Ford Options is a a cluster...

mixduptransistor

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So I went in to my local Ford dealer who is rated 4.5 out of 5 stars on Ford's website and they had never heard of Ford Options. I did a deal on a Mach E yesterday, and they were willing to rip up our financing through their bank (not Ford Credit) if Options turned out to be a better deal. I was satisfied with the deal we came to with their financing so, no skin off my nose. And with that in mind they were going to call Ford and find out what Options was, and how they were supposed to do it

But, today after they called Ford either Ford is sandbagging or this dealer is trying to sand bag me. Without taxes, of course, a Ford Options quote on Ford's website comes out to $602 with my configured mileage and Mach E options with a 2.28% rate. The guy at the dealership is quoting me, after taxes, over $870 because "the lowest, best possible rate is over 5%"

Are people actually getting 2.28% with Ford options? Is this dealer just BSing me to keep me with his preferred lender?
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If you use the search here for Options, you'll find many threads where people are getting 2.25% (with strong credit) and a few others where the dealers might not be offering Options and giving them higher rates from other financing programs.
 

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Are people actually getting 2.28% with Ford options? Is this dealer just BSing me to keep me with his preferred lender?
The Options rate is 2.25% if you have a good enough credit rating. Most people that are getting higher rates quoted are from dealers that either don't know or are adding extra to pad their pockets.
 

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If your dealer is quoting you 5% rate, either your credit is awful, or your dealer is a crook (could be both). My credit union is quoting 2.19% on 60 month loan. As a matter of policy, I always go in with a ore-approved loan from the credit union, so when we start talking financing, that form of dealer enrichment is shut down cold. The dealer's finance guy is not your friend. He will never be your friend.
 


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Yes, I got 2.25% with Ford Options. If someone doesn’t have great credit, it’s possible they may not qualify for 2.25%, but 2.25% should be available on Options.
Same here - 2.25%.
If your credit rating is very good and your dealer is quoting higher rates - they are trying to make additional profit from financing. Ford has announced 2.25% for options and financing at 0.9% for 48 months at standard financing. Search on this forum an look for postings from @hybrid2bev (he works for Ford Credit).
 

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If your dealer is quoting you 5% rate, either your credit is awful, or your dealer is a crook (could be both). My credit union is quoting 2.19% on 60 month loan. As a matter of policy, I always go in with a ore-approved loan from the credit union, so when we start talking financing, that form of dealer enrichment is shut down cold. The dealer's finance guy is not your friend. He will never be your friend.
Or the dealer is conflating the RCL (Red Carpet Lease) rates with the Options rates.
 

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Yeah I also got 2.25%, but the dealer first presented a 4.75% rate (as I believe they could mark it up by no more than 2.5%).

I spent 1.5 haggling them down to the Ford rate.
 

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So I went in to my local Ford dealer who is rated 4.5 out of 5 stars on Ford's website and they had never heard of Ford Options. I did a deal on a Mach E yesterday, and they were willing to rip up our financing through their bank (not Ford Credit) if Options turned out to be a better deal. I was satisfied with the deal we came to with their financing so, no skin off my nose. And with that in mind they were going to call Ford and find out what Options was, and how they were supposed to do it

But, today after they called Ford either Ford is sandbagging or this dealer is trying to sand bag me. Without taxes, of course, a Ford Options quote on Ford's website comes out to $602 with my configured mileage and Mach E options with a 2.28% rate. The guy at the dealership is quoting me, after taxes, over $870 because "the lowest, best possible rate is over 5%"

Are people actually getting 2.28% with Ford options? Is this dealer just BSing me to keep me with his preferred lender?
The person responsible for the financing uses the Ford Financing program to calculate the terms. When they do that Options appears in a list along with all the incentives and terms associated with that financing alternative.

Obviously the finance person didn't look. And whether they've heard of it or not before they start shouldn't matter.

The rate is 2.25% for Tier 1 credit, which is generally a FICO above 700. (There is a Tier 0 above this). So if you have "good" credit, doesn't need to be exceptional, this is the rate. But of course if they want you to do something different they may quote you a higher rate to discourage you. Or maybe your credit isn't that good (not saying it is, just laying out the possibilities).

In this regard know your credit score is likely higher than what you see from the credit reporting agencies. My credit score was maybe 40-50 points higher than what I see on the reports. I had heard that this was the case but was still slightly surprised to see it was true.

FWIW the salesperson I was dealing with also tried to steer me to the dealer's preferred financing option. That seems to be common.
 
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mixduptransistor

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Well, the dealer just called me back and they 'figured it out' and "found the promotional APR from Ford" and came back with a much better deal from Ford options than initially presented (they did offer the 2.25) Based on my mileage I'm not coming out ahead with Options, so I am sticking with my traditional finance option

I really feel like Ford has bungled some of the aspects of rolling out this car. The dealers are all over the place on knowing the programs Ford has and just some of the basic knowledge about the car (I had to strongly disabuse my sales guy that you could use Tesla Superchargers with the Mach E)

Anyway, not naming my local dealer since they ended up making it right. It was so quick after I posted this I'm not entirely sure they're not reading this forum :)
 
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I have called about 10 dealerships searching for the right cancelled order MME. I’ve only come across 2 salesmen who knew about Options. Even some of the finance managers didn’t know about it. I have hopefully educated a lot of dealerships about this, using info posted on this forum.

I did find a dealership and salesman that has already sold several MMEs and was very familiar with Options. The pricing sheet he sent me had the correct $1,100 in incentives, and he supposedly has the right car arriving in a week or two, so I gave him a deposit. I still think my find may be too good to be true but so far so good.

When I called Ford Credit to verify some info on Options, the very nice and helpful CSR first had to Google it and then she said “oh yeah, I remember having a presentation on this.”

Ford’s rollout of the MME - from the manufacturing and shipping bottlenecks to failing to train its frontline people about the cars and Options - has been a disaster.
 

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Or the dealer is conflating the RCL (Red Carpet Lease) rates with the Options rates.
That's possible. I just always go in with the assumption that the finance guy, is the dealership's best, most profitable salesman. His job is to maximize dealership's profit.
 

ARK

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That's possible. I just always go in with the assumption that the finance guy, is the dealership's best, most profitable salesman. His job is to maximize dealership's profit.
Also the guy valuing your trade-in. I got a $4,500 offer on my trade-in from the dealer, but $8,000 from another outfit.
 
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mixduptransistor

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Also the guy valuing your trade-in. I got a $4,500 offer on my trade-in from the dealer, but $8,000 from another outfit.
Oh, besides all the extra crap like nitrogen in the tires and some god awful tail light flashing thing, the trade in value is 100% where the game is still played on a vehicle they aren't going to meaningfully mark down
 
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KAustin

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Not sure if it is Ford or the dealerships. It is a new program, so probably a bit of both. I have a personal relationship with the GM at the dealership that I bought the car from. He had a hard time finding the program at the right APR (2.25%), but because it was me he persisted. When I went in a week later to pick up the car, the regional finance person was there teaching his finance manager how to do it. They said only a couple others have used Options so far in the DC area, but there also hasn't been many deliveries. Part of the frustrating learning curve for everyone.
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