Is my dealer trying to pull a fast one?

[tuminatr]

I have a GT that FINALLY got delivered this week. I'm financing through a credit union and down payment by personal check.

The dealer tells me that their policy is I cannot drive the car home until the dealership has both the down payment AND the credit union check for the remainder of the purchase price.

I asked about an option contract or whether there's a 3-day window for securing financing after I take possession. Nope, this dealership's policy is that, when using a credit union, they need the full purchase price before letting the car go.

Does this sound fishy to you?

I live in MN, here they would require a check even if it's a personal one for the amount of the car before you leave.

My credit union had me approved 10 minutes after I hit submit on their website. After a conversation with their loan officer, they deposited funds in my checking account. I wrote a personal check at the dealer for the amount of the car, yea I felt that felt a little odd

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[Dancefreak]

I know you got replies from others to answer your question, but I’m just curious what kind of “fast one” were you worried the dealer was trying to pull?

 

[Cocheese]

No. Why aren't they giving you a check?

Credit union has no physical offices in my state, otherwise I could walk in to a branch and pick it up.

I know you got replies from others to answer your question, but I’m just curious what kind of “fast one” were you worried the dealer was trying to pull?

Just thinking out worst-case scenarios here, but maybe by making it more difficult for me to take the car, I might (1) use dealer financing option instead of my own; or (2) take too long to take the car and dealer sells to someone else at whatever price they want.

I get now that what they're asking for is typical and my concerns were unwarranted.

 

[RickMachE]

Credit union has no physical offices in my state, otherwise I could walk in to a branch and pick it up.


Just thinking out worst-case scenarios here, but maybe by making it more difficult for me to take the car, I might (1) use dealer financing option instead of my own; or (2) take too long to take the car and dealer sells to someone else at whatever price they want.

I get now that what they're asking for is typical and my concerns were unwarranted.

Credit unions belong to a co-op / shared branch network. Your credit union likely shares capabilities with others in your area. Check with your credit union, this capability includes them getting a check cut at a shared branch that may in fact be in your local area.

 

[generaltso]

Credit union rate is better than what dealer/Ford can offer

Did you look at Ford Options? It's tough to beat 1.4% and a $1000 or $2500 rebate.

 

[alexgorod]

Credit union rate is better than what dealer/Ford can offer

I'm getting 0% for 3 years from Ford.

 

[RickMachE]

I'm getting 0% for 3 years from Ford.

Assuming that's a loan from Ford Credit, you should check a few things:

1) Make sure it's really 0% for 3 years. Haven't seen a zero percent for Mach-E.

2) Make sure you're not leaving money on the table. On other vehicles, Ford Credit offers 0% (usually for longer than 3 years), but you lose a rebate if you do that, and it's usually better to take the higher rate, the bigger rebate, and then refinance with a credit union the week after.

 

[Humblest]

When I bought my first new car in 1984 (yes, I am old) we arranged financing through a bank (yes, I am old) and were thrilled to get a 14% loan (yes, we had inflation and high interest rates; I am old) but also applied for financing through the Mazda dealer so we could take immediate possession of the vehicle. A couple of days later we brought a cashier's check from the bank to the dealer, and the dealer financing was moot.

When I bought a car for my daughter in 2018 we arranged financing through a credit union. The Ford dealership was then able to complete the transaction with the credit union on line in a matter of minutes. Not all financial institutions were set up to enable that, but I would hope that the number is increasing.

 

[generaltso]

Assuming that's a loan from Ford Credit, you should check a few things:

1) Make sure it's really 0% for 3 years. Haven't seen a zero percent for Mach-E.

I assume he just means that the Ford Options incentive negates the interest.

 

[macchiaz-o]

I assume he just means that the Ford Options incentive negates the interest.

Or he opted for the 0% 36 month simple interest Ford Credit loan offering.

https://www.carsdirect.com/deals-articles/2022-ford-mach-e-already-offers-0-apr-deal

 

[generaltso]

Or he opted for the 0% 36 month simple interest Ford Credit loan offering.

https://www.carsdirect.com/deals-articles/2022-ford-mach-e-already-offers-0-apr-deal

Ah, I must be behind. I didn't even know that was a thing. Thanks for the correction.

 

[Jchis2021GT]

Did you look at Ford Options? It's tough to beat 1.4% and a $1000 or $2500 rebate.

Is the 1.4% APR for Options based on recent purchases? I am getting confused from the Ford website that now has 5% APR for 2022 MY Options. Trying to gauge APR expectations for delivery in December for a 2021 MY. Thank you!

 

[generaltso]

Is the 1.4% APR for Options based on recent purchases? I am getting confused from the Ford website that now has 5% APR for 2022 MY Options. Trying to gauge APR expectations for delivery in December for a 2021 MY. Thank you!

The 1.4% rate is for Options on a 2021 GT purchased through November 1st. The rate for a non-GT is 2.25%. We'll have to wait until November to see if the rates are extended.

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