Ford Options - refinancing balloon payment

[Johnny]

Here's my experience with Ford Options and refinancing the balloon payment:

My balloon payment is due March 21, 2025. On February 6, 2025 I mailed a physical copy of my intent to refinance as well as uploading a copy to Ford Credit on the document portal.

Today, March 11, I hadn't yet received any notice or documentation from Ford on what the new arrangement would be. I called Ford Credit.

First person I spoke to acted like they knew what Ford Options was, but clearly did not. After 45 minutes on the phone walking them through the contact, website, etc, they insisted I go to the dealer to discuss doing a new financing of the buy out of I decided I wanted to purchase my car. (Obviously this guy thinks it's a lease and doesn't know what Ford Options is).

I hang up and call back ten minutes later. Fortunately this time I spoke to someone who seemed to know what they were talking about (shout out to Lauro!).

The thing I am a little leary about is that Lauro mentioned that all I had to do was to wait until the day that the balloon payment was due and that day someone from Ford Credit would call me and let me know what my new payment was.

I'm a little leary to wait until all the way until the balloon is due. But that's what they said.

Has anyone else gone through this process? Did it work out similarly where you had to wait until the balloon due date?

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[hybrid2bev]

Here's my experience with Ford Options and refinancing the balloon payment:

My balloon payment is due March 21, 2025. On February 6, 2025 I mailed a physical copy of my intent to refinance as well as uploading a copy to Ford Credit on the document portal.

Today, March 11, I hadn't yet received any notice or documentation from Ford on what the new arrangement would be. I called Ford Credit.

First person I spoke to acted like they knew what Ford Options was, but clearly did not. After 45 minutes on the phone walking them through the contact, website, etc, they insisted I go to the dealer to discuss doing a new financing of the buy out of I decided I wanted to purchase my car. (Obviously this guy thinks it's a lease and doesn't know what Ford Options is).

I hang up and call back ten minutes later. Fortunately this time I spoke to someone who seemed to know what they were talking about (shout out to Lauro!).

The thing I am a little leary about is that Lauro mentioned that all I had to do was to wait until the day that the balloon payment was due and that day someone from Ford Credit would call me and let me know what my new payment was.

I'm a little leary to wait until all the way until the balloon is due. But that's what they said.

Has anyone else gone through this process? Did it work out similarly where you had to wait until the balloon due date?

Yes. That’s the procedure. They have to wait until the balloon is due for the system to do the calculations. Then they will send you a DocuSign via email with your new contract/payment schedule. Once you get it just open and sign the contract and you’re all set. Your next payment will be due about 30 days after the balloon due date with the same account number.

 

[GoosePond08]

I recieved the same information this month, for what it's worth.

Good luck.

 

[ChuckA]

The important thing is making sure you tell Ford Credit your intention to refinance the balloon 30-60 days before it’s due. Ford Credit called me 11 days after the balloon due date.

Got the DocuSign and 1st refinanced payment was due 30 days after the original balloon due date.

 

[KAustin]

Thanks for validating as I have had the same experience. My balloon payment is due tomorrow and they said I would receive the paperwork within 14 days after the that date.

 

[RickMachE]

Pretty amazing that a Ford Credit employee would not know what Ford Options is, nor have systems that would then explain it to them.

 

[abr]

Yes. That’s the procedure. They have to wait until the balloon is due for the system to do the calculations. Then they will send you a DocuSign via email with your new contract/payment schedule. Once you get it just open and sign the contract and you’re all set. Your next payment will be due about 30 days after the balloon due date with the same account number.

I just did exactly this and all happened as Hybrid2Bev stated. Refinanced the balloon payment at the original 2.25%. Next monthly payment is due 30 days after the balloon payment was originally due.

 

[hybrid2bev]

Pretty amazing that a Ford Credit employee would not know what Ford Options is, nor have systems that would then explain it to them.

There are job aids, but it requires finding it and reading it.

 

[GrumblesTheDog]

Bump to the top - I called Ford Credit and they assure me everything is lined up to go with the refinancing once my balloon payment is due (tomorrow, 4/1). Hopefully this is not an issue, but I didn't realize I neglected to turn off autopay and now it's too close to the payment deadline to switch it off. The rep on the phone assured me it won't be a problem...but can anyone confirm I'm not about to be hit with a $20K charge on my bank account tomorrow? Especially curious if @hybrid2bev has any insider info on this...

 

[hybrid2bev]

Bump to the top - I called Ford Credit and they assure me everything is lined up to go with the refinancing once my balloon payment is due (tomorrow, 4/1). Hopefully this is not an issue, but I didn't realize I neglected to turn off autopay and now it's too close to the payment deadline to switch it off. The rep on the phone assured me it won't be a problem...but can anyone confirm I'm not about to be hit with a $20K charge on my bank account tomorrow? Especially curious if @hybrid2bev has any insider info on this...

From what I've found the job aids indicate the balloon payment will not be taken via EFT.

 

[ChuckA]

Bump to the top - I called Ford Credit and they assure me everything is lined up to go with the refinancing once my balloon payment is due (tomorrow, 4/1). Hopefully this is not an issue, but I didn't realize I neglected to turn off autopay and now it's too close to the payment deadline to switch it off. The rep on the phone assured me it won't be a problem...but can anyone confirm I'm not about to be hit with a $20K charge on my bank account tomorrow? Especially curious if @hybrid2bev has any insider info on this...

Ford Credits policy is that autopay doesn’t draw funds against balloons. Bounced payments screw up the process. Your next payment after re-finance will be 5/1.

 

[GrumblesTheDog]

Thanks all. As usual, the forum continues to be a wealth of information.

 

[pdxzzr]

My balloon is coming due next month, too. Thanks all on this thread for the info. I had already called and was told to expect to be contacted with the paperwork in the next couple weeks, but it sounds like I shouldn't get too worried if I don't receive the paperwork even after the actual due date passes.

 

[ChuckA]

My balloon is coming due next month, too. Thanks all on this thread for the info. I had already called and was told to expect to be contacted with the paperwork in the next couple weeks, but it sounds like I shouldn't get too worried if I don't receive the paperwork even after the actual due date passes.

I got my Ford Credit call 11 days after the due date. At 10 days you should give them a follow-up call.

 

[Dancefreak]

Called to set up the refinance and had to at first deal with an absolute clueless idiot who first told me I had to go to a dealer and then literally argued with me that I called too late to refinance and it was too bad and my fault for not reading my contract. I said no you're wrong and I need to talk to someone who can actually help. Got transferred to a senior person who put in the request to refinance the balloon with no issue. Told to expect the call with details in a couple weeks. Annoying.

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