Poll: If you financed with Ford Options did dealer increase the interest rate? Did you know they could?

Ford Options: did you get the interest rate posted on Ford.com at purchase or did dealer raise it?


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connoisseurr

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If your dealer DOES mark up the Ford Options rate, refinance elsewhere as soon as you can at a better rate. I was able to get Navy Federal CU and my company CU to do 1.99% for 72 months (my company CU will deduct .25% for having auto-pay setup).

I'm going through an issue currently where my dealership is incompetent to creating a Ford Options contract, because they don't have the correct software to do so, they haven't done an options contract up until now, AND they're not willing to spend the time to learn how to do one.

I considered straight financing but I'd lose out on the $1,000 Ford Options incentive, due to the fact I'm keeping the 2021 for a few months until our 2022 order arrives. Going into a dealership knowing more than the GM and Finance office (thanks to this forum, and specifically @hybrid2bev), I'm anticipating they're going to jack up the rate for having to "deal" with me.
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deadduck

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The dealership could choose to sell at a discounted rate, lower than shown as best rate on ford.com. In effect the dealer is putting more of their money into the deal.

You may want to add that to your poll, too.
Never seen that. It's always 2 to 3 points higher than my credit union. Then once that is pointed out, well, can't work with my credit union, of course, but maybe they could match it, you know.....
 

deadduck

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Just so you understand, they're not "taking advantage" of the customer.
Sure they are. They know you credit score, know what you can get financed at, maybe they don't offer the lowest in the country, but marking it up a couple of points isn't any different than marking a price then charging more at the register.

Now, there are places where this gets gray, maybe the dealer offered a great price on the car and they're making it up on the back end, or something, but in general it's just a dealer adding more "value" to the transaction.
 

deadduck

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If your dealer DOES mark up the Ford Options rate, refinance elsewhere as soon as you can at a better rate. I was able to get Navy Federal CU and my company CU to do 1.99% for 72 months (my company CU will deduct .25% for having auto-pay setup).

I'm going through an issue currently where my dealership is incompetent to creating a Ford Options contract, because they don't have the correct software to do so, they haven't done an options contract up until now, AND they're not willing to spend the time to learn how to do one.

I considered straight financing but I'd lose out on the $1,000 Ford Options incentive, due to the fact I'm keeping the 2021 for a few months until our 2022 order arrives. Going into a dealership knowing more than the GM and Finance office (thanks to this forum, and specifically @hybrid2bev), I'm anticipating they're going to jack up the rate for having to "deal" with me.
I did this on my last purchase. Honda gave $1,000 cash if you financed with them. Dealer charged me 4.99%, I took the cash, and I was on the phone to my credit union the next day.
 

Mawby

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I learned in another thread that even if you qualify for the best possible interest rate quoted by Ford.com for their Options financing at the time you purchase, dealers can actually increase the interest rate up to a certain limit. I'm not sure how well known this or how often dealers actually increase the rate. I'd be interested in seeing some data on these so posted this poll. I broke the poll into 2 sections depending on 1) whether you financed with Ford Options, and 2) whether you haven't but were aware that the dealer could increase the rate.

Edit #1: in the first response I am including the possibility that you got a better than advertised rate (at suggestion of @macchiaz-o)--didn't seem like I could edit the actual response wording.

Edit #2: suggest answering 3 and 4 regardless of whether or not you used Options, as pointed out by @generaltso in a post below.
Happened to me. Doubled the Ford pre-approved rate and told me take it or leave it. Credit score of 790 . I will refi when I get my DMV plate. Have it lined up already for a 2.25 % rate 7 years as part of their EV program.
 


Logal727

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I learned in another thread that even if you qualify for the best possible interest rate quoted by Ford.com for their Options financing at the time you purchase, dealers can actually increase the interest rate up to a certain limit. I'm not sure how well known this or how often dealers actually increase the rate. I'd be interested in seeing some data on these so posted this poll. I broke the poll into 2 sections depending on 1) whether you financed with Ford Options, and 2) whether you haven't but were aware that the dealer could increase the rate.

Edit #1: in the first response I am including the possibility that you got a better than advertised rate (at suggestion of @macchiaz-o)--didn't seem like I could edit the actual response wording.

Edit #2: suggest answering 3 and 4 regardless of whether or not you used Options, as pointed out by @generaltso in a post below.
I wanted to do Options at a dealer but they didnā€™t even know about till I told them. Then 30 minutes later after they learned how to do it from their Ford rep they offered it to me for 2 points over the promo before even running credit. Jerks.
 

Mawby

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Sure they are. They know you credit score, know what you can get financed at, maybe they don't offer the lowest in the country, but marking it up a couple of points isn't any different than marking a price then charging more at the register.

Now, there are places where this gets gray, maybe the dealer offered a great price on the car and they're making it up on the back end, or something, but in general it's just a dealer adding more "value" to the transaction.
Not in my case where dealer titles a excel spreadsheet titled Ford Options and tells me that's what Ford said you rate is " we don't set that". That's a lie. I knew it though but was also told I am more educated then most buyers who focus on payment per month then term and interest paid.
 

Mawby

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If your dealer DOES mark up the Ford Options rate, refinance elsewhere as soon as you can at a better rate. I was able to get Navy Federal CU and my company CU to do 1.99% for 72 months (my company CU will deduct .25% for having auto-pay setup).

I'm going through an issue currently where my dealership is incompetent to creating a Ford Options contract, because they don't have the correct software to do so, they haven't done an options contract up until now, AND they're not willing to spend the time to learn how to do one.

I considered straight financing but I'd lose out on the $1,000 Ford Options incentive, due to the fact I'm keeping the 2021 for a few months until our 2022 order arrives. Going into a dealership knowing more than the GM and Finance office (thanks to this forum, and specifically @hybrid2bev), I'm anticipating they're going to jack up the rate for having to "deal" with me.
Yup. Do report. They have to make their margin if they cannot do add-ons or adm.
 

Mawby

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I wanted to do Options at a dealer but they didnā€™t even know about till I told them. Then 30 minutes later after they learned how to do it from their Ford rep they offered it to me for 2 points over the promo before even running credit. Jerks.
Yep. They pull the "well I have other people interested in your 6 mos reservation if you want to walk, that is fine, its your choice"
 

connoisseurr

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Yup. Do report. They have to make their margin if they cannot do add-ons or adm.
Most definitely will. They already reneged on doing X-plan, and yes I do have it in writing. But apparently their GSMā€™s signature isnā€™t good enough to honor a deal. These people bought back a first edition Bronco and are selling it for double the MSRP. So yeah, itā€™s safe to say theyā€™re really trying to get money wherever they can.
 

Mawby

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Most definitely will. They already reneged on doing X-plan, and yes I do have it in writing. But apparently their GSMā€™s signature isnā€™t good enough to honor a deal. These people bought back a first edition Bronco and are selling it for double the MSRP. So yeah, itā€™s safe to say theyā€™re really trying to get money wherever they can.
Lot cars have at it. But man, an order where we pick a dealer that stated "you will get msrp" only to play games with financing.
 

Logal727

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If your dealer DOES mark up the Ford Options rate, refinance elsewhere as soon as you can at a better rate. I was able to get Navy Federal CU and my company CU to do 1.99% for 72 months (my company CU will deduct .25% for having auto-pay setup).

I'm going through an issue currently where my dealership is incompetent to creating a Ford Options contract, because they don't have the correct software to do so, they haven't done an options contract up until now, AND they're not willing to spend the time to learn how to do one.

I considered straight financing but I'd lose out on the $1,000 Ford Options incentive, due to the fact I'm keeping the 2021 for a few months until our 2022 order arrives. Going into a dealership knowing more than the GM and Finance office (thanks to this forum, and specifically @hybrid2bev), I'm anticipating they're going to jack up the rate for having to "deal" with me.
Yeah I got 2% doing my own financing through Capital One Auto Navigator, you can see your rate without a hard credit pull with them, itā€™s awesome. Would totally use that again.
 

Logal727

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Lot cars have at it. But man, an order where we pick a dealer that stated "you will get msrp" only to play games with financing.
Yeah thatā€™s messed up, especially if someone was waiting 6 months for their order to be built, you are really messing with peoples lives at that point. Should be illegal.
 

Mawby

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Yeah thatā€™s messed up, especially if someone was waiting 6 months for their order to be built, you are really messing with peoples lives at that point. Should be illegal.
Yeah. And yet we have no leverage other then in the case of refi before 90 days.
 
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RMoore

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Thanks to those who have filled out the poll responses thus far. Iā€™m encouraged to see that vast majority who have used Ford Options didnā€™t have the dealer tack on a few percentage points to the planā€™s interest rate. Hoping that the few cases we heard about are outliers and that it is not a growing trend.
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