As was stated above, a dealer can always increase the Ford Credit rate, up to 2.5 points I believe. There are exceptions to this (may be others):
The best way to express your displeasure is to give them a poor rating and include comments on the after sale survey the Ford will send you.Thanks for the feedback. The GM decided 3.4 was what he was going to give me, even though I qualified for 1.4. When I got to the dealership, my salesman told me what the monthly payment was going to be, but since I knew it wasn't going to be at 1.4, I just said fine fine whatever, give me the paper to sign. I like my salesman fine - he didn't do much, but he's not making much commission on the MachE, so whatever.
I told him that I didn't appreciate the GM trying to screw me, that I know raising the interest rate is discretionary and I found it petty and shortsighted of him to do so. Oh, also, they charged me $250 on the doc fee, even though it's capped at $100 in the x plan. I told them I'm just want my f'ing car, keep your extra $150. So yeah.
My salesman confirmed to me that if I pay off my loan immediately, he will still get his commission but the GM won't get his reserve and will probably have to pay back the $2,500 in options. I just need to decide if I'm going to simply take my future business elsewhere or be petty AF. Currently leaning towards Petty AF. ?
My salesman, who was perfectly fine and I don't want to screw over, implored me to give a good rating, as it affects HIS commission. He knows I am unhappy with the GM and told me to please give good marks across the board and then put whatever I want in the comments section of the survey. He said that won't affect his commission. I'll probably read what the survey asks and either do as he asks or not complete the survey at all.
I'm confused. So if you finance through Ford Options, the rate isn't the rate that's listed on the Ford website? That's just a suggestion and the dealer can assign any rate they want in the Options program?
The rate shown on the build and price website is the best available Ford Options Tier 0/1 approval net rate. Yes, the dealer can mark up the rate if they choose. (There are maximum mark up limits and exclusions that apply.)
Option 1 and refi at ur credit union asap.
Thanks, good to know. So on top of all the other things we should try to get the dealer to commit to ahead of time (including whether they accept X-plan or no ADM, no extras like coatings, vin etching etc, and even preferably a signed form showing the price), we should also try to get in writing that when the vehicle is delivered and it is time to settle up, that they will accept Ford Options AND they will not up the interest rate. I wonder how many dealers would do that. I had planned on financing with Ford Options, but I guess I'll have to either ask the dealer about bumping the rate, or wait and see what is offered and do some calculations then.
I would have definitely kicked and screamed a bit more... and made it KNOWN to the finance guy that you're refinancing right after so they can get bent. Or I would have said I have a better finance deal elsewhere and will just buy it. Either of those would have probably got them to change their tune. Complaining to your salesman is like talking to the wall, lol.Thanks for the feedback. The GM decided 3.4 was what he was going to give me, even though I qualified for 1.4. When I got to the dealership, my salesman told me what the monthly payment was going to be, but since I knew it wasn't going to be at 1.4, I just said fine fine whatever, give me the paper to sign. I like my salesman fine - he didn't do much, but he's not making much commission on the MachE, so whatever.
I told him that I didn't appreciate the GM trying to screw me, that I know raising the interest rate is discretionary and I found it petty and shortsighted of him to do so. Oh, also, they charged me $250 on the doc fee, even though it's capped at $100 in the x plan. I told them I'm just want my f'ing car, keep your extra $150. So yeah.
My salesman confirmed to me that if I pay off my loan immediately, he will still get his commission but the GM won't get his reserve and will probably have to pay back the $2,500 in options. I just need to decide if I'm going to simply take my future business elsewhere or be petty AF. Currently leaning towards Petty AF. ?
Pointing us right back to the dealer. Who could have predicted that? ? ?
LOL ? ?
This is true of all car manufacturers, and all financing options. They can mark up any rate unless the rate is a special rate from the manufacturer's credit arm, or it's a plan purchase like A/Z which prohibits the rate from being adjusted.
First, tough luck on the salesman. He works for this GM, and knows what he is doing. The review is on the selling experience, and the fact that the dealership is raising your rate 2 points is part of that experience. Too bad on the salesman.
