Transfer Loan to another individual?

[ipca204]

So, I have loan with Ford on my 2023 Mach-E. If I wanted to sell the car to another individual, can the loan be transferred over to them? Seems a shame to let the 0% go away..

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[hybrid2bev]

Call Ford Credit and request a T.O.E. (transfer of equity). The other person would need to be approved (credit application will be required).

But you could still be responsible for the loan if you don’t ask for a release.

https://www.ford.com/finance/custom...icle-and-account-obligations-to-someone-else/

 

[RickMachE]

And there is a small fee as I recall. Maybe $100?

 

[ipca204]

thanks guys!

 

[markboris]

Just wanted to comment I have done this three times with various Ford cars and the latest was with my first '21 Mach-E. Both hybrid2bev and RickMachE are correct above.

 

[Mr Breeze]

Just wanted to comment I have done this three times with various Ford cars and the latest was with my first '21 Mach-E. Both hybrid2bev and RickMachE are correct above.

So you’re saying Ford will transfer a 0% loan to a new buyer, I don’t understand why they would do that there is no upside for them.

 

[ipca204]

awesome! should make selling my car pretty easy..
thanks again everyone..

 

[hybrid2bev]

So you’re saying Ford will transfer a 0% loan to a new buyer, I don’t understand why they would do that there is no upside for them.

If the new person qualifies there’s no downside either. The loan gets paid back, so it’s all good. Doesn’t matter if it’s the original person or another person….the money is all green.

TOE are especially good for Ford Credit if the original person is struggling with the loan and can find a qualified person to replace them, rather than defaulting.

 

[ipca204]

lol...well, I am in no danger of defaulting, but there is a Rivian I am looking at...

 

[markboris]

So you’re saying Ford will transfer a 0% loan to a new buyer, I don’t understand why they would do that there is no upside for them.

Yes. It’s not a new loan. Just changing names and assuming the loan. All three times it was super easy and fast.

 

[stoopid]

So you’re saying Ford will transfer a 0% loan to a new buyer, I don’t understand why they would do that there is no upside for them.

I would have assumed the same thing, would never even of thought this existed. lol

Learn something new everyday!

 

[Mr Breeze]

Yes. It’s not a new loan. Just changing names and assuming the loan. All three times it was super easy and fast.

So were you buying another ford which would be an incentive for Ford

 

[markboris]

So were you buying another ford which would be an incentive for Ford

Yes and no but that did not have any bearing on it. The finance department did not know what I was going to do. I called and told them wanted to get rid of my car but had a friend that wanted to assume the loan. They said no problem, if they qualify, they can have the loan.

I did this with my ‘14 Escape, ‘16 Focus RS and ‘21 Mach-E Premium. The Escape and Focus were financed. The Mach-E was a lease.

I did not buy a new car when I had my friend assume the Escape loan. With the Focus, I purchased the GT500 outright and the Mach-E Premium lease I only had 10 months then wanted the '21 GT. So all three were different circumstances.

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