Ford not accepting outside financing on Mach-e?

[theorion]

My dealership called and said my car was in, to which I was very excited. They then told me that they were not accepting outside financing on Mach-e's and that if I was planning on financing that I would need to go through Ford, to which I was not very excited.

This is the first I've heard of such a policy, and the previous conversations I've had with them seemed to indicate that the financing I have through my bank was acceptable. Is this actually Ford policy or are they just trying to screw me? If they are trying to screw me, what options do I have to work around this? The Ford financing is a good percent and a half higher than what my bank will give me.

Thanks.

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[Logal727]

My dealership called and said my car was in, to which I was very excited. They then told me that they were not accepting outside financing on Mach-e's and that if I was planning on financing that I would need to go through Ford, to which I was not very excited.

This is the first I've heard of such a policy, and the previous conversations I've had with them seemed to indicate that the financing I have through my bank was acceptable. Is this actually Ford policy or are they just trying to screw me? If they are trying to screw me, what options do I have to work around this? The Ford financing is a good percent and a half higher than what my bank will give me.

Thanks.

Uhhh, not true in the slightest. But the dealer can do whatever they want. Hopefully Ford still has good interest rates.

 

[kkriskal]

Not a Ford policy. I have the finance on my Mach E from my bank

 

[generaltso]

Does that mean they also prohibit buying with cash?

If they really force you into financing you don’t want, just go with Ford Options for the rebate and immediately refinance with your outside loan.

 

[Logal727]

Does that mean they also prohibit buying with cash?

Probably. They wouldn’t make anything off it.

 

[MG101]

Paid cash for mine without issue.
It shouldn't make a difference to the dealer whether the check comes from your bank account or an outside finance company.

 

[ktcastle18]

My dealership called and said my car was in, to which I was very excited. They then told me that they were not accepting outside financing on Mach-e's and that if I was planning on financing that I would need to go through Ford, to which I was not very excited.

This is the first I've heard of such a policy, and the previous conversations I've had with them seemed to indicate that the financing I have through my bank was acceptable. Is this actually Ford policy or are they just trying to screw me? If they are trying to screw me, what options do I have to work around this? The Ford financing is a good percent and a half higher than what my bank will give me.

Thanks.

That's not true at all. I just picked mine up last week and financed through my own bank. Had no issues with my dealership.

 

[Logal727]

Paid cash for mine without issue.
It shouldn't make a difference to the dealer whether the check comes from your bank account or an outside finance company.

They can decide if you get your car or not though. Dealers suck.

 

[KennyPratt42]

Yeah, as others have said that’s definitely dealer specific and not Ford.

First thing I’d try is if you can pay cash see if your bank can help you through the process in a way where the dealer isn’t involved at all (I would think title application might be the main hurdle).

Outside of that, as another mentioned I’d do Ford Options and either stick with that or pay it off with outside financing.

 

[buzznwood]

Putting my cynical hat on the dealers are probably doing this as they get a kick back from Ford for the purchase on ford credit finance. However they only get that after 90 days, double check but Ford credit normally has zero early payment penalties.

So if the dealer is still being stupid do it with Ford credit and then just pay it off in full the next day using your preferred bank loan. You then get the rate you want and the dealer doesn't get the kickback as you paid it off in full before the relevant time has passed.

This is normally why the bad dealers out there will give some BS reason about not paying the loan back in full for at least 90 days.

 

[hybrid2bev]

My dealership called and said my car was in, to which I was very excited. They then told me that they were not accepting outside financing on Mach-e's and that if I was planning on financing that I would need to go through Ford, to which I was not very excited.

This is the first I've heard of such a policy, and the previous conversations I've had with them seemed to indicate that the financing I have through my bank was acceptable. Is this actually Ford policy or are they just trying to screw me? If they are trying to screw me, what options do I have to work around this? The Ford financing is a good percent and a half higher than what my bank will give me.

Thanks.

It's a half truth. If you want to do a special APR program or the Ford Options program those are only offered by Ford Credit. If you want to bring your own financing or pay cash that's totally fine too.

You can always refinance at another institution, there's no prepayment penalty. Just be sure to tell the dealer that is what you will do (immediately refi), maybe they'll change their tune.

 

[blkadr08]

Paid cash for mine without issue.
It shouldn't make a difference to the dealer whether the check comes from your bank account or an outside finance company.

That is, unless, the dealer is making money by selling you Ford Financing and makes no “back end” finance income if you pay cash or (almost the same thing) arrange your own financing.

I guarantee that this is not a Ford policy, it‘s some local dealer’s way of increasing his profit. If you use dealer financing, they buy the financing at a wholesale rate and sell it to you a point or two over. They get to keep the difference

Simply agree to their Ford financing and then immediately go to your credit union and refinance it. Just make sure that whom ever you go to will still give you new car rate.

 

[Ghost Ryder]

Dealers are like the Soup Nazi from Seinfeld. You say the wrong thing, and its "No MachE for you."

 

[ripperAZ]

Don’t risk losing your car to a nitwit dealer just finance it through the Ford options and then the next day before you’ve had to pay it more than a day of interest buy it out with another loan I’m assuming your credit is good enough to do this it shouldn’t be a problem

it really nails the dealer and Ford financing because they have to go through all the paperwork and processing and manpower to do the loan and then you snuff it out the next day it’s awesome I did it once

Jes sayin

 

[RedStallion]

Apparently, it's legal for a dealership to require payment in a form of their choosing, as long as it’s not based on race, gender, or sexual orientation.

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