Dumb Incentives Question

[malba2366]

Can the ford options be paid off early? My dealer said they didn't think so, but were unsure because they say they haven't ever done any ford options loans.

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[jhalkias]

Can the ford options be paid off early? My dealer said they didn't think so, but were unsure because they say they haven't ever done any ford options loans.

Somewhere I believe @hybrid2bev posted it is done with the same contract language as the regular retail credit contract, so yes, under similar terms, but read your contract to make sure.

 

[hybrid2bev]

Somewhere I believe @hybrid2bev posted it is done with the same contract language as the regular retail credit contract, so yes, under similar terms, but read your contract to make sure.

@malba2366

That’s correct. Ford Options is a retail installment contract with a balloon note.

On your contract review the federal disclosure section just under the payment schedule. It should say no prepayment penalty.

 

[generaltso]

Supposedly, you can also refinance an Options contract once. They did that so that people can incorporate the $7500 tax credit into their monthly payment after they receive it.

 

[hybrid2bev]

Supposedly, you can also refinance an Options contract once. They did that so that people can incorporate the $7500 tax credit into their monthly payment after they receive it.

Yes, a process is being developed to let you apply a lump sum towards your Options contract and recalculate your monthly payments. It's not the usual process so these will all be processed manually (should be low volume).

 

[machefan]

Is the incentives only tied to the RCL or does it include Ford options?

The finance rate looks really good right now at .09%, I might opt for that since I was told by my dealer that only RCL gets the incentive?

Anyone hear the same or different?

 

[BlueMach]

Yes, a process is being developed to let you apply a lump sum towards your Options contract and recalculate your monthly payments. It's not the usual process so these will all be processed manually (should be low volume).

Hopefully the federal incentives can be tweaked from a tax credit to a rebate applicable at time of purchase regardless of tax burden, obviating the need for that process. That said, I'm glad Ford is providing a method to do this, it's above and beyond what's required, for sure.

 

[generaltso]

Is the incentives only tied to the RCL or does it include Ford options?

The finance rate looks really good right now at .09%, I might opt for that since I was told by my dealer that only RCL gets the incentive?

Anyone hear the same or different?

The incentive ($1000 or $2500) is ONLY for Options. It does not apply to RCL or regular financing.

 

[VegStang]

Last time I looked at the X-Plan site it didn't specify what type of financing received the incentive, just that you had to finance it through Ford. I must have missed the page where it specifies Options only, do you have a link? I just checked yesterday to make sure they renewed the incentive after the 4th. I do see that it says to "see dealer for complete details."

Sounds like there is no prepayment penalty with Options then?

The incentive ($1000 or $2500) is ONLY for Options. It does not apply to RCL or regular financing.

 

[DBC]

Last time I looked at the X-Plan site it didn't specify what type of financing received the incentive, just that you had to finance it through Ford. I must have missed the page where it specifies Options only, do you have a link?

Not sure I'm following this. X-Plan is a discount. The incentive they're talking about is for Ford Options. However, IIRC the X-Plan requirements state that you can finance from any source. Are you sure that X-Plan requires financing through Ford?

I think what has been discussed is that with Options you can recalculate your payments once by putting an additional payment towards the financing. A pre-payment penalty would be something different. These usually aren't in auto loans but I don't know about Ford Options. @hybrid2bev would know.

 

[macchiaz-o]

Not sure I'm following this. X-Plan is a discount. The incentive they're talking about is for Ford Options. However, IIRC the X-Plan requirements state that you can finance from any source. Are you sure that X-Plan requires financing through Ford?

I think what has been discussed is that with Options you can recalculate your payments once by putting an additional payment towards the financing. A pre-payment penalty would be something different. These usually aren't in auto loans but I don't know about Ford Options. @hybrid2bev would know.

X-Plan just fixes the sale price (and limits dealer fees such as doc fees). It doesn't require financing through Ford. You can complete the sale with cash, Ford Credit financing, third party financing, etc. Whatever the dealer is willing to do.

Certain incentives cannot be combined with A/X/Z/D pricing plans. Also, certain incentives can't be combined with other incentives.

The currently available incentives for Mustang Mach-E are compatible with plan pricing and with each other:

$100 for vehicles equipped with the Active Drive Assist Prep Package. You must sign a disclosure to receive this incentive. It states that the vehicle has the required hardware but the software won't be available until later and will have additional cost ($600 for first three years).

$1,000 or $2,500 in specific market areas (not available everywhere). To get this, you must finance the purchase using Ford Credit's "Ford Options" program.

 

[hybrid2bev]

X-Plan just fixes the sale price (and limits dealer fees such as doc fees). It doesn't require financing through Ford. You can complete the sale with cash, Ford Credit financing, third party financing, etc. Whatever the dealer is willing to do.

Certain incentives cannot be combined with A/X/Z/D pricing plans. Also, certain incentives can't be combined with other incentives.

The currently available incentives for Mustang Mach-E are compatible with plan pricing and with each other:

$100 for vehicles equipped with the Active Drive Assist Prep Package. You must sign a disclosure to receive this incentive. It states that the vehicle has the required hardware but the software won't be available until later and will have additional cost ($600 for first three years).

$1,000 or $2,500 in specific market areas (not available everywhere). To get this, you must finance the purchase using Ford Credit's "Ford Options" program.

@DBC @VegStang

All correct. X-Plan does not require Ford Credit Financing.

On the Ford site when you build and price a Mach-E (click on the calculator icon): "Ford Options Retail Bonus Cash", requires Ford Credit financing because Options is only offered via Ford Credit.

$1,000 to $2,500 depending on your market.

Since Ford Options is written on the normal retail installment contract there should be no pre-payment penalty*.

*I always recommend as a disclaimer to review your contract before signing.

 

[VegStang]

Yes, I understand that X-Plan doesn't require financing, but it was the only place where I had found the $2500 credit incentive listed for the Mach-E.

Thanks for showing the pic of what is shown on build/price- I just didn't go through that process far enough on that page to see the description of the #13896 program. It just shows ford credit financing required along with the # on the X-Plan page- that's why it appeared to just require any Ford financing or lease, not just options.

Thanks for clarifying that Options is on the standard retail contract, with the usual disclaimer to read the contract.

@DBC @VegStang

All correct. X-Plan does not require Ford Credit Financing.

On the Ford site when you build and price a Mach-E (click on the calculator icon): "Ford Options Retail Bonus Cash", requires Ford Credit financing because Options is only offered via Ford Credit.

$1,000 to $2,500 depending on your market.

Since Ford Options is written on the normal retail installment contract there should be no pre-payment penalty*.

*I always recommend as a disclaimer to review your contract before signing.