Financing Balloon after Ford Options

[ChuckA]

Has anyone reached out to Ford to ask about this? I have the same terms as posted by
macchiaz-o but I'm trying to figure out how this works out

I'll have a $25,398 balloon payment due so if they agree to keep the same monthly payment for 36 months then it seems like I'd pay $29,394.72 (my monthly is $816.52) which would be about a 9.75% interest rate which seems pretty bad for today's used car market?

I am starting to think that the best move is going to be refinancing with a third party. I don't necessarily want to pay the $25k cash and they would probably have to offer some insane financing to get me to turn it in and upgrade

I reached out to Ford and got the wrong answer. They told me that it assumes 3rd party refinance although that’s not what the contract says. My credit union quoted 5.99%

My contract says you finance the balloon at a new rate, same payment amount, and term is set to end when the principal is paid. This would be less then 36 months, maybe 30.

As with Ford Options, Ford Credit seems confused.

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[Stang68]

Does anyone see the Ford Options calculator on the Ford site anymore? Trying to price out a Lightning and it's listed with Ford Options but no actual calculator.

 

[RickMachE]

Does anyone see the Ford Options calculator on the Ford site anymore? Trying to price out a Lightning and it's listed with Ford Options but no actual calculator.

Ford Options has been discontinued.

 

[Stang68]

Ford Options has been discontinued.

I thought that was the case.
Someone should tell the website that.

 

[Dancefreak]

I know some have reached out to customer service, but have any of the early adopters received official communication on next steps from Ford Credit to finance the balloon payment? Figured people would be receiving letters by now.

 

[macchiaz-o]

I know some have reached out to customer service, but have any of the early adopters received official communication on next steps from Ford Credit to finance the balloon payment? Figured people would be receiving letters by now.

I've not seen anything. Purchased on 3/6/21.

 

[solarmoo900]

I purchased in early April and also haven't heard anything. Would be nice for Ford to give any heads up

 

[generaltso]

I purchased in early April and also haven't heard anything. Would be nice for Ford to give any heads up

Some people purchased in January, so I would think the details have to start appearing soon.

 

[macchiaz-o]

Some people purchased in January, so I would think the details have to start appearing soon.

I got a voicemail yesterday from "Alliance Inspection Management calling on behalf of Ford Motor Credit" to schedule a pre-termination inspection on my "leased" vehicle.

I thought maybe it was spam and maybe it is, but yesterday is exactly 2 months away from my balloon payment due date.

I called Ford Credit and learned that I have the option of "rescheduling" my balloon such that my same monthly payments continue for X more months at the same interest rate I already have, until the balloon is paid off. For me, that'd be an additional 26 months and then whatever smaller amount remains in month 27.

I'll probably exercise this option, since the rate is great. I'll just need to call back after the month 35 payment has been applied to my loan.

 

[HuntingPudel]

<SNIP>
I called Ford Credit and learned that I have the option of "rescheduling" my balloon such that my same monthly payments continue for X more months at the same interest rate I already have, until the balloon is paid off. For me, that'd be an additional 26 months and then whatever smaller amount remains in month 27.
<SNIP>

This is what we originally thought would be the terms of the balloon for the Options loan. I got a 4 year Options loan so I won’t be finding out for 2 years for my purchase (picked up the car in November, had paperwork issues so first payment wasn’t due until toward the end of January). ??

 

[macchiaz-o]

This is what we originally thought would be the terms of the balloon for the Options loan. I got a 4 year Options loan so I won’t be finding out for 2 years for my purchase (picked up the car in November, had paperwork issues so first payment wasn’t due until toward the end of January). ??

Sure, and for many regions, it was pre-determined in the contract terms. The terms on my loan aren't as clear, so I needed to call to find out how it'll work.

I hesitated to post the info today because it's not a done deal until at least another month from now. Nothing is in writing yet. (At least, per my own loan contract here in Arizona.)

 

[ChuckA]

Sure, and for many regions, it was pre-determined in the contract terms. The terms on my loan aren't as clear, so I needed to call to find out how it'll work.

I hesitated to post the info today because it's not a done deal until at least another month from now. Nothing is in writing yet. (At least, per my own loan contract here in Arizona.)

Your contract states you will agree to a new rate, with the payments staying the same, until the balloon is paid. A new rate will probably be higher then the present contract rate, I guess.

 

[macchiaz-o]

Your contract states you will agree to a new rate, with the payments staying the same, until the balloon is paid. A new rate will probably be higher then the present contract rate, I guess.

That's what I'd assumed until I called and spoke with Ford Credit. As I said, I'm holding out hope but there's no guarantee until I work through the details with them next month.

 

[solarmoo900]

That's what I'd assumed until I called and spoke with Ford Credit. As I said, I'm holding out hope but there's no guarantee until I work through the details with them next month.

Yeah, please keep up updated!

 

[Deleted member 19354]

Anyone refinance the Ford Options balloon payment through Ford Credit? What is your interest rate?

In my contract (in CT), it reads like the interest rate will change but the payment amount stays the same. This makes the refinanced term less then 36 months.

I was fortunate back in August 23. 0% for 60 months.

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