"Ford Options" nears the end - what's next

Rt1AWD

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I'm not planning to give up the car, I'm just trying to evaluate my options in terms of finances. I called CSR and asked her how it works in the end. She told me that I just have to pay the balance off before the last payment due date. I asked her if there are any other options. She said NO
Then I asked what if I just make a regular monthly payment on the last payment due date. She said that nothing bad will happen, Ford will just keep charging me the same interest rate as before. I asked her to reconfirm that I will not have any extra fees or penalties if I choose to go that route. She did reconfirm it. Was she lying? If not then what is the difference between regular financing and this "Ford Options" thing?
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hybrid2bev

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They were close but not correct. Ford Options is a bit of a niche product so many on the desk are unaware of the procedure or donā€™t remember reading the bulletin.

After your last regular monthly payment is posted you can call and request a refinance. Thereā€™s some paperwork for you to sign and some work for Ford Credit to do to get your account setup for the new payment schedule. Thereā€™s no new credit application.
 
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Rt1AWD

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They were close but not correct. Ford Options is a bit of a niche product so many on the desk are unaware of the procedure or donā€™t remember reading the bulletin.
After your last regular monthly payment is posted you can call and request a refinance. Thereā€™s some paperwork for you to sign and some work to do to get your account setup for the new payment schedule. Thereā€™s no new credit application.
Where do I call if Ford Credit CSRs don't read bulletins
 

silverelan

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Call 800-727-7000. Try with someone else.

Iā€™m in the same situation. My balloon is up on the 27th.
Good thing YOU are the person you call to get your Ford Credit account squared away.
 


hybrid2bev

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Good thing YOU are the person you call to get your Ford Credit account squared away.
Good thing I donā€™t have a desk phone! šŸ˜‚

I just called in for my personal account too. The guy had to look up the procedure but he did find it and followed it correctly.
 

tbrumleve

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For Options - at the lend of your lease, you have four options:

1. Trade-in your vehicle for a new Ford or Lincoln

2. Pay-off your vehicle

3. Refinance your vehicle with Ford Credit

4. Transfer ownership of your vehicle to Ford Credit to satisfy your balloon balance

https://www.ford.com/finance/finance-options/ford-options/
 

ziptbm

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For those with Ford Options Loans on 2021 and 2022 models, are you planning to keep yours given the current market values?

I've got a low mileage 22 that my family has outgrown. I've listed my Ford Options loan details in this forum to see if anyone wants a short-term lease or has interest in taking over the 1.4% APR terms. With 16 months left, the cash offers I've received over the last few months have been getting super close to the balloon balance that Ford Credit will satisfy at the term end.

So, unless there's an offer to transfer/sell the vehicle at a loss that I'm willing to take before April 2026, it's looking like Ford Credit will certainly be the proud owner of this vehicle at the end of my Ford Options loan.
 
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Rt1AWD

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For those with Ford Options Loans on 2021 and 2022 models, are you planning to keep yours given the current market values?

I've got a low mileage 22 that my family has outgrown. I've listed my Ford Options loan details in this forum to see if anyone wants a short-term lease or has interest in taking over the 1.4% APR terms. With 16 months left, the cash offers I've received over the last few months have been getting super close to the balloon balance that Ford Credit will satisfy at the term end.

So, unless there's an offer to transfer/sell the vehicle at a loss that I'm willing to take before April 2026, it's looking like Ford Credit will certainly be the proud owner of this vehicle at the end of my Ford Options loan.
Wow, You can't sell your car even for the balloon value?
 

ziptbm

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Wow, You can't sell your car even for the balloon value?
No, the cash offers have been above the balloon value....but what concerns me is that they're getting increasingly closer to this value with 16 months left. Which is why I'm wondering if anyone with this option to walk away from the vehicle at term end would decide against that since it'll most likely be worth less than the balloon value.
 
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Rt1AWD

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No, the cash offers have been above the balloon value....but what concerns me is that they're getting increasingly closer to this value with 16 months left. Which is why I'm wondering if anyone with this option to walk away from the vehicle at term end would decide against that since it'll most likely be worth less than the balloon value.
What is the point of giving it away for such a low value?
 

Anton

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Just contacted Ford Credit and they noted my account that I would like a rewrite of my remaining final payment of 26k due Feb 2. They said I should be getting contacted up to 14 days after my last payment is scheduled to review new contract details. Is this normal? Why wouldn't they just present me with a new contract now?
 

hybrid2bev

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Just contacted Ford Credit and they noted my account that I would like a rewrite of my remaining final payment of 26k due Feb 2. They said I should be getting contacted up to 14 days after my last payment is scheduled to review new contract details. Is this normal? Why wouldn't they just present me with a new contract now?
Yes, thatā€™s normal. Youā€™re dealing with a portfolio servicing system that is like 25/30 years old. It wasnā€™t setup to do fancy things.

They can send you the new contract via DocuSign once your balloon is due, it probably will only be a few days after the balloon date. You then have up to 14 days to review the contract, but you donā€™t need to take the whole 14 days.
 

phil

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For those with Ford Options Loans on 2021 and 2022 models, are you planning to keep yours given the current market values?
Undecided.

My Ford Option expires in October this year. If I can get a good lease price on a 2025 or 2026 (ha ha, just kidding) Mach-E Rally, I might let the 2021 go. If not, it's a lot cheaper to just pay off the 2021 GT, and I like the car, so I might just do that. Or, I might go for something completely different, like a BMW or Genesis or something. Depends on the market 9 months from now.
 

ChuckA

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Undecided.

My Ford Option expires in October this year. If I can get a good lease price on a 2025 or 2026 (ha ha, just kidding) Mach-E Rally, I might let the 2021 go. If not, it's a lot cheaper to just pay off the 2021 GT, and I like the car, so I might just do that. Or, I might go for something completely different, like a BMW or Genesis or something. Depends on the market 9 months from now.
Call Ford Credit 60 days before the balloon is due and tell them you want to refinance the balloon. They will confirm your request then contact you after the final due date (approx 15 days after). I did this..itā€™s easy and painless. For me, refinanced for additional 36 months @ 2.25%.
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