Ford options and CA rebates

[karthik]

Hello,
I am getting my car this weekend. I have few questions on ford options and CA rebates.
1) Can we make early payoff on ford options loan ? Did anyone make early payoff and took advantage of 2500$ credit ?
2) Any latest rebates in CA other than Clean fuel rebate?
3) What to do if my dealer does not accept X-Plan?

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[macchiaz-o]

1) Can we make early payoff on ford options loan ?

Yes. Each monthly statement includes the early payoff amount.

3) What to do if my dealer does not accept X-Plan?

Try for MSRP instead? X-Plan is something you should discuss with a potential dealer before locking in a deal.

 

[abr]

Hello,
I am getting my car this weekend. I have few questions on ford options and CA rebates.
1) Can we make early payoff on ford options loan ? Did anyone make early payoff and took advantage of 2500$ credit ?
2) Any latest rebates in CA other than Clean fuel rebate?
3) What to do if my dealer does not accept X-Plan?

CA Clean Fuel Rebate should be automatic at the point of sale ($1500 off of the contract) as long as your dealer is signed up (are they? check website to see list of dealers - www.cleanfuelreward.com ). If the dealer is not signed up, you will lose out.
CA CVRP is out of funds right now, but you can apply and get paid the $2000 when and if funds are reallocated. Note that there is an income cap on this rebate.
Also should be eligible for CA HOV sticker. Apply through the DMV (will take several months to process).

 

[Crespokid]

Yes. Each monthly statement includes the early payoff amount.



Try for MSRP instead? X-Plan is something you should discuss with a potential dealer before locking in a deal.

What about extra payments? Do extra payments go towards the balloon payment or do they apply it to the next payment in the term?

 

[macchiaz-o]

What about extra payments? Do extra payments go towards the balloon payment or do they apply it to the next payment in the term?

I'm not sure... I've seen mixed answers.

You can make ONE specially handled extra payment if you coordinate the process with Ford Credit. They will modify the loan in order to keep the balloon portion fixed and reduce your remaining monthly payments.

Given that is the case, my guess is that normal extra payments of principal will reduce your total principal balance, including the balloon amount. But as I said, I'm not sure.

I did the math on the one time loan modification and determined that it is generally not in my favor or just barely so such that it's not worth the effort.

 

[hybrid2bev]

What about extra payments? Do extra payments go towards the balloon payment or do they apply it to the next payment in the term?

Like others have said, it depends on how much you pay extra.

If you pay more than your scheduled monthly payment the next months payment will be reduced.

My first monthly payment was $589.49. Because I like round numbers I have scheduled $600 sent in monthly. $10.51 more than my normal payment. My second monthly billing statement arrived and the payment due was $578.98. ($10.51 less) I paid $600 again.... third payment statement says $568.47 due next month, $21.02 less. And so it goes.

 

[Crespokid]

Like others have said, it depends on how much you pay extra.

If you pay more than your scheduled monthly payment the next months payment will be reduced.

My first monthly payment was $589.49. Because I like round numbers I have scheduled $600 sent in monthly. $10.51 more than my normal payment. My second monthly billing statement arrived and the payment due was $578.98. ($10.51 less) I paid $600 again.... third payment statement says $568.47 due next month, $21.02 less. And so it goes.

Thank you for the response. So, just to make sure I understand correctly. If I happen to pay enough to cover all the payments before the balloon payment, 35 out of the 36, in a years time. Then the payments that follow would go towards the balloon payment? Sorry if these are stupid questions. I just want to see if it's worth it to take advantage of the $2500 options discount over traditional financing. My original plan was to put $20K down with the 60 month financing but the options route seems like it could be cheaper. Thanks again.

 

[hybrid2bev]

Thank you for the response. So, just to make sure I understand correctly. If I happen to pay enough to cover all the payments before the balloon payment, 35 out of the 36, in a years time. Then the payments that follow would go towards the balloon payment? Sorry if these are stupid questions. I just want to see if it's worth it to take advantage of the $2500 options discount over traditional financing. My original plan was to put $20K down with the 60 month financing but the options route seems like it could be cheaper. Thanks again.

Yes. Extra payments keep reducing your remaining principal balance(balloon). Just like any simple interest loan.

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