Ford Options Payment Breakdown

[Arsenic17]

wow...how'd you get such a good rate? My Ford Credit rate (at 12/15/2022 )was 7.99%, and my credit score is 790??!! I ended up with 7.49% at Huntington . $26K loan for 84 months

That doesn't seem right. Ford Credit USA wide should have been 3.99 or 4.49 through the end of 2022. That was the advertised rate. I also had around 800 credit not shouldn't matter that much. It was the lowest game on town. Local credit Unions were up around 6% in mid November when I checked

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[MME2000]

My Ford Options payment breakdown between principal and interest does not seem right.

Basically my loan size is $43k at 3.9% and 48 months. Shouldnt the monthly interest you pay be the actual interest accrued over the last 30 days? At least roughly?

$43k * 0.039 / 12 = $140 in interest for first payment. Why is it showing as $210? To me that value would be from a rate of 5.79% or so.

Anyone else with Options have a similar discrepancy or an explanation? This is how a mortgage would work. Are car payments not the same?

Its a horrid time to buy a car, especially a very expensive EV at high compounding interest rates. I'm planning to save my pennies and not give in to the loan sharks

 

[MikeBeeman]

That doesn't seem right. Ford Credit USA wide should have been 3.99 or 4.49 through the end of 2022. That was the advertised rate. I also had around 800 credit not shouldn't matter that much. It was the lowest game on town. Local credit Unions were up around 6% in mid November when I checked

Yes, even with the longer duration (84 months) I would think my rate would have been lower. I think it was around 5.99 at 48 months? I chalked it up to the Mach E being a desirable car. But I plan to pay off this loan long before 84 months (with help from State credit of $4K and Fed credit of $7500) ....at least, that's the plan!

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