Poll: Ford Options vs Finance

[DaveP]

If you have a cashback/rewards credit card, put as much as they'll allow on credit. For me it was $3,500. Each dealer sets its own limit.

You'll need to decide if you prefer a 36 or 48 month loan, and what your anticipated annual mileage will be. These choices determine the balloon/residual amount.

Playing around with numbers in my calculator, I found that a significantly larger down payment won't make a tremendous impact to the total amount you'll pay over the life of ownership. This is largely because of the balloon payment. You're paying interest-only on it for 35 or 47 months. Your larger down payment isn't decreasing the amount of that balloon, so it's relatively large sum of interest is unimpacted by your choice of down payment.

Does Ford credit card have any incentives that would make it a good option to get and use for dealers max amount?

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[macchiaz-o]

Does Ford credit card have any incentives that would make it a good option to get and use for dealers max amount?

Yes, check out this post:

https://www.macheforum.com/site/thr...-strategies-for-mach-e-buyers.1201/post-26429

 

[RP_GT]

I picked up my MME GT last Saturday. The first time to ever drive a MME was after I had signed all the paperwork and was driving home. Coincidentally, one of the best drives I have every had going home. This was also the first new car I have ever bought for myself, though the wife does get new cars. Anyway, here's what happened:

• Ordered the car 3/24/2022; Got the head of the dealership (Maxwell in Austin) to sign my purchase order as MSRP only, though, that didn't come into play
• built 1st week of Sept; delivery set for 10/14-10/20
• Around 10/7 started texting with the Sales guy (Troy) to get my ducks lined up. I had to explain Ford Options to him and send him the Ford website link. He checked on it and got it set up. I also (because of you guys) started asking about getting the incentives and APR from when I ordered for both Options and standard financing. He 'assured me' that I would be good to go, but would never tell me a rate.
• He did have me fill out the Title registration ahead of time, send photos of my wife and I's DLs. Also, he sent us the link to get pre-approved for Ford Credit.
• Delivery got delayed till 10/21, and I went in the next day to get it.
• Sales price stayed at MSRP, Ford Options incentives for me was $1000 (autobytel said $500), and my APR was 1.4% !!!!!!!!!!!!
• So, wow, that's great. That surprised me. The only weird thing was that they acted like they couldn't give me 1.4% with standard financing if I wanted to go that way. I didn't press because I wanted the $1000 and to do Ford Options anyway.
• So after that everything went smoothly (discounting that my sunglasses holder was broken and needs to be replaced..part on order). However, when I got home and looked more deeply at the paperwork I noticed that they had never shown me the 'Itemized' page with starting cost and fees. The starting cost was $701 more than it was supposed to be.
• The page I signed had the correct starting cost, but the itemized page that I never saw was wrong, then ultimately the Truth in Lending page was wrong, but sort of buried in the numbers.
• I called the next week, then finally connected on Wednesday with the finance guy who said the bank would have also kick it back. Turns out something got confused with the Ford Options vs Lease and they had stuck my first payment and a $95 fee on top of my loan. Very weird, but he fixed it and now my payment is even lower.

So, overall I am very pleased. This dealership is one of the good one and even just sold a top of the line Ford Lightning that randomly showed up for only $6k ADM which is what half of the normal markup. I was super nervous about the whole thing, but thanks to you guys and having the knowledge I was able to get the car smoothly without any sort of fight. Of course, we shouldn't have to fight or worry at all. Maybe one day everything will be upfront and online. But for now, I am very happy.

 

[RedDeadRegen]

I picked up my MME GT last Saturday. The first time to ever drive a MME was after I had signed all the paperwork and was driving home. Coincidentally, one of the best drives I have every had going home. This was also the first new car I have ever bought for myself, though the wife does get new cars. Anyway, here's what happened:

• Ordered the car 3/24/2022; Got the head of the dealership (Maxwell in Austin) to sign my purchase order as MSRP only, though, that didn't come into play
• built 1st week of Sept; delivery set for 10/14-10/20
• Around 10/7 started texting with the Sales guy (Troy) to get my ducks lined up. I had to explain Ford Options to him and send him the Ford website link. He checked on it and got it set up. I also (because of you guys) started asking about getting the incentives and APR from when I ordered for both Options and standard financing. He 'assured me' that I would be good to go, but would never tell me a rate.
• He did have me fill out the Title registration ahead of time, send photos of my wife and I's DLs. Also, he sent us the link to get pre-approved for Ford Credit.
• Delivery got delayed till 10/21, and I went in the next day to get it.
• Sales price stayed at MSRP, Ford Options incentives for me was $1000 (autobytel said $500), and my APR was 1.4% !!!!!!!!!!!!
• So, wow, that's great. That surprised me. The only weird thing was that they acted like they couldn't give me 1.4% with standard financing if I wanted to go that way. I didn't press because I wanted the $1000 and to do Ford Options anyway.
• So after that everything went smoothly (discounting that my sunglasses holder was broken and needs to be replaced..part on order). However, when I got home and looked more deeply at the paperwork I noticed that they had never shown me the 'Itemized' page with starting cost and fees. The starting cost was $701 more than it was supposed to be.
• The page I signed had the correct starting cost, but the itemized page that I never saw was wrong, then ultimately the Truth in Lending page was wrong, but sort of buried in the numbers.
• I called the next week, then finally connected on Wednesday with the finance guy who said the bank would have also kick it back. Turns out something got confused with the Ford Options vs Lease and they had stuck my first payment and a $95 fee on top of my loan. Very weird, but he fixed it and now my payment is even lower.

So, overall I am very pleased. This dealership is one of the good one and even just sold a top of the line Ford Lightning that randomly showed up for only $6k ADM which is what half of the normal markup. I was super nervous about the whole thing, but thanks to you guys and having the knowledge I was able to get the car smoothly without any sort of fight. Of course, we shouldn't have to fight or worry at all. Maybe one day everything will be upfront and online. But for now, I am very happy.

Thanks for the summary of your experience, its reassuring me about the likelihood that we'll be offered the 1.4% vs the 3.9% the ford website is showing in the online checkout.

 

[JRSNoVa]

I would have preferred Options but my dealer gave me some bullshit about not offering it in my state (even though it's not on Ford's list of excluded states.) So I took the finance when they matched my outside financing rate.

 

[4sallypat]

Does Ford credit card have any incentives that would make it a good option to get and use for dealers max amount?

Yes, I have used the Ford Pass VISA from FNBO and put a $5K downpayment on my Lightning.

The points I got for the Lightning (22K), 10K bonus points, plus 10% points on the down and the extra $1K spend helped get $300 back in statement credits.

Now, I will have about $500 in points for the down payment on the MME that is being built 12/5.

Also using the card to charge at public DCFC.

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