More Options help needed ASAP, please!

[Kitten]

You're being hard on yourself. The GM is essentially calling your bluff by sticking to his guns. I would have no qualms about doing whatever is in your best interest here. If that means refinancing or paying off the loan yourself outright, I would do it with a clear conscience. Also, curious to hear how you ended up dealing with that extra $650 they charged for the coatings (but if you don't want to answer that one, I'll understand ).

Thank you for the absolution! I know it’s fair to do, but I also know I’m doing it more out of pettiness than paying 90 days of interest. However, the GM is an idiot if he’s surprised when I pay it off. I made it very clear why I was doing options and that if it weren’t for the incentive, I would have just bought it outright. I also liked the idea of putting the risk of depreciation on Ford and not possibly owning something worth less than the balloon payment, but oh well.

I told them no f’ing way was I paying for something I didn’t ask them to do and hadn’t even run by me. It seemed to he just another profit padding move on their part.

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[RMoore]

Thank you for the absolution! I know it’s fair to do, but I also know I’m doing it more out of pettiness than paying 90 days of interest. However, the GM is an idiot if he’s surprised when I pay it off. I made it very clear why I was doing options and that if it weren’t for the incentive, I would have just bought it outright. I also liked the idea of putting the risk of depreciation on Ford and not possibly owning something worth less than the balloon payment, but oh well.

I told them no f’ing way was I paying for something I didn’t ask them to do and hadn’t even run by me. It seemed to he just another profit padding move on their part.

I agree, that's the main downside of the purchase approach. I like the Options program for the $2500 rebate but also because if I'm not happy after say 3 yrs (if I choose that) then I can return the car without the hassle of buying and then selling it (of course if there is greater equity than the balloon, might be worth the hassle to sell it privately). If you buy the car right after you set up the Options plan, then you basically have whittled down the Options from 3 to 1 as I understand it. So the only benefit then is the $2500.

 

[Kitten]

Interestingly, I got a voicemail and an email yesterday from the finance manager (Not the GM who was guy who was jerking me around) saying he had "some exciting news for me after speaking with Ford Credit. I figured I was all of a sudden ok'd for the 1.4% rate (bc my salesman probably let it be known what my plan was) They just called me again and I was right - 1.4% They said they talked it over and the "3.4% doesn't benefit the dealership as much as we thought it would and we want to do the right thing and make you happy and have you be a repeat customer." Uh huh. I told them "Thanks. And I'm guessing the 3.4% really wouldn't benefit the dealership when I paid off the loan immediately, so this just makes good sense all around doesn't it?" Welcome to 3 days (or nine months) ago, a- ? holes.

 

[RMoore]

Interestingly, I got a voicemail and an email yesterday from the finance manager (Not the GM who was guy who was jerking me around) saying he had "some exciting news for me after speaking with Ford Credit. I figured I was all of a sudden ok'd for the 1.4% rate (bc my salesman probably let it be known what my plan was) They just called me again and I was right - 1.4% They said they talked it over and the "3.4% doesn't benefit the dealership as much as we thought it would and we want to do the right thing and make you happy and have you be a repeat customer." Uh huh. I told them "Thanks. And I'm guessing the 3.4% really wouldn't benefit the dealership when I paid off the loan immediately, so this just makes good sense all around doesn't it?" Welcome to 3 days (or nine months) ago, a- ? holes.

Interesting follow-up. So does that mean they changed the terms of the Options plan and made it 1.4% (is that technically a refinance or not really since it was before you made payments?)? Does that also mean that you'll stay with this plan rather than buy outright, preserving the ability to turn it in at 3 or 4 years?

 

[hybrid2bev]

Interesting follow-up. So does that mean they changed the terms of the Options plan and made it 1.4% (is that technically a refinance or not really since it was before you made payments?)? Does that also mean that you'll stay with this plan rather than buy outright, preserving the ability to turn it in at 3 or 4 years?

If the dealer fixes it then they would do a ‘flat cancel’. That’s basically a do over, like the first contract did not even happen.

 

[NewOldBlueEyes]

Thanks for posting this thread. I took delivery of my GT Friday and went with 48 month options assuming I was going to get the 1.4% since I have strong credit. I got so caught up haggling trade-in value of my current car that I completely missed that my rate was 3.4% until I was in the office signing paperwork 4 hours after I got there. This gives me a small modicum of hope that I can get it made right on the back end if I reach out to them (but I’m not holding my breath). Definitely will be looking to refi ASAP if I don’t get some satisfaction.

 

[Triggerhappy007]

Thanks for the replies. I agree, #3 would be moronic, given option #1. I like to lease bc I like something new every 3 years. I know I can sell/trade it after 3, but mentally, it's easier for me to HAVE to do it.

It's really easy to sell it yourself with the likes of Carvana and Vroom. I got quotes from both and Carvana's was higher. It takes about 5 minutes to get a quote, 5 more to scan in your DL and title. Once approved, you can set a time for them to pick up your car or you take it to them. When they arrive, they take pics of your car, you sign a couple sheets of paper, hand them the keys and title. I'm not sure about the steps if you still have a loan.

 

[Mach E JT]

Thanks for posting this thread. I took delivery of my GT Friday and went with 48 month options assuming I was going to get the 1.4% since I have strong credit. I got so caught up haggling trade-in value of my current car that I completely missed that my rate was 3.4% until I was in the office signing paperwork 4 hours after I got there. This gives me a small modicum of hope that I can get it made right on the back end if I reach out to them (but I’m not holding my breath). Definitely will be looking to refi ASAP if I don’t get some satisfaction.

You absolutely will not get them to change the rate after you’ve signed the paperwork. It won’t hurt to ask but I’d also go ahead with refinance paperwork elsewhere because that’s where you are going to land.

 

[NewOldBlueEyes]

It's really easy to sell it yourself with the likes of Carvana and Vroom. I got quotes from both and Carvana's was higher. It takes about 5 minutes to get a quote, 5 more to scan in your DL and title. Once approved, you can set a time for them to pick up your car or you take it to them. When they arrive, they take pics of your car, you sign a couple sheets of paper, hand them the keys and title. I'm not sure about the steps if you still have a loan.

Yep, I had already had the car looked at by CarShop and knew the number they’d give me. In PA your trade in reduces the cost basis for sales tax so I was hoping to get them close enough on a trade in to wash out the difference with sales tax savings and save me the Lyft trip back to the dealer to pick up the Mach-e. The dealer didn’t get close enough and I was able to get an extra $1,200 even when factoring in sales tax. Can’t blame the dealer too much for not getting closer. It was kind of a crazy price for a very dinged up 6 year old Mazda3.

You absolutely will not get them to change the rate after you’ve signed the paperwork. It won’t hurt to ask but I’d also go ahead with refinance paperwork elsewhere because that’s where you are going to land.

Oh yea I get that. I work in consumer lending for a bank and am kicking myself more for breaking the cardinal rule of reading all paperwork carefully. I didn’t even realize they could mark up the rate on options. Given that the approval I got from Ford.com showed 1.4 I assumed that would be the rate. I get a pretty good rate discount from where I work so I can likely get something better than 3.4 but not 1.4 and obviously none of the options benefits when it comes to potentially turning the vehicle in. Lesson learned for my next vehicle purchase (most likely with a different dealer).

 

[Kitten]

You absolutely will not get them to change the rate after you’ve signed the paperwork. It won’t hurt to ask but I’d also go ahead with refinance paperwork elsewhere because that’s where you are going to land.

They 100% changed my rate after everything was signed, sealed, and delivered. I think my salesman told the GM and the finance manager of my plan to immediately pay off the loan (and thus screw them out of their reserve and requiring them to pay Ford back the $2,500 options incentive I was given [my salesman would still get his full commission, confirmed that with him when I floated my plan]) and they came to their senses. They crossed off 3.4%, put in 1.4% and had me initial it.

 

[Kitten]

Interesting follow-up. So does that mean they changed the terms of the Options plan and made it 1.4% (is that technically a refinance or not really since it was before you made payments?)? Does that also mean that you'll stay with this plan rather than buy outright, preserving the ability to turn it in at 3 or 4 years?

It was literally like 12 hours after I signed my paperwork. They just amended the original contract, so not a refinance. I probably will stay with this plan rather than pay it off - at 1.4% it makes sense.

 

[RMoore]

It was literally like 12 hours after I signed my paperwork. They just amended the original contract, so not a refinance. I probably will stay with this plan rather than pay it off - at 1.4% it makes sense.

Makes sense. At least you have the other options available in the program should you decide to use them down the road. And that's a low interest rate--anything can happen, but it's hard to imagine that you couldn't get a much better rate of return investing the money.

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