Question on Ford Options Interest Calculation

[rolo2285]

Sucks that your dealer didn't want to work with you. All they had to do was call Ford's Finance line. That's what mine did to secure the $2000 bonus that was available when I placed the order. Took them all of 5 mins.

I got the $2k bonus. I didn't get the rate

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[geftsnowball]

That's what i thought too. But i didn't hear that from my dealer so i felt like it was his word against mines.

Really sucks that it has to be this way and we are reliant on the trustworthiness/knowledge of the individual dealer... I knew I had $2500 incentive and 2.49% APR based on my order and when it came time to pick it up they claimed $2000 incentive and 3.99 APR (still better than recently but higher!). They were insistent that this is what they could do. I probably didn't fight as hard as I should have but luck was on my side because the finance manager couldn't get the system to accept whatever it is they needed to push through so they had to call the ford rep to process the options plan and... MAGIC, somehow I mysteriously was getting $2500 incentive and 2.49% APR...

 

[Ghost Ryder]

Really sucks that it has to be this way and we are reliant on the trustworthiness/knowledge of the individual dealer... I knew I had $2500 incentive and 2.49% APR based on my order and when it came time to pick it up they claimed $2000 incentive and 3.99 APR (still better than recently but higher!). They were insistent that this is what they could do. I probably didn't fight as hard as I should have but luck was on my side because the finance manager couldn't get the system to accept whatever it is they needed to push through so they had to call the ford rep to process the options plan and... MAGIC, somehow I mysteriously was getting $2500 incentive and 2.49% APR...

Yup, that's all they had to do was call the Ford Finance rep. The fact that some dealers won't take 5 mins to call says something.

 

[astrorob]

See this thread.

https://www.macheforum.com/site/thr...s-reality-principal-interest-breakdown.26519/

There’s no prepayment penalty. Interest is calculated on the whole amount financed at a daily interest rate based on the remaining balance (including the balloon) and interest accrues based on the number of days since your last payment was posted (or number of days since the contract was signed for the first payment). So if you had more than 30 days to first payment then more interest would have accrued.

indeed (and i updated that thread) this is what accounts for most of the disconnect between quicken and the first statement. now that i have the 2nd statement, i see that the monthly interest payment is a lot closer to what quicken is calculating.

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