Does this Ford Option quote seem accurate?

[ryanohio]

Hi all,
Love this forum, it has been so helpful as I look at getting the MME.
So I found a MME select for sale at a dealer near me for $44,395. They ran the numbers and it looked like this, which was off from the online calculator (unless I am dumb....possible)

Ford Option, 48 months
10,500 miles
X Plan, which I don't qualify for and would need to find a sponsor. the guy just told me to go on Facebook and see if anyone knows anyone that will agree.
$2500 incentive for Ohio
$5,000 down
Taxes in my county are 6.75%
Monthly payment: $552

Does that look accurate? Any insight would be great. Thanks!!

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[MachEnation]

Use the builder on the Ford website to compare—it shouldn’t be any different. I just went through this with a dealer and they were doing a 3.99% APR, which showed higher numbers than the website. You still have to qualify for the Ford Options special rate though.

 

[ryanohio]

Use the builder on the Ford website to compare—it shouldn’t be any different. I just went through this with a dealer and they were doing a 3.99% APR, which showed higher numbers than the website. You still have to qualify for the Ford Options special rate though.

How do you factor in the tax on the online builder though?
I know my credit score is in the mid-800s so I should definitely get whatever the best rate is

 

[MachEnation]

How do you factor in the tax on the online builder though?
I know my credit score is in the mid-800s so I should definitely get whatever the best rate is

Great question, in my state EVs have no sales tax so I never even noticed. Maybe figure it out by hand and then "reduce" your $5K down payment by the tax? It won't be exact because of the APR, but might get you in the ballpark.

 

[Nklem]

I cannot run it for you. Ford has removed the Options finance calculator from the build/order page. I could not get 44395 but got close. I assume the tax will reduce the down payment to $2k, tax is $3k. Basically do a 7 year amortization for $44395-2000-2500, so 39895. at 2.25%, that was my state‘s interest best offer, and that’s about your payment plus or minus a few dollars, the balloon is the remaining principle balance after Payment 48. So that’s $513.77/month so you are close. Your interest rate may be higher for some reason. I played with the rate and got a rough number that your interest rate may be 4-5% or so. That payment is $554/month.

 

[ryanohio]

I cannot run it for you. Ford has removed the Options finance calculator from the build/order page. I could not get 44395 but got close. I assume the tax will reduce the down payment to $2k, tax is $3k. Sorry, I tried On the Ford site. Basically do a 7 year amortization for $44395-2000-2500, so 39895. at 2.25%, that was my state‘s interest best offer, and that’s about your payment plus or minus a few dollars, the balloon is the remaining principle balance after Payment 48. So that’s $513.77/month so you are close. Your interest rate may be higher for some reason. I played with the rate and got a rough number that your interest rate may be 4-5% or so. That payment is $554/month.

Yeah I just noticed that the calculator is gone. Is that just a website glitch or did they remove it because they don't want people figuring out payments before the dealers do haha?
Thanks for playing around with the numbers though I appreciate having someone else give it a look.
I think I'm going to call the dealer back and ask him what rate he was using cuz he clearly marked up the APR... Which I know they are entitled to do.

 

[macchiaz-o]

Hi all,
Love this forum, it has been so helpful as I look at getting the MME.
So I found a MME select for sale at a dealer near me for $44,395. They ran the numbers and it looked like this, which was off from the online calculator (unless I am dumb....possible)

Ford Option, 48 months
10,500 miles
X Plan, which I don't qualify for and would need to find a sponsor. the guy just told me to go on Facebook and see if anyone knows anyone that will agree.
$2500 incentive for Ohio
$5,000 down
Taxes in my county are 6.75%
Monthly payment: $552

Does that look accurate? Any insight would be great. Thanks!!

This spreadsheet might work for you. It's a bit overwhelming at first, but addresses many of the details of a vehicle purchase:

https://www.macheforum.com/site/threads/poll-ford-options-vs-finance.2883/page-7#post-92089

You could also use a balloon payment calculator online. It'll be more generic but should arrive at similar results if your inputs are accurate.

 

[macchiaz-o]

By the way I ran the numbers you provided and got something like $586 per month... I'm assuming the $2500 incentive from Ohio is reconciled at tax filing time though, or at least separated from this deal.

If it's a rebate that's applied towards your down payment at time of purchase, then the monthly payment would be roughly $513.

 

[ryanohio]

By the way I ran the numbers you provided and got something like $586 per month... I'm assuming the $2500 incentive from Ohio is reconciled at tax filing time though, or at least separated from this deal.

If it's a rebate that's applied towards your down payment at time of purchase, then the monthly payment would be roughly $513.

I believe the 2500 is like dealer cash... So taken off MSRP.

 

[jrstinkfish]

My idea might be a little dumb, but when I was considering Options, I figured out the tax amount (minus the tax break from my trade in) and added some options to get the build MSRP up to that figure. It at least provided a ballpark amount.

 

[Mickey the T]

Yeah I just noticed that the calculator is gone. Is that just a website glitch or did they remove it because they don't want people figuring out payments before the dealers do haha?
Thanks for playing around with the numbers though I appreciate having someone else give it a look.
I think I'm going to call the dealer back and ask him what rate he was using cuz he clearly marked up the APR... Which I know they are entitled to do.

FWIW, I can still see the Options calculator on the website. I've had the tab open on Chrome for several days if that makes a difference.

 

[generaltso]

I believe the 2500 is like dealer cash... So taken off MSRP.

While it has the same effect, they actually count it towards your down payment instead of reducing the MSRP.

 

[Valkyrja]

It pops up for me too. However, there has been some weirdness on their site today. I had it completely fail to load earlier and have seen a few glitches such as not recognizing my zip code, etc.

 

[Mickey the T]

While it has the same effect, they actually count it towards your down payment instead of reducing the MSRP.

So if my 30% max downpayment was $15,000, The $15K would consist of $12,500 of my money and the $2500 Ford Options cash? Am I reading your comment correctly?

If the $2500 Ford Options cash came off of MSRP, wouldn't that be better since it would decrease the sales tax? (Says the guy in the state with 9.5% sales tax rate.) I have this feeling I might be missing something here...

 

[macchiaz-o]

So if my 30% max downpayment was $15,000, The $15K would consist of $12,500 of my money and the $2500 Ford Options cash? Am I reading your comment correctly?

If the $2500 Ford Options cash came off of MSRP, wouldn't that be better since it would decrease the sales tax? (Says the guy in the state with 9.5% sales tax rate.) I have this feeling I might be missing something here...

Yeah it would be better, but that isn't how the bonus cash works. It's applied towards your down payment, alongside any money or trade-in value that you're personally contributing to the down payment, after cash price (and sales tax) have been already calculated.

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