Last time I checked you should get the same rate.
Yeah I'm working through this now. I've submitted my rescheduling request to Ford Credit and I've been instructed to call them again next week to check for status/outcome.
The balloon payment on my 2021 Mach-E is due at the end to this month too. I just got off the phone with Ford Credit. I ask if Ford Credit could finance the balloon payment of ~$23K and what the interest rate would be. I was put on hold for ~20 minutes while the representative research my request. I was then informed that Ford Credit could not finance my balloon payment because they could not lower my existing payment amount. My monthly payment was $52 because I paid down the balance as much as they would allow after I made the first payment in March of 2021. Ford Credit told me that I had to pay the balloon payment if I wanted to keep the car, which I do. My guess is that Ford Credit will finance a balloon balance at a monthly payment near or lower than what you were paying but at higher interest rate than you were paying. The interest rate on my Ford Options contract was 2.25%. I wish I could have financed the balloon balance at 2.25% but no go for me.
You may want to try again. Sounds like the Ford Credit Rep thought you wanted a regular refinance rather than a Ford Options refi. You need to make sure they understand it's Ford Options (maybe say to the rep that it's a COP / TCM loan).
I just receive a call from Ford Credit and she now says I they can finance balloon payment. Apparently, I got a representative who was not fully up to speed on Options.
Yes, perhaps you're right. I'm thinking they were also seeing your previous rescheduling that made your payments $52/mo, and were restricted from doing a second rescheduling of the same loan. Someone else may have taken a second look and manually authorized it for you. ?
I agree with your assessment. In order for me to get information on financing my balloon payment I was instructed to submit my inquiry in writing to a specific address via USPS.
I called yesterday and after a getting through the automated menu to connect with someone to ask about refinancing the balloon payment, I was put on hold for a minute, and I was told to call back closer to my 30-day final payment due date. Understood and went on my way.
A bit longer, due to the 2.25% interest that will continue to accrue. Mine will be roughly 26 months to pay $20,855 plus interest at $794.xx per month.
I haven't been given this instruction, yet. I need to call them to check status mid-next week though.
