Mach-Lee

Well-Known Member
First Name
Lee
Joined
Jul 16, 2021
Threads
208
Messages
7,918
Reaction score
15,929
Location
Wisconsin
Vehicles
2022 Mach-E Premium AWD
Occupation
Sci/Eng
Country flag
Ford has launched a website and guide regarding what to do when your Ford Options plan comes to an end.

https://www.ford.com/finance/finance-options/ford-options/
https://www.ford.com/finance/content/dam/ford64/us/pdf/lease-end/FordOptions_RenewalGuide.pdf

Please note there are actions that must be completed >30 days before the end of the contract if you are going to keep and refinance the vehicle. Again, the "Options" are:
  1. Trade-in for another Ford/Lincoln
  2. Keep and pay-off current vehicle (balloon $ due)
  3. Keep and refinance vehicle into more payments
  4. Return your vehicle (pay $475 disposal fee)
Sponsored

 

eStang

Well-Known Member
First Name
Larry
Joined
Apr 14, 2020
Threads
6
Messages
253
Reaction score
345
Location
Illinois
Vehicles
2021 Mustang Mach-E FE, 2021 Mustang Mach-E GT
Occupation
software salesperson
Country flag
I did the refinance option. Handled it all over the phone. I called initially at about 45 days before last payment due to convey my intention. Had to wait until the final payment was due to get the refinance done, so a call back was needed at 29 days, so they could complete the refi, which just needed me to accept the new terms verbally in a recorded conversation. New payment terms showed up in the Ford Credit app the next day. Very easy process.
 

KDub

Well-Known Member
First Name
Kevin
Joined
Jul 26, 2021
Threads
10
Messages
168
Reaction score
185
Location
Northern California
Vehicles
2021 Mach E CA Route 1
Country flag
I did the refinance option. Handled it all over the phone. I called initially at about 45 days before last payment due to convey my intention. Had to wait until the final payment was due to get the refinance done, so a call back was needed at 29 days, so they could complete the refi, which just needed me to accept the new terms verbally in a recorded conversation. New payment terms showed up in the Ford Credit app the next day. Very easy process.
Rates are different from 3-4 years ago. When you refinanced, what kind of rates was Ford offering (if you don't mind sharing)? Thanks.
 

eStang

Well-Known Member
First Name
Larry
Joined
Apr 14, 2020
Threads
6
Messages
253
Reaction score
345
Location
Illinois
Vehicles
2021 Mustang Mach-E FE, 2021 Mustang Mach-E GT
Occupation
software salesperson
Country flag
Rates are different from 3-4 years ago. When you refinanced, what kind of rates was Ford offering (if you don't mind sharing)? Thanks.
The policy is that the refi is at the same interest rate as your original term.
 


Scooby24

Well-Known Member
First Name
Greg
Joined
Jul 2, 2021
Threads
24
Messages
1,925
Reaction score
2,946
Location
Olathe, KS
Vehicles
'21 MME-GT Star White; '22 MME Prem AWD DGM
Occupation
Perioperative Revenue Manager
Country flag
Is there an option for return your vehicle, have it go to auction, have your dealer buy it at auction for pennies on the dollar, sell it back to you at deep discount?

Sign me up for that one please!
 

bshaw

Well-Known Member
Joined
May 18, 2020
Threads
12
Messages
1,316
Reaction score
1,798
Location
Boston, MA
Vehicles
2021 Mustang Mach E 4X (Job 1)
Country flag
The policy is that the refi is at the same interest rate as your original term.
That's a great deal, I didn't know that was possible.
I just paid the balloon $ amount because I assumed the refi would be at a current interest rate.
 

bshaw

Well-Known Member
Joined
May 18, 2020
Threads
12
Messages
1,316
Reaction score
1,798
Location
Boston, MA
Vehicles
2021 Mustang Mach E 4X (Job 1)
Country flag
Is there an option for return your vehicle, have it go to auction, have your dealer buy it at auction for pennies on the dollar, sell it back to you at deep discount?

Sign me up for that one please!
My balloon $ amount was still below what the local market value would be for my vehicle. Maybe other geographies the value has dropped more significantly, but here in the Northeast, EVs are still somewhat in demand.
 

4sallypat

Well-Known Member
First Name
Pat
Joined
Mar 30, 2022
Threads
66
Messages
2,082
Reaction score
1,590
Location
Southern California
Vehicles
'23 MME delivered May '23 + '22 Lightning July '22
Occupation
Network Tech
Country flag
My balloon $ amount was still below what the local market value would be for my vehicle. Maybe other geographies the value has dropped more significantly, but here in the Northeast, EVs are still somewhat in demand.
Good to know!

West coast definitely EVs are in demand due to the higher gas prices.
 

Dnorwood98

Well-Known Member
First Name
D
Joined
Mar 18, 2021
Threads
14
Messages
273
Reaction score
215
Location
WA
Vehicles
2021 Carbonized Gray AWD Ext Range
Occupation
Education/Healthcare
Country flag
The policy is that the refi is at the same interest rate as your original term.
Not all terms are that way, I believe this is on a state by state basis. My terms do not include that language.
 

GrisGris

Well-Known Member
Joined
Dec 29, 2020
Threads
2
Messages
179
Reaction score
124
Location
Tampa
Vehicles
'21 Premium RR ER AWD
Country flag
Not all terms are that way, I believe this is on a state by state basis. My terms do not include that language.
Correct. See the discussion here. I believe mine (in FL) would be at a new rate as well.
 

metfoo

Member
Joined
May 24, 2023
Threads
0
Messages
14
Reaction score
13
Location
Bay Area CA
Vehicles
2021 Grabber Blue FE
Country flag
i've been thinking about t his quite a bit lately. I am due in 10 months, so I have time. EV prices seem to be dropping, which has me thinking about getting rid of mine. I only have 18k miles on my 2021 first edition though, so it's still practically a new vehicle in my eyes, making me want to keep it. I do want a GT, which is what I would trade in for. But I can't convince myself I really need a GT, considering how little I drive it. I also have an R2 deposit in, and would like to go with that or possibly the T5 platform. so many decisions. I'd love to hear what Californians have been getting for the new interest rates.
 
  • Like
Reactions: ARK

bshaw

Well-Known Member
Joined
May 18, 2020
Threads
12
Messages
1,316
Reaction score
1,798
Location
Boston, MA
Vehicles
2021 Mustang Mach E 4X (Job 1)
Country flag
i've been thinking about t his quite a bit lately. I am due in 10 months, so I have time. EV prices seem to be dropping, which has me thinking about getting rid of mine. I only have 18k miles on my 2021 first edition though, so it's still practically a new vehicle in my eyes, making me want to keep it. I do want a GT, which is what I would trade in for. But I can't convince myself I really need a GT, considering how little I drive it. I also have an R2 deposit in, and would like to go with that or possibly the T5 platform. so many decisions. I'd love to hear what Californians have been getting for the new interest rates.
Just enable the power meter on your 1st edition and pretend it’s a GT. Thats what I am doing. Best part, there is no jail bars limiting the acceleration after a few secs like the GTs have.
You’ve got a while until R2 comes out.
 
 




Top