Ford financing nightmare?

igotnoclevername

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Upon checking all my paperwork, the finance guy didn't even give me the "extended warranty agreement paperwork". Yet, he had my sign that "I received it". So I don't know the details of that agreement.
Just out of curiosity what dealership did you use? I'm in Clovis, but made my reservation in the bay after talking to all the local guys.
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Mach1E

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The service plan is a Ford plan. Its only honored at ford dealerships. It doesn't cover 100% of what the bumper to bumper warranty covers, but it is almost everything. Yes it does cost money, but its extending the coverage period of the warranty. It works just like the warranty does. Drop it off with the dealer, they bill ford for any repairs. It even includes rental car coverage as standard, which the factory warranty doesn't cover.

Just because you don't think they are worth the money doesn't mean no one should buy them. It is totally optional. If OP has no plans of keeping the car past 36 months, then it is definitely a waste of money, But if they plan on keeping it any longer, its been a pretty good investment in my experience. Plus, if you sell the car, you can transfer the warranty to the next owner for $75.

I would never buy a vehicle warranty/service plan that was through anyone other than Ford as those are all ripoffs because they will try and get out of paying for anything you try and claim on them. But the Ford plans are actually useful.
I have a “no one” scenario for you.

No one should buy the warranty until month 35 of ownership.

At that point, you’ll have a better feel for how reliable the car is and how long you plan on keeping it.

Plus on those 35 months you will have gotten at least 7,000 robo calls trying to extend your warranty.

I feel like it MUST be a good deal of the robots are trying to sell it so hard!
 
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Do they have New car replacement instead?
i have travelers was was quoted $100 a year for new car replacement. Which instead of paying off your loan they supposedly pay full retail for a new model. Even this would be much cheaper, you only really benefit by having it until the crazy market goes away.
They don't have that either. Maybe I can go through somebody else?
 

Rudy Bega

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Ok as a Ford employee here is what I recommend. You need to get the GAP but cost on it should only be about $700. Do not worry about the service contract, you have until the 3yr/36,0000 mile factory warranty expires to get it and even then you can find it at a much cheaper price online. As for the rate, you should be getting the 1.4% for 48 months with the $2,500 incentive. That is called an "incentivized rate". If they try to tell you anything higher then it is just them trying to mark up the rate for profit. You are 100% entitled to the 1.4% on an options plan. Make sure they provide a CCA form which confirms they are putting the $2,500 rebate in the deal. There is a chance they try to "scoop" this rebate and turn it into profit. To make sure this does not happen, look at the starting price and make sure it is the $8000+MSRP that was agreed upon. Please feel free to message me if you have any other questions.
I am about 2 weeks from closing a GTPE, my salesperson told with the Options Rebate is $1,000 not $2,500. We live in Michigan. Is the Dealership playing me for the difference? Many thanks
 
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I am about 2 weeks from closing a GTPE, my salesperson told with the Options Rebate is $1,000 not $2,500. We live in Michigan. Is the Dealership playing me for the difference? Many thanks
It's 1000/1500 in some states. Like Texas. I just know it's 2500 in California
 


Motomax

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I am about 2 weeks from closing a GTPE, my salesperson told with the Options Rebate is $1,000 not $2,500. We live in Michigan. Is the Dealership playing me for the difference? Many thanks
There’s two rebate amounts, it depends on your zip code.

They don't have that either. Maybe I can go through somebody else?
I mean sure you can change insurance at any time but might not be worth it. Although, In my experience geico is very easy to beat. They were double everyone else for coverage on my motorcycle.
 
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Anton

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There’s two rebate amounts, it depends on your zip code.


I mean sure you can change insurance at any time but might not be worth it. Although, In my experience geico is very easy to beat. They were double everyone else for coverage on my motorcycle.
Geico was very favorable for my situation. I got quoted from 4 others. $100/mo for full coverage on MachE and limited on another car. And i have a 2nd driver on a learners permit...
 

Tngo23

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This wasn't my order, but a car on the lot that somebody backed out of. And the 8k ADM was on top of the old price, prior to the 2k price increase. So technically only a 6k ADM on top of what was my order price (same model, color, etc.) that I still have open.

Is walking away a realistic option? I've accumulated about 300 miles on this already. And tinted the front windows.
Well it's all up to you my friend but from reading your post & others, that Dealership should be a No No to every honest person buying a new vehicle. I live up in Sacto area and went to Folsom Lake Ford after reading a post some where that they don't charge ADM. I called back in October 2021 and after speaking to the Salesperson on the post. I talked them through no ADM bc they wanted 2K at first.

Long story short, my order will go in production on week 2/14/22 so hopefully not too long after that. Also I read another post about no price hike for 2022 models if you ordered in 2021.

If you have the 30 days, make use of it and return it based on all the over charges.

You can always get another MME for cheaper and newer tech
 
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Anton

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Well it's all up to you my friend but from reading your post & others, that Dealership should be a No No to every honest person buying a new vehicle. I live up in Sacto area and went to Folsom Lake Ford after reading a post some where that they don't charge ADM. I called back in October 2021 and after speaking to the Salesperson on the post. I talked them through no ADM bc they wanted 2K at first.

Long story short, my order will go in production on week 2/14/22 so hopefully not too long after that. Also I read another post about no price hike for 2022 models if you ordered in 2021.

If you have the 30 days, make use of it and return it based on all the over charges.

You can always get another MME for cheaper and newer tech
My original order still remains. They'll take off all the warranty and insurance charges on the new contract (GM's words). I'm going to keep it. ? plus they have my 6,400 deposit. So don't think I can just return the vehicle...
 

Tngo23

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My original order still remains. They'll take off all the warranty and insurance charges on the new contract (GM's words). I'm going to keep it. ? plus they have my 6,400 deposit. So don't think I can just return the vehicle...
Ah ok....I may have misread your post.....Just make sure you have everything in writing and signed same as the original rip off contract....:eek:
 

dimes4slim

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Some similarities to my purchase meeting with the finance guy back in December. I thought I was so well prepared, but he threw me a curve and said he can get me a lower rate with Ford Options and end up with the same payment if I purchase the Ford Premium Care extended warranty (over $3k). He called it a win-win, and my wife couldn't figure out why I would hesitate. I accepted the extended warranty, and he honored the x-plan pricing. When I got home, I kept stewing over the cost of that warranty which doesn't even kick in until year 4 except for towing and rental car coverage. I read the contract thoroughly and couldn't even see how that powertrain coverage related to an electric car. I did see that you can cancel the contract within 30 days, so I went back to the finance guy the following week and told him I wanted to cancel. I could tell he was not happy, but had me sign the cancellation papers and said Ford would apply the credit to my contract within 3 months. Hopefully that all shakes out!
 

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Gap covers the difference between the amount of the loan and amount you insurance pays if the car is totaled. So if you drive off the lot and the car is in an accident you insurance will probably pay MSRP for the car if totaled. You will be responsible for the rest. Your down payment mostly went to tax and license fee's. I made payments on a car for a year after it was totaled because of the gap.
I don’t think I’ve ever considered GAP insurance for anything other than a lease, because your remaining lease payments and contract obligations are way higher and you don’t own the car.
 

BilLongua

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Looks like others have answered correctly.

Ford Options 1.4% rate is for GTs, 2.49% for non-GTs.

Warranty and GAP are 100% optional and can be canceled.
So has anyone actually gotten a good deal using the Ford options plan? I have the same experience in that my dealer price quote was about the same whether not I finance the car for 72 months or chose one of the Ford options plans. It was a bit of a gut poncho as I was expecting the least price/4 options price to be similar to my last car with a similar price tag, but that was not the case.
 

hybrid2bev

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So has anyone actually gotten a good deal using the Ford options plan? I have the same experience in that my dealer price quote was about the same whether not I finance the car for 72 months or chose one of the Ford options plans. It was a bit of a gut poncho as I was expecting the least price/4 options price to be similar to my last car with a similar price tag, but that was not the case.
It depends on your objectives. If the payment is the same for Ford Options and a normal loan I would still go with Ford Options simply because it has 'options'. You need to evaluate the whole situation not just the monthly payment. Look at the choices that Ford Options provides vs. a traditional loan and pick the financing that meets your needs.

For example: try to trade out of a traditional loan when you are 36 months into a 72 month loan may be more difficult due to your limited equity position (especially if the used car market cools down in 3 years).
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