the dealer today and they just seemed to be jerking me around:

1. They don't show my $500 deposit and said "you have to get that back from Ford"
2. They did all the paperwork and then when they asked me to sign there was a $645 acquisition fee (not supposed to have that with Ford Options).
3. The name of the finance company is CABT LLC - Not Ford Credit - is this a problem?
4. They insist it is Ford Options but I really believe they are trying to put me into a regular lease.

They INSIST they are offering me the Ford Options plan, but it doesn't smell right. They also told me to just sign (the document with the acquisition fee) but "you wont pay it" and it "just looks different on our paperwork". BS I am NOT signing something I don't agree to.

I left and told them I would come back tomorrow.
Ford Credit phone number is not accepting any more calls today.
HELP! Anyone have some experience with this?

Dealership is Autonation Ford in Katy, TX

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[DYohn]

When I bought my car the dealer claimed they "could not find" my $500 deposit and also said it would be rebated by Ford. I called up the email receipt on my phone and sent it to the finance manager who immediately applied it as part of the down-payment. The dealership has it, don't let them tell you otherwise.

 

[macchiaz-o]

Yes, it doesn't sound like they're selling you Ford Options.

I wonder if @hybrid2bev might be able to push a message to the folks he knows at Ford Credit to get them working behind the scenes with your dealer? Let him know who you've been working with at that AutoNation Ford in Katy, TX.

 

[hybrid2bev]

Our Mach-E finally came in. Dealer called, I completed the online credit app, selected Ford Options plan, picked down payment, etc. I was happy and expected to just come into the dealership, sign what I agreed to and be on my way. I spent 4 hours at the dealer today and they just seemed to be jerking me around:

1. They don't show my $500 deposit and said "you have to get that back from Ford"
2. They did all the paperwork and then when they asked me to sign there was a $645 acquisition fee (not supposed to have that with Ford Options).
3. The name of the finance company is CBTT LLC - Not Ford Credit - is this a problem?
4. They insist it is Ford Options but I really believe they are trying to put me into a regular lease.

They INSIST they are offering me the Ford Options plan, but it doesn't smell right. They also told me to just sign (the document with the acquisition fee) but "you wont pay it" and it "just looks different on our paperwork". BS I am NOT signing something I don't agree to.

I left and told them I would come back tomorrow.
Ford Credit phone number is not accepting any more calls today.
HELP! Anyone have some experience with this?

Dealership is Autonation Ford in Katy, TX

You're right. That is a regular Red Carpet Lease and NOT Ford Options. There's no Acq. fee on Options.

If you want to DM me I can have someone reach out but it's late on Friday now, so it may be Monday/Tuesday before they can make contact.

 

[HuntingPudel]

Oh, man. I hate hearing about stuff like this, I hope it gets worked out quickly.

 

[C_P]

Thanks everyone. It's really put a damper on things - wife was ready to take it out after all these months of waiting.

I messaged hybrid2bev and hopefully he can help.

It's disheartening when you look at the fine print and it just doesn't match up - like seriously deceptive - I just want to make a fair honest deal.

Sorry to ramble on, but some more points:

1. At first they also told me that the Ford Options retail cash ($1000) was a "private offer" and they could not give it to me. Then they said they found it.
2. They told me the first payment needed to be made at delivery, which I am ok with, but then considered that as part of my "down payment" line. Is that correct? That left me with 47 payments at the agreed rate plus a single balloon payment which matched the amount I got from Ford Financing.

Thanks again everyone. I just want the car as agreed......

 

[Rt1AWD]

What a bunch of crooks...... Isn't it a fraud to lie about what you are selling? Aren't there mechanisms to fight these types of fraud?

 

[HuntingPudel]

As I understand loans, the down payment is generally due at the beginning and is not considered the first payment. The first payment is generally due a month later (or whenever called out in the loan contract).

From my uneducated perspective, if you paid your down and an additional full payment, someone owes you the interest on that month's payment.

 

[macchiaz-o]

2. They told me the first payment needed to be made at delivery, which I am ok with, but then considered that as part of my "down payment" line. Is that correct? That left me with 47 payments at the agreed rate plus a single balloon payment which matched the amount I got from Ford Financing.

The loan is 48 payments in total. The 47 at a lower monthly amount, and then a larger "balloon" amount due for month 48. As I recall it, it's paid in arrears, so no payment is due on day zero. You aren't prepaying interest so nothing is due on day zero.

The amount of your down payments are just decreasing the size of the loan. If you choose to put an amount equal to your monthly payments as a "down payment" that is fine, but it's your choice. Any trade in, the $500 deposit you already made, and any bonus cash or private offers from Ford are also considered as down payments.

This should all get cleared up once your dealer's finance person gets trained up by Ford Credit's regional reps, which is what @hybrid2bev is going to help push into action from his side.

 

[physib]

your dealer's finance person gets trained up by Ford Credit's regional reps

That didn't even happen in my case.

 

[macchiaz-o]

What a bunch of crooks...... Isn't it a fraud to lie about what you are selling? Aren't there mechanisms to fight these types of fraud?

Whenever you sign up for a loan, you're required to be provided with a Truth in Lending disclosure and if you read that and the loan terms, then you will not sign up for something you don't agree to.

If the OP got this far in his process (sounds like he was close by not quite to the real paperwork yet?) then he'd read the rules and disclosures and be able to see if they did it right.

I'm pretty sure the finance person at the dealer is just uninformed at this point, and not trying to be malicious.

 

[hybrid2bev]

Thanks everyone. It's really put a damper on things - wife was ready to take it out after all these months of waiting.

I messaged hybrid2bev and hopefully he can help.

It's disheartening when you look at the fine print and it just doesn't match up - like seriously deceptive - I just want to make a fair honest deal.

Sorry to ramble on, but some more points:

1. At first they also told me that the Ford Options retail cash ($1000) was a "private offer" and they could not give it to me. Then they said they found it.
2. They told me the first payment needed to be made at delivery, which I am ok with, but then considered that as part of my "down payment" line. Is that correct? That left me with 47 payments at the agreed rate plus a single balloon payment which matched the amount I got from Ford Financing.

Thanks again everyone. I just want the car as agreed......

First payment at delivery is for RCL (leases). Not retail installment contracts like Ford Options.

Anything you pay at delivery should go towards the down payment on your contract (unless you're paying some fee's/taxes out of pocket, outside of the financing).

Here is what my contract looked like with Ford Options as an example of how your payment schedule should look if doing 48 months. (notice the balloon contract provisions box is checked)

 

[cdale12]

As others said, that is not a Ford Options plan. I did Ford Options and the dealer applied my $500 deposit with no questions. The deposit went to the dealer and they have it. I got $2500 cash for using options and a special 1.4% finance rate, although now it looks like there are not any current cash offers and financing is at 5% for 48 months (check the Ford website). Also, you do pay the 1st payment at delivery and then you have 47 payments remaining if you select 48 months.

 

[JonathanEzor]

Our Mach-E finally came in. Dealer called, I completed the online credit app, selected Ford Options plan, picked down payment, etc. I was happy and expected to just come into the dealership, sign what I agreed to and be on my way. I spent 4 hours at the dealer today and they just seemed to be jerking me around:

1. They don't show my $500 deposit and said "you have to get that back from Ford"
2. They did all the paperwork and then when they asked me to sign there was a $645 acquisition fee (not supposed to have that with Ford Options).
3. The name of the finance company is CABT LLC - Not Ford Credit - is this a problem?
4. They insist it is Ford Options but I really believe they are trying to put me into a regular lease.

They INSIST they are offering me the Ford Options plan, but it doesn't smell right. They also told me to just sign (the document with the acquisition fee) but "you wont pay it" and it "just looks different on our paperwork". BS I am NOT signing something I don't agree to.

I left and told them I would come back tomorrow.
Ford Credit phone number is not accepting any more calls today.
HELP! Anyone have some experience with this?

Dealership is Autonation Ford in Katy, TX

Stop. Run. Do *not* "just sign" *anything*. {Jonathan}

 

[hybrid2bev]

As others said, that is not a Ford Options plan. I did Ford Options and the dealer applied my $500 deposit with no questions. The deposit went to the dealer and they have it. I got $2500 cash for using options and a special 1.4% finance rate, although now it looks like there are not any current cash offers and financing is at 5% for 48 months (check the Ford website). Also, you do pay the 1st payment at delivery and then you have 47 payments remaining if you select 48 months.

There are customer incentives, the website is broken so ignore what you see there (actively being worked on).

When you do Ford Options your first monthly payment is due usually anywhere from 30 to 45 days after the contract is signed at delivery. 47 monthly payments and 1 balloon = 48.

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