Do you have a full copy of this Options contract? I've been wanting to read through the small print on it.If you refinance it will be the lessor of your contract rate or the state maximum rate.
So in your example your contract rate is less than the state max so you get the same rate as the contract.
The retail installment contracts can vary slightly by state (late charges rules mostly). Your dealer is supposed to provide you with a copy to read before you sign.
It will be the LOWER of 2.25% or 10%, which is 2.25%
Actually, I just looked at my contract (NJ) and it is worded differently:The retail installment contracts can vary slightly by state (late charges rules mostly). Your dealer is supposed to provide you with a copy to read before you sign.
Here are the important bits from my contract that pertain to Options. The rest of the contract is a standard retail installment contract.
Same for mine, IIRC.
Just reread it again and I see it now too that it's the lower of the two options. For some reason the first time I read the line it looked like one or the other which didn't make sense lol.
Yes. If your purchase contract is executed in 2021, you can apply the $7500 tax credit to reduce 2021 Federal Income Tax liability. Your Tax Liability before the credit must be at least $7500 to apply the entire amount. Note that Tax Liability has nothing to do with what you "owe" after withholding and estimates pre-paid during 2021.
This really grinds my gears. It annoys me that car manufacturers are displaying the tax refund as a reduction in the actual cost of the car when it's not. It's fairly deceiving, especially considering you might only get back $1000 from the $7500 depending on your tax liability. That being said I'll gladly take whatever I can get from it, but I do think they need to stop advertising it as a reduction to the cost of the car.
Ha...as a lawyer I will point out that this is extremely typical anti-usury language used to ensure that the lender is never charging an illegal rate.
Go on the Ford website and pretend to order a Mach-E vehicle using your zip code. Click on the financing calculator and select Ford Options. In the details you should see the incentives.
Found it - thanks! $1k here...of course. Highly likely I'll go that route though (36 mo). Like some others, I'm concerned about how far the technology will advance in the next few years. Feels more like buying a computer than a car!
I did Google Solid State batteries and Ford and BMW have been investing in it for quite a while. Both have goals of using the batteries by 2030, so it may be quite a while. It's making me feel better about doing the 4 year Ford Options to lower the price because I feel like it may take maybe two more Mach E models before it's in there past 2025 probably. But technology moves fast so we'll see.
I was just working on a dealer for a Mach-e deal and apparently Ford is cancelling the incentives for Ford Options? It's still on the website but the dealer said they checked the current offers and it's gone.
I call user error on that one. The current incentive run through July 6th, 2021. I just looked up the Options Bonus Cash and APR and they are still there.
