Poll: Ford Options vs Finance

How are you paying for your Mach E?


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MachE2021

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A benefit of Ford Options is a $2500 credit, but this comes at a higher APR of 2.25%.

A benefit of Ford Financing is a lower APR of 0.9% (48 months) or 1.9% (60 months), but no credit. (There’s also a 72 month option at a much higher 3.9%!)

There are other pros/cons including a lower monthly payment for Ford Options, but I’m curious how many of us are doing Ford Options vs Financing.





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Davedough

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I'll be financing. I have too large of a commute to fit into any kind of a lease deal without owing more on the back end.
 

hybrid2bev

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A benefit of Ford Options is a $2500 credit, but this comes at a higher APR of 2.25%.

A benefit of Ford Financing is a lower APR of 0.9% (48 months) or 1.9% (60 months), but no credit. (There’s also a 72 month option at a much higher 3.9%!)

There are other pros/cons including a lower monthly payment for Ford Options, but I’m curious how many of us are doing Ford Options vs Financing.
Poll is missing the choices of RCL for 36 or 39 months.
 
OP

MachE2021

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DBC

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Because both options require you to use the tax credit, and because the dollar difference between the two alternatives is minimal, whether to use Options or Financing depends on how you feel and your financial position.

1. If you aren't sure a BEV will work for you, or if you're not sure Ford will deliver a quality product, or if you think you might want to replace the MME with a different product in a couple of years, then Options.

2. If you're sure a BEV is for you and you're confident Ford will deliver a quality product, and nothing more exciting is on the horizon for the next couple of years, then Financing.

Your personal finances may alter these choices. Cutting one way, if the higher monthly payments for Financing might strain the budget, that's a reason to go with Options. Cutting the other, if you are concerned about financing the residual that's a reason to go with Financing.

Both alternative are a good deal on a hot new product for which you shouldn't be paying over MSRP, so it's not as if you can make a wrong decision. Personally I'm strongly leaning towards Options because it provides a nice long test drive and I'm unsure of what I'll want to do in three years. But if I was forced to buy it that wouldn't faze me -- I can envision keeping the MME as a local driver for the next ten years.
 

generaltso

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If you aren't sure a BEV will work for you, or if you're not sure Ford will deliver a quality product, or if you think you might want to replace the MME with a different product in a couple of years, then Options.
There's another potential reason to go with Options over regular financing. I just want the extra $2500 incentive.
 

Davedough

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What does the original post mean when it says 60 mos but no credit? Is that suggesting that they’re not doing credit checks on that finance option?
 

generaltso

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What does the original post mean when it says 60 mos but no credit? Is that suggesting that they’re not doing credit checks on that finance option?
He means no incentive. The Options incentive is $2500 or $1000 depending on your state.
 

ChasingCoral

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A benefit of Ford Options is a $2500 credit, but this comes at a higher APR of 2.25%.

A benefit of Ford Financing is a lower APR of 0.9% (48 months) or 1.9% (60 months), but no credit. (There’s also a 72 month option at a much higher 3.9%!)

There are other pros/cons including a lower monthly payment for Ford Options, but I’m curious how many of us are doing Ford Options vs Financing.
$2500 for you but Options is far less attractive in MD at $1000 bonus cash.
 

DBC

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There's another potential reason to go with Options over regular financing. I just want the extra $2500 incentive.
That's a good point. However, as the OP mentioned, the value of the incentive is reduced by getting a higher interest rate, which could more than make up for incentive.

That's why I said the dollar difference between the two is minimal.
 

Davedough

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Does anyone know the typical credit score that Ford would use to qualify for the low APR listed? My wife and I have been working hard to repair our credit over the years and have finally gotten into the position where we could qualify for those things, I'm just wondering how close we actually are.
 

shutterbug

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Cutting the other, if you are concerned about financing the residual that's a reason to go with Financing.
If you go with Options and save the difference between 48Mo Options and 48Mo financing, you should be able to buy out the residual for cash, and not have to worry about financing after 4 years.
 

generaltso

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That's a good point. However, as the OP mentioned, the value of the incentive is reduced by getting a higher interest rate, which could more than make up for incentive.

That's why I said the dollar difference between the two is minimal.
The interest rate difference isn't much unless you go with a very short loan. 60 months is 1.9% and Options is 2.25%. Even if you were paying interest for the full 5 years (which you wouldn't necessarily with Options), the difference in interest is only around $500. I'd much rather take the $2500 incentive.
 

shutterbug

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Does anyone know the typical credit score that Ford would use to qualify for the low APR listed? My wife and I have been working hard to repair our credit over the years and have finally gotten into the position where we could qualify for those things, I'm just wondering how close we actually are.
The closer you are to 800 the better. Keep in mind that credit score isn't the only parameter they look at.
 

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