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financing the gt500


BadTony

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can a Ford dealer refuse to sell to you if you opt to go with a company other than Ford Motor Credit when financing?

 

 

I would say no...but the dealer get's a kick back or fee if they finance it, usually there rates are as good or better than any place...except maybe a credit union if you deal with one.

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I would say no...but the dealer get's a kick back or fee if they finance it, usually there rates are as good or better than any place...except maybe a credit union if you deal with one.

 

 

 

Some dealers will refuse "loan checks" like from ELoan, etc if they think the company is a slow payer but generally speaking they'll accept any financing but.... like Cutter said, Ford Credit is probably as good as any.

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can a Ford dealer refuse to sell to you if you opt to go with a company other than Ford Motor Credit when financing?

 

If you have a contract to purchase the vehicle the dealer cannot refuse the sale to you. If you have cash, or a check for the vehicle what difference does it make to the dealer. They are getting thier money. The dealer does not have to sell you a car unless they signed a contract. But a dealer would be foolish to refuse payment for the vehicle regardless of the source.

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Does anyone know what kind of rate you can get through Ford. Last week I got pre-approved at the local credit union for 5.99%. I don't expect Ford will do that. In fact, I expect it may be over 8%. When my parents recently purchased a new mustang, that's the best rate Ford offered them before the incentives came out and they have excellent credit. They fianced at that rate so they could get the rebates and then paid it off shortly after. I'd talk to the finance people now and find out the rate, so you can shop around if need be.

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Actually, money today is different from money tomorrow.

 

JB

 

 

realizing that Ford/ Ford dealer will make way more money on the "money tomorrow" deal, can they legally choose not to close a deal when other financing or cash option is chosen by consumer?

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thats a great rate.

 

Yes, I did a lot of looking before I went with them. What's better is that my tt&l is only gonna run around $800. I'm part cherokee indian and where I live I can get my tag through cherokee nation. I think the tag is $75 and registration runs 1 1/2% of msrp. With an msrp of $43765 that comes to about $656! :woohoo:

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Not bad. I could only beat it if you were a member here and got relationship rewards points... Are you financing the whole amount. I would like to see how many of us will be as this is a hefty payment. I am putting a considerable amount down to be able to afford mine. But "affording" something is always relative :)

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Does anyone know what kind of rate you can get through Ford. Last week I got pre-approved at the local credit union for 5.99%. I don't expect Ford will do that. In fact, I expect it may be over 8%. When my parents recently purchased a new mustang, that's the best rate Ford offered them before the incentives came out and they have excellent credit. They fianced at that rate so they could get the rebates and then paid it off shortly after. I'd talk to the finance people now and find out the rate, so you can shop around if need be.

 

 

Fastbackman,

 

I was preapproved for 5.75% after incentives at my credit union and after talking to the Ford finance guy, he can get me 5% with direct withdrawal. It seems that the banks or credit unions sometimes have "indirect relationships" with the dealerships that allow for better rates than are actually offered at the branches! Please call you dealership finance guy to see what he can do for you.

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Guest evilchris

I'm using navy federal for my GT. 3.25% for 3 years. They are almost impossible to beat unless someone is giving away financing.

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Does anyone know what kind of rate you can get through Ford. Last week I got pre-approved at the local credit union for 5.99%. I don't expect Ford will do that. In fact, I expect it may be over 8%. When my parents recently purchased a new mustang, that's the best rate Ford offered them before the incentives came out and they have excellent credit. They fianced at that rate so they could get the rebates and then paid it off shortly after. I'd talk to the finance people now and find out the rate, so you can shop around if need be.

 

Not sure, but I would think that each person would get a different rate from Ford depending on their credit rating. Oh sure, they often advertise 5.99%, but note that they always say "for qualified buyers". In other words, if your FICO score is lower than a certain level, you may pay more.

 

If you want to know more about FICO scores, I can steer you to some good websites (you must pay to find out the actual score, but it's only about $10)....but I don't want to bore most people on the forum with the details (personal finance is one of my hobbies..and yes...I am one of those people who gets made fun of on this forum sometimes...I have an MBA in Finance.) :read:

 

Dave

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Fastbackman,

 

I was preapproved for 5.75% after incentives at my credit union and after talking to the Ford finance guy, he can get me 5% with direct withdrawal. It seems that the banks or credit unions sometimes have "indirect relationships" with the dealerships that allow for better rates than are actually offered at the branches! Please call you dealership finance guy to see what he can do for you.

 

Thanks oldimp. I'll check into it.

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Fastbackman,

 

I was preapproved for 5.75% after incentives at my credit union and after talking to the Ford finance guy, he can get me 5% with direct withdrawal. It seems that the banks or credit unions sometimes have "indirect relationships" with the dealerships that allow for better rates than are actually offered at the branches! Please call you dealership finance guy to see what he can do for you.

 

 

so you're saying that your dealer is working with your credit union a to get you an additional .75% off?

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Ford bonds are at or near junk status right now, so their borrowing rates are pretty high, thus Ford Credit rates are not competitive with what's available from banks with the exception of promotional rates like 0% or 1.9%, etc. But, in those cases you have to give up most or all the rebates to get the promo rate. However, since there are no rebates to complicate Mustang GT or GT500 financing options, the dealer can finance you through whomever gives the best rate - which will most certainly be other than Ford Credit.

 

 

 

can a Ford dealer refuse to sell to you if you opt to go with a company other than Ford Motor Credit when financing?

 

 

They can refuse to sell at a certain price since there may be rebates tied to financing with Ford that aren't available otherwise. However Mustang GT/GT500 shouldn't matter since there aren't any rebates associated with them.

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so you're saying that your dealer is working with your credit union a to get you an additional .75% off?

 

 

"Working with me" might not be exactly what is going on. I think it is more like the credit unions are working with the dealership. Let me explain what went down.

 

I had a pre-approved loan from #1 credit union (got it in the mail, didn't ask for it) for 5.5%. The loan rate was 6.25%, but it included three incentives that I met:

 

0.25% reduction for 60 months or less

0.25% reduction for borrowing less tha 90% of the MSRP

0.25% reduction for direct withdrawal

 

That all came to the 5.5%, but the offer ran out 30 June. I called and their rates had gone up to 6.5%, so after the same incentives, that offer was now 5.75%

 

#2 credit union (the one where my allotments are already set up for the car payment!) offered me 6% from the call center. I got the name of the manager (or whatever he is) at the call center and asked him if it was possible for him to at least match the #1 credit union offer or 5.75%. He emailed me back about the "indirect relationships" and said that I could get 5.5% by going through my dealership using #2 credit union. This is exactly what I wanted!

 

But! After talking with the dealership finance guy, he agreed that I could get the 5.5% through #2 credt union, but I could get 5% through #1 credit union! Therefore, I will have to change my allotments! I guess you could say he was working with me because he didn't have to tell me about that savings. But, really I think he was just telling me the options I had available!

 

That is pretty much it. Best of luck to you!

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realizing that Ford/ Ford dealer will make way more money on the "money tomorrow" deal, can they legally choose not to close a deal when other financing or cash option is chosen by consumer?

 

 

I think that's illegal...restraint of trade or something.

 

But remember, I'm not an attorney, nor have I played one on TV, but.......I have paid one before.

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I HAVE A CREDIT BEACON OF 800 AND I FINANCED THROUGH THE DEALER AND HE SAID I GOT THE BEST RATE FORD OFFERS 6.79% ON 60 MONTHS TERM TOTAL LOAN AMOUNT 42,000 IS THIS GOOD OR ARE THEY BLOWING SMOKE?

 

 

That is a really good rating and the rate offered through Ford is less than what they quoted me (7.45%). I would suggest that you ask them what rate they can give you through your own bank or credit union. It might be worth the call. Another suggestion is to try your bank or credit union call center to see what they offer, but I got quoted the best rates using my credit union through the dealership. I wish you luck.

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I HAVE A CREDIT BEACON OF 800 AND I FINANCED THROUGH THE DEALER AND HE SAID I GOT THE BEST RATE FORD OFFERS 6.79% ON 60 MONTHS TERM TOTAL LOAN AMOUNT 42,000 IS THIS GOOD OR ARE THEY BLOWING SMOKE?

 

800 is an excellent credit score (assuming that's a "FICO" score as opposed to some other scale). 6.79% sounds pretty typical. I'm paying cash for my car, but I did check with my credit union and their rates range from 6.19% to 13.29% depending on FICO score. Based on this you may be able to do slightly better...keep looking around or possibly go into the bank and "negotiate" a lower rate.

 

Good luck.

 

Dave

 

 

THANKS OLDLIMP BUT I TRIED MY BANK THAT I'VE BEEN WITH FOR 15 YEARS AND I TOLD HER THE RATE I WAS ALREADY QUOTED FROM FORD AND SHE SAID " I CAN DO A 7.5% RATE" I WAS LIKE WHAT ARE YOU RETARTED, WHERE DO I SIGN??? :hysterical:

 

Please turn off your CAPS. CAPS means you are yelling.

 

Thank you,

 

Dave

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If you have your own financing just tell them you are paying cash. When car is actually being picked up you will get walked into finance as your last step before driving away. when It comes time for payment just hand them the check from your credit union.

 

 

 

TwinTurboBoss... you have it right... that's the way to do it.

 

And, no, they can't refuse sale if you arranged loan through someone else. There's no such thing as a slow payment when they cash the check. Check clearing hold times are limit-mandated by Federal Banking Law (out of state) and in-state checks cannot be held, though may take a couple days to clear -- but that's not the buyers problem -- that's why Fed controls are in place. If you do what TwinTrubo suggests, the subject will never even come up.

 

Also, if you're paying from your own funds (not a check), have the Bank or CU make the check out to YOU and FORD DEALER. That way, if the car is damamged or you need to back out for any reason you can just redeposit the check at your bank and the funds are available again IMMEDIATELY with no wait. In fact the bank can then reissue the funds the same day if necessary. If it's made out to the dealer only, you'll have to have the check "voided" (which some banks will not do on their own checks) or you might run into hold times on your own funds, especially if you and the dealer are not in the same state or if their corporate bank is not in your state.

 

Good luck!

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our 60 month rate is 5.50 and if you finance and 5.25 for 48 months. if you go 36 with 20% down we can go 4.99. Without any special bonuses needed. Those rates are at 720 or above. We have an indirect program with local dealerships. Members do not get extra incentive by doing the loan through the dealership. This makes no sense because we pay incentive on the loan to the dealership. We would we do something thats detrimental to members who come in. Building those relationship is important not the "I only see you when I have to make a payment" The average consumer trades every 2.5 years. Its all about the relationship not just the loan.

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