"Ford Options" Mach-E Lease vs standard lease - similarities and differences

[RickMachE]

Has anyone seen the new rates/incentives? Looks like the current 2.49% APR/$2500 credit expires today. My car was delivered Friday but my dealer is taking their sweet time trying to figure out the price protection stuff and I’m not sure if I can take delivery by today.

Take the rates when it was ordered, they are lower.

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[roz]

Take the rates when it was ordered, they are lower.

They told me that the rate is 8.3%. Absolutely nuts considering I have amazing credit. I’m planning on just taking the rebate and paying it off or refinancing ASAP. Any downsides to this?

 

[RickMachE]

They told me that the rate is 8.3%. Absolutely nuts considering I have amazing credit. I’m planning on just taking the rebate and paying it off or refinancing ASAP. Any downsides to this?

You can refinance or pay it off days later, just call Ford Credit for the information, once they have it in the system.

Downsides? Yes, you're screwing the dealership. Their downside, since they want to screw you over with 8.3%.

 

[kennethjk]

They told me that the rate is 8.3%. Absolutely nuts considering I have amazing credit. I’m planning on just taking the rebate and paying it off or refinancing ASAP. Any downsides to this?

They seems to be crooks

only downside on paying off option plan is if you want to turn the car back to them after 3 or 4 years because it’s worth nothing or much less than your remaining balloon note

 

[roz]

You can refinance or pay it off days later, just call Ford Credit for the information, once they have it in the system.

Downsides? Yes, you're screwing the dealership. Their downside, since they want to screw you over with 8.3%.

Haha I’m glad I can give them a dose of their own medicine. I’ve been sitting here for a couple hours discussing price protection and they finally just figured it out.

They seems to be crooks

only downside on paying off option plan is if you want to turn the car back to them after 3 or 4 years because it’s worth nothing or much less than your remaining balloon note

Yeah this is one of the selling points of Ford options for me. Unfortunately it seems like there’s nothing I can do about it except hope it retains its value well. Definitely not worth the 8.3% APR.

 

[generaltso]

Yeah this is one of the selling points of Ford options for me. Unfortunately it seems like there’s nothing I can do about it except hope it retains its value well. Definitely not worth the 8.3% APR.

Tell the dealer that you're going to pay it off immediately if they charge you 8.3%. You would think they'd rather get commission on 2.49% than nothing.

 

[roz]

Tell the dealer that you're going to pay it off immediately if they charge you 8.3%. You would think they'd rather get commission on 2.49% than nothing.

I told them that but they said they can only knock it off a few points, can’t go down to 2.49. Oh well, their loss… ? Not sure anymore if they’re actual crooks or just uninformed. I even showed them the program numbers that show up in the Ford build page.

 

[ridgebackpilot]

I told them that but they said they can only knock it off a few points, can’t go down to 2.49. Oh well, their loss… ? Not sure anymore if they’re actual crooks or just uninformed. I even showed them the program numbers that show up in the Ford build page.

Check your local credit unions; they will have far better auto loan rates for new cars. Or wait until Ford Motor Credit announces the extension of Ford Options financing. Is there any reason to believe the program won't be extended?

 

[generaltso]

Or wait until Ford Motor Credit announces the extension of Ford Options financing.

That won't help if the dealer is padding the interest rate.

 

[ridgebackpilot]

That won't help if the dealer is padding the interest rate.

Dealers padding auto loan interest rates is just another form of ADM. No thanks, I'll take my business elsewhere!

It will be interesting to see what they do in the event the customer brings their own financing to the table...

 

[roz]

Update: finally got the car! The APR magically dropped to 7.8%. Still ridiculous, but it seems like they’re just making this number up randomly. I’ll be making a call to ford credit in a few days to pay it off.

 

[minjaep]

Another thing I noticed is that all dealers refer to Ford Options as 'lease'. When I first asked about the cash incentive of Ford Options, the sales manager said that is only eligible for 'lease'. I said, "No, it is balloon financing", and he said, "I know, it is balloon leasing". I didn't argue further. Just before applying Ford Options, the salesman said, "you are leasing, right?" And I again had to correct him it is not leasing, and he said, "I know." I'm not sure if it is intentional or not (I will see whose name is in the title) but doesn't feel great.

 

[hybrid2bev]

Another thing I noticed is that all dealers refer to Ford Options as 'lease'. When I first asked about the cash incentive of Ford Options, the sales manager said that is only eligible for 'lease'. I said, "No, it is balloon financing", and he said, "I know, it is balloon leasing". I didn't argue further. Just before applying Ford Options, the salesman said, "you are leasing, right?" And I again had to correct him it is not leasing, and he said, "I know." I'm not sure if it is intentional or not (I will see whose name is in the title) but doesn't feel great.

Make sure it's a retail installment contract before you sign it.

Make sure the registration lists you as the owner and NOT CAB EAST or CAB WEST. It should not list you as a 'lessee'.

It should NOT be like this for registered owner showing:
CAB EAST LLC LSR
YOUR NAME LSE
YOUR ADRESSS

The contract should have this type of payment structure and the Balloon Contract Provisions box checked or a signed Balloon Note Addendum.

 

[minjaep]

Make sure it's a retail installment contract before you sign it.

Make sure the registration lists you as the owner and NOT CAB EAST or CAB WEST. It should not list you as a 'lessee'.

It should NOT be like this for registered owner showing:
CAB EAST LLC LSR
YOUR NAME LSE
YOUR ADRESSS

The contract should have this type of payment structure and the Balloon Contract Provisions box checked or a signed Balloon Note Addendum.

Thanks for the recap! I already read this. I just didn't get the actual contract yet as they are still figuring out how to get the past invoice for price protection.

 

[roz]

Another thing I noticed is that all dealers refer to Ford Options as 'lease'. When I first asked about the cash incentive of Ford Options, the sales manager said that is only eligible for 'lease'. I said, "No, it is balloon financing", and he said, "I know, it is balloon leasing". I didn't argue further. Just before applying Ford Options, the salesman said, "you are leasing, right?" And I again had to correct him it is not leasing, and he said, "I know." I'm not sure if it is intentional or not (I will see whose name is in the title) but doesn't feel great.

I also had the same experience. The finance manager said that since I got a “lease”, GAP insurance is automatically covered. I reviewed the docs and it says that I’m the owner so I think it’s fine, but definitely strange.

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