Rich_Maine
Well-Known Member
- First Name
- Rich
- Joined
- Dec 28, 2019
- Threads
- 1
- Messages
- 52
- Reaction score
- 61
- Location
- Maine
- Vehicles
- Chevy Volt, Toyota Prius Prime
- Occupation
- Retired
Hi,Hello!
I just got my first bill and had planned to pay off the whole thing in full. I called Ford to ask them how much the total of payments would be minus the interest since I was paying it off right away.
I was told that I need to pay the whole amount - that even though I was paying off the 35 payment "loan" right away the interest would still be charged.
I spoke to a few supervisors who said that they could not change it and whether I payed it off in 3 years or right away I would still pay the same amount.
Has anyone else had this problem?
Just a heads up to anyone who is planning on doing the same thing.. it seems it's not possible.
When I bought the car they dealership told me that there would be no pre-payment penalty and I would avoid interest payments by paying in advance.
Hopefully somebody from Ford is reading these forums and can clarify this for me.
I also took the options plan to get the $2500 discount. When I received my first bill, there was a payoff amount shown at the top. I sent that amount in in lieu of payment. I received a small check a couple of weeks later to repay interest overcharge. My title arrived shortly thereafter. I did not contact Ford at all.
But a sidenote....when I bought the car at dealer, FI lady warned me that I would have to pay full loan amount even if prepay. I pointed out the reg Z clause to her but she didn't waver. I knew she was wrong but she probably got some training to that effect. I also mentioned that the dealer might be a clawback of the 2500. I offered to split that for a discount and keep the loan for 6 months. She told me that would never happen. So of course I paid in full at first bill and hope she got stuck for the credit!
Just send them the payoff amount, it's also shown in your online account.
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