Ford Options Payment Adjustment

[NmbrsNvrLie]

I financed mine using options and made a bunch of extra payments thinking I might fully pay off the car early. I thought that I read if you make extra payments you could get a one time adjustment to you required monthly payments? I thought they structured language like that so the buyer could claim the federal tax credit, pay it to Ford and then have lower remaining monthly payments? I reached out to Ford but they didn’t know what I was talking about. Anyone know?

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[timbop]

the guy that would know is @hybrid2bev

 

[machefan]

the guy that would know is @hybrid2bev

That guy knows plenty

 

[hybrid2bev]

I financed mine using options and made a bunch of extra payments thinking I might fully pay off the car early. I thought that I read if you make extra payments you could get a one time adjustment to you required monthly payments? I thought they structured language like that so the buyer could claim the federal tax credit, pay it to Ford and then have lower remaining monthly payments? I reached out to Ford but they didn’t know what I was talking about. Anyone know?

Yes that’s the plan (offer a one time reschedule). Normally reschedules are not allowed on Options. And there’s going to be rules around the rescheduling (min. monthly payments, min. amount down, etc.).

The official procedures have not been updated yet. So the folks on the phone wouldn’t know yet what we’re cooking up at central office.

The problem is that the portfolio system is a green screen mainframe system that’s like 25+ years old. There’s limited resources available so updates have to be prioritized and there’s always legally required updates that take priority and fill up the release schedule. So it takes a while to get it updated to allow automatically calculated rescheduling on the Options program. If you want it right now it would have to be done manually. More of a onesie, twosie process until later when it can be done systematically.

The thought was that we have until like Q1 of 2022 to have the updates ready since most people that wanted a reschedule would get their tax credit refund after then.

 

[Randy]

Yes that’s the plan (offer a one time reschedule). Normally reschedules are not allowed on Options. And there’s going to be rules around the rescheduling (min. monthly payments, min. amount down, etc.).

The official procedures have not been updated yet. So the folks on the phone wouldn’t know yet what we’re cooking up at central office.

The problem is that the portfolio system is a green screen mainframe system that’s like 25+ years old. There’s limited resources available so updates have to be prioritized and there’s always legally required updates that take priority and fill up the release schedule. So it takes a while to get it updated to allow automatically calculated rescheduling on the Options program. If you want it right now it would have to be done manually. More of a onesie, twosie process until later when it can be done systematically.

The thought was that we have until like Q1 of 2022 to have the updates ready since most people that wanted a reschedule would get their tax credit refund after then.

I called into Ford credit yesterday with a couple of questions, one of them being the one time reschedule. She told me yes they do offer that and it has a minimum amount $5,000, after a short hold she came back and confirmed through her supervisor. Not sure if that will hold true.

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