Jako607
Well-Known Member
????????????Just ask your local dealer - they have all been trained extensively on Ford Options.
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????????????Just ask your local dealer - they have all been trained extensively on Ford Options.
Yes and this is why I try to always say to read your contract before signing.So I'm not @hybrid2bev or anything but I think we've been told that if you do Ford Options, then pay it off very quickly, like 3 months or something, then the dealer gets their hand slapped. Ford really doesn't want you to pay it off that fast.
I take that statement (as some others have said) to mean that "if we didn't make enough money off you in interest to have gone through all of this with you, we're going to charge you a little to make up for it". That fits with the idea that they don't want it paid off immediately.
Beyond that @hybrid2bev has said repeatedly on here that it's an installment loan with a balloon payment that they are fine with you paying off early. I think this is just a small "but" on that.
I paid mine off as soon as I received the first statement about 2 weeks after I bought the car. The statement has a full payoff figure including the final balloon payment. I sent that amount electronically. Within a week I received a notarized letter of the release of lien. Another week later I received a check for twenty-something dollars for over payment of intererst. In total I paid about $40 in interest for the 3 weeks. Another week later I received a print of the contract stamped "contract paid in full". Another couple weeks later I received the title along with another notarized lien release statement. The only thing I did was send that payment and I did nothing else so it couldn't have been easier.Any resolution to this? I'm about to purchase with Ford Options to get the rebate but want to pay off.
I'm curious: did you pay off the entire loan, including the balloon payment, or just the "lease" portion?I paid mine off as soon as I received the first statement about 2 weeks after I bought the car. The statement has a full payoff figure including the final balloon payment. I sent that amount electronically. Within a week I received a notarized letter of the release of lien. Another week later I received a check for twenty-something dollars for over payment of intererst. In total I paid about $40 in interest for the 3 weeks. Another week later I received a print of the contract stamped "contract paid in full". Another couple weeks later I received the title along with another notarized lien release statement. The only thing I did was send that payment and I did nothing else so it couldn't have been easier.
So there is no penalty in paying off early. Whether the dealer got wrist slapped by Ford I wouldn't know. I did tell the dealer upfront that I fully intend to pay it off right away.
I moved mine to a CU after 2 months. I specifically asked the dealer if they got penalized if I paid it off right away. Most RV loans it’s 6 payments. I asked the finance manager if I had to make 3 or 6 payments for them to get the incentive. He said it didn’t matter and I could pay it off right away and it wouldn’t affect them. Maybe he was misinformed.No one gets anything slapped. If you don't make 3 payments, the dealership doesn't get an incentive from Ford Credit.
That is nice of you to look out for the salesperson in that way.I moved mine to a CU after 2 months. I specifically asked the dealer if they got penalized if I paid it off right away. Most RV loans it’s 6 payments. I asked the finance manager if I had to make 3 or 6 payments for them to get the incentive. He said it didn’t matter and I could pay it off right away and it wouldn’t affect them. Maybe he was misinformed.
I will probably do the same thing on the next one, but may wait 3 payments.