Financing Balloon after Ford Options

[silverelan]

Thanks for this! I'm still close to 2 years away from the balloon payment but I really got to thinking about what I agreed to sitting in the dealer's F&I office back in late 2021.

I've got this same language in my contract. Seems to me that the original finance rate is extended an additional 36 months if we want to finance the balloon payment through Ford Credit?

@hybrid2bev we're reading this right, yes?

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[ChuckA]

Thanks for this! I'm still close to 2 years away from the balloon payment but I really got to thinking about what I agreed to sitting in the dealer's F&I office back in late 2021.

I've got this same language in my contract. Seems to me that the original finance rate is extended an additional 36 months if we want to finance the balloon payment through Ford Credit?

My Options balloon is due 08/31/24.
I got an email from Ford Credit on 02/29/24 giving me alternatives. See below:

 

[hybrid2bev]

@hybrid2bev we're reading this right, yes?

Yes. Just like @macchiaz-o said. You should keep the same rate and up to 36 months on the refinance.

 

[generaltso]

My Options balloon is due 08/31/24.
I got an email from Ford Credit on 02/29/24 giving me alternatives. See below:

They must be learning. My balloon was scheduled to be due 3/26/24, and I never received any notice from Ford. My Ford Credit account showed that the final payment of $24k was scheduled to automatically be deducted from my checking account. I was skeptical, so I called Ford Credit and they said that auto-pay showed on their end that it was cancelled. It's not good that the info I saw and the info they saw was different, but I'm not overly surprised.

Just to be sure, I cancelled auto-pay and scheduled a manual payment. That seemed to go through fine, and I just received a letter from Ford saying the loan is paid off and they'll send the title soon.

The Ford Credit rep I spoke to really didn't have any idea what Ford Options was. She said that Ford only did "a few" of these before it was discontinued, so nobody knows how they work. I suggesed that she get familiar with it because there are a lot more than "a few" out there and there's going to be a waive of them all coming due very soon.

 

[ChuckA]

They must be learning. My balloon was scheduled to be due 3/26/24, and I never received any notice from Ford. My Ford Credit account showed that the final payment of $24k was scheduled to automatically be deducted from my checking account. I was skeptical, so I called Ford Credit and they said that auto-pay showed on their end that it was cancelled. It's not good that the info I saw and the info they saw was different, but I'm not overly surprised.

Just to be sure, I cancelled auto-pay and scheduled a manual payment. That seemed to go through fine, and I just received a letter from Ford saying the loan is paid off and they'll send the title soon.

The Ford Credit rep I spoke to really didn't have any idea what Ford Options was. She said that Ford only did "a few" of these before it was discontinued, so nobody knows how they work. I suggesed that she get familiar with it because there are a lot more than "a few" out there and there's going to be a waive of them all coming due very soon.

My guess is that the balloon autu-pays are cancelled because many would bounce.

 

[generaltso]

My guess is that the balloon autu-pays are cancelled because many would bounce.

Yup, and I absolutely agree that they shouldn't use auto-pay for such a large payment. But then the customer portal shouldn't say that the large payment is scheduled to be withdrawn automatically. That's the failure.

 

[lazydot]

My balloon amount due is in May. I called up Ford Credit and the agent didnt have many details to provide me. They told that they would email the relevant department to get back to me with my options and it would take up to 14 days for them to do that.

 

[ChuckA]

My balloon amount due is in May. I called up Ford Credit and the agent didnt have many details to provide me. They told that they would email the relevant department to get back to me with my options and it would take up to 14 days for them to do that.

Print the attachment I posted on comment #77. On page 2 it gives the correct Ford Credit phone number. Time is of the essence for you. I wouldn’t wait 14 days for an answer. They can refinance a month early and roll the remaining payments into the refinance.

 

[RickMachE]

I suggesed that she get familiar with it because there are a lot more than "a few" out there and there's going to be a waive of them all coming due very soon.

 

[lazydot]

Print the attachment I posted on comment #77. On page 2 it gives the correct Ford Credit phone number. Time is of the essence for you. I wouldn’t wait 14 days for an answer. They can refinance a month early and roll the remaining payments into the refinance.

I did call that phone number (1-800-727-7000). I will probably call again to see if a different agent has any different info.

 

[ChuckA]

I did call that phone number (1-800-727-7000). I will probably call again to see if a different agent has any different info.

You’d think by now they know what to do. Sounds like your 1st rep had no clue.

 

[Rickless]

My balloon knot payment is due mid-May as well. I just called the number above and they advised I mail my request first. Apparently there is a "special team" that will reach out to me with further details... very ambiguous and unhelpful.

 

[Luke]

I did call that phone number (1-800-727-7000). I will probably call again to see if a different agent has any different info.

Call this number and extension. 877-349-5260 ext 72009

I think it was new to them and it did take a couple of weeks to complete the process in my case. But like others said. They did finance the balloon payment at the same rate for 36 months ( 2.25% they mentioned it depends on the State l’m located) .

 

[vinny2487]

I don't understand why we can't just do this all online. It's not great that certain Ford Credit reps have no idea what they're doing

 

[lazydot]

After 3 follow ups and paying off future payments on Ford Options, they refinanced my Ford Options to normal loan with same APR (2.25) as earlier.

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