Poll: Ford Options vs Finance

[Kkp]

Looks like you are getting Ford pricing

Yes. Not sure if its good or bad or decent since there are no data points to compare

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[DBC]

Yes. Not sure if its good or bad or decent since there are no data points to compare

What model are you getting? To see if it's fair just go to the Ford site, pick you model and financing, and use the Finance calculator.

The MME is a new model so you're not going to find discounts, other than Plan Pricing, if that is what you're asking.

 

[Kkp]

What model are you getting? To see if it's fair just go to the Ford site, pick you model and financing, and use the Finance calculator.

The MME is a new model so you're not going to find discounts, other than Plan Pricing, if that is what you're asking.

I am getting California Route 1. I will pick on Friday or Saturday as my dealer received vehicle.

 

[DBC]

I am getting California Route 1. I will pick on Friday or Saturday as my dealer received vehicle.

If Rapid Red or Infinite Blue then spot on. The X-plan pricing is not in there. Also the $100 Driver Assist credit is not in there. But overall nice and clean as far as I can tell.

Definitely fair once those two issues addressed.

 

[Carlsbad9]

Something is not right. The 2.25% options rate is right on Fords website when you select your socal zipcode. see the screencapture

Thanks. I'm emailing the sales rep and financing director now.

 

[Woeo]

Thanks. I'm emailing the sales rep and financing director now.

From else where on the forum from hybrid:

“ https://www.macheforum.com/site/attachments/optionsfactsheet-oct-2020-pdf.13971/

Dealers can find Ford Options info here: FMCDealer » Finance » Consumer Finance Programs » Ford Options

Ford Options Rates
Announcement #: FDCI-25606
Program #: 21220

Ford Options Bonus Cash
Announcement #: FDCI-25700
Program #: 13896

If you give this info to the dealer it should help them find the information they are looking for. Just ensure the dealer selects 'Balloon' when sending your credit application to Ford Credit”

 

[hybrid2bev]

Actually, this brings up a question: since I know my dinky little dealer near me is probably clueless, how will I know that they have me signing "Ford options" contract vs some other goofy thing? Will the contract explicitly call that out, or do I need to look for specific verbiage in the contract?

But be sure to check all the contract figures match what you agreed to.

Here are some key items while reviewing the payment schedule in the Truth-In-Lending section. You should see 35 and 1 or 47 and 1 and the final payment should be large. Next review the Balloon Contract Provisions. Make sure the box is checked and the mileage is accurate.

Example:

 

[hybrid2bev]

The 2.5% APR comes from the Ford Calculator. AFAIK a credit score of 700-750 would be considered Tier 1 by Ford Financing. Over 750 would be Tier 0 as would a credit score of over 800. Your score of 800+ should put you in the Tier 0/Tier 1+/A+ class. Perhaps @hybrid2bev can confirm that or explain where this is mistaken.

Is this Ford Encinitas?

FYI your takeout financing with Ford Options is guaranteed at 2.25% so that would be your rate for 72 or 84 months.

Yes you pay sales tax on the entire car because the title is transferred to you.

Your FICO score alone does not determine your Tier. Yes, a higher FICO is more likely to score better but that's not always the case. The scorecards are more complicated than that.

The Ford Options rate of 2.25% is the net rate for Tier 0/1 approvals. Rates for Tier 2-5 are higher. Dealers are allowed mark up.

@Carlsbad9

 

[Regularmache]

Your FICO score alone does not determine your Tier. Yes, a higher FICO is more likely to score better but that's not always the case. The scorecards are more complicated than that.

The Ford Options rate of 2.25% is the net rate for Tier 0/1 approvals. Rates for Tier 2-5 are higher. Dealers are allowed mark up.

@Carlsbad9

So we have to negotiate finance rate now too potentially?

 

[hybrid2bev]

So we have to negotiate finance rate now too potentially?

Don't kill the messenger. ?‍ Just stating facts. ?

 

[JellyBelly]

So we have to negotiate finance rate now too potentially?

Crazy isn’t it? Seeing some of the financing conversations with deliveries looks like it’s one more potential challenge to overcome.

 

[DBC]

Don't kill the messenger. ?‍ Just stating facts. ?

But it's so much easier to take it out on the messenger ....

Forewarned is forearmed. Thanks for the information.

Can you tell us what the process is if you apply for credit online? Specifically will this tell you what Tier you are in?

 

[DBC]

Crazy isn’t it? Seeing some of the financing conversations with deliveries looks like it’s one more potential challenge to overcome.

Better to deal with this upfront than try to sort it when going in to complete the transaction.

 

[shutterbug]

So we have to negotiate finance rate now too potentially?

Not negotiate, but you should be prepared for all possibilities. I plan to go in with a credit union loan per-approval, knowing that their loan would be a worst case scenario. Also keep in mind that the credit score you get for free from your credit card is not the same and is probably lower than the one that the finance company is looking at.

 

[JSOrange97]

This discussion makes the disdain for dealers grow even stronger, as if it weren't already. I don't doubt that there can be "some" variation in a score based on source, but could it really be like 25-50 points? Also, the ability of dealers to just tack on to a rate just as a money grab is ridiculous.

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