Help with Balloon refinancing

[TheLazyDev]

So I'm in a bit of a weird spot right now. I just called Ford credit trying to go through the exact same procedure that everyone else seems to have done on refinancing their balloon payment. I was told that my only two options are to turn in the car or refinance with a 3rd party credit lender. Has anyone else run into this problem??

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[hybrid2bev]

So I'm in a bit of a weird spot right now. I just called Ford credit trying to go through the exact same procedure that everyone else seems to have done on refinancing their balloon payment. I was told that my only two options are to turn in the car or refinance with a 3rd party credit lender. Has anyone else run into this problem??

Just call back and talk to someone else.

You need to call AFTER your last regular monthly payment has posted. If they still don’t get it then tell them to look up Procedure 630/003.

 

[TheLazyDev]

 

[TheLazyDev]

The above is what was sent to me by that customer support rep, I'm curious if this is just super recent

 

[hybrid2bev]

The above is what was sent to me by that customer support rep, I'm curious if this is just super recent

No. I literally just did my refi last week.

All that other section means is that COP accounts cannot move the final payment date or be rewritten.

See your contract. It specifically says that you can refinance the balloon.

Should be something like this on your contract.

 

[Graction]

I’m almost at this point. What rates are people getting for refinancing the balloon?

 

[macchiaz-o]

I’m almost at this point. What rates are people getting for refinancing the balloon?

The existing rate from your contract.

 

[hjp]

I refinanced mine in November. Called the general finance number and they said someone familiar with the program would call me back. A couple days later someone called. She was great and knowledgeable. Was a couple month before my due date. She said she would mark it down in her calendar and send me a refinance agreement, at the previous rate, ballon payment due date. It was a DocuSign electronic document. Single page. Quick and easy. Took a couple weeks to show up on Fords website which made me nervous but no problem. As previously suggested call back and try to get someone from refinance.

 

[Graction]

I refinanced mine in November. Called the general finance number and they said someone familiar with the program would call me back. A couple days later someone called. She was great and knowledgeable. Was a couple month before my due date. She said she would mark it down in her calendar and send me a refinance agreement, at the previous rate, ballon payment due date. It was a DocuSign electronic document. Single page. Quick and easy. Took a couple weeks to show up on Fords website which made me nervous but no problem. As previously suggested call back and try to get someone from refinance.

That’s good to know because my dealer said it would have to be refinanced as a used car at whatever high rates those are. Was going to call Ford Credit. Seems the dealer is wrong.

Still don’t think it’s a good idea to refinance when the balloon is more than it’s worth. I really want a 2025 but no good way to bridge the gap between my options ending and a new 2025 arriving.

 

[GoosePond08]

In the same boat. Wish the 2025s were on lots by now. Need to make a decision by end if March.

 

[NewGuy]

Just call back and talk to someone else.

You need to call AFTER your last regular monthly payment has posted. If they still don’t get it then tell them to look up Procedure 630/003.

Hey @hybrid2bev
Is this still the case? I just got my letter showing my balloon payment is due in two weeks; this is the first communication I've gotten about this. This website says I needed to have contacted them 30 days prior to balloon being due to discuss refinance terms. 30 days prior to balloon being due would be before my last regular monthly payment.

thanks!!

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

If you wish to refinance your balance with Ford Credit, you must contact us no later than 30 days prior to the balloon payment due date by mailing your request to Ford Credit, Attn: Maildrop 438, P.O. Box 6890007, Franklin, TN 37068-9007, or by calling us at 1-800-727-7000 (8:00 A.M. to 8:00 P.M. EST, Mon-Fri). Refinance amount will include balloon balance and any other amounts due.

 

[macchiaz-o]

Hey @hybrid2bev
Is this still the case? I just got my letter showing my balloon payment is due in two weeks; this is the first communication I've gotten about this. This website says I needed to have contacted them 30 days prior to balloon being due to discuss refinance terms. 30 days prior to balloon being due would be before my last regular monthly payment.

thanks!!

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

If you wish to refinance your balance with Ford Credit, you must contact us no later than 30 days prior to the balloon payment due date by mailing your request to Ford Credit, Attn: Maildrop 438, P.O. Box 6890007, Franklin, TN 37068-9007, or by calling us at 1-800-727-7000 (8:00 A.M. to 8:00 P.M. EST, Mon-Fri). Refinance amount will include balloon balance and any other amounts due.

Call them on Monday.

 

[hybrid2bev]

Hey @hybrid2bev
Is this still the case? I just got my letter showing my balloon payment is due in two weeks; this is the first communication I've gotten about this. This website says I needed to have contacted them 30 days prior to balloon being due to discuss refinance terms. 30 days prior to balloon being due would be before my last regular monthly payment.

thanks!!

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

If you wish to refinance your balance with Ford Credit, you must contact us no later than 30 days prior to the balloon payment due date by mailing your request to Ford Credit, Attn: Maildrop 438, P.O. Box 6890007, Franklin, TN 37068-9007, or by calling us at 1-800-727-7000 (8:00 A.M. to 8:00 P.M. EST, Mon-Fri). Refinance amount will include balloon balance and any other amounts due.

The procedure has not changed. You call in and request the refi, the agent sends a message to the refi team. The refi team will contact you and start the process.

You should call the day your balloon payment is due or very shortly after if it’s a weekend, but you don’t need to call before. They cannot start the refinancing process until the balloon due date or after anyway.

Once the process starts it’s very quick. They will email you a Docusign form. You sign electronically and you’re all set. Your next payment will be due 30 days after the ballon due date and you’ll get the same interest rate.

You could call before the ballon due date but I wouldn’t bother. The system will not let them do any work other than leaving follow up notes before the due date.

 

[NewGuy]

The procedure has not changed. You call in and request the refi, the agent sends a message to the refi team. The refi team will contact you and start the process.

You should call the day your balloon payment is due or very shortly after if it’s a weekend, but you don’t need to call before. They cannot start the refinancing process until the balloon due date or after anyway.

Once the process starts it’s very quick. They will email you a Docusign form. You sign electronically and you’re all set. Your next payment will be due 30 days after the ballon due date and you’ll get the same interest rate.

You could call before the ballon due date but I wouldn’t bother. The system will not let them do any work other than leaving follow up notes before the due date.

Thanks. Always appreciate your help here! Not doubting you, but it makes me nervous to “ignore” a $27k bill until after it’s due.

 

[hybrid2bev]

Thanks. Always appreciate your help here! Not doubting you, but it makes me nervous to “ignore” a $27k bill until after it’s due.

From a customer perspective I get it. It’s not your fault that the servicing system is like 30 years old and has limitations. But it is what it is.

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