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antimatterparticle

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Hi There,

Is there any advantage of completing the process online? Has anybody done it and can help explain how it works. I already have a buyer's order signed, so I was wondering if this process is just redundant.
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RickLightning

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Hi There,

Is there any advantage of completing the process online? Has anybody done it and can help explain how it works. I already have a buyer's order signed, so I was wondering if this process is just redundant.
There is zero advantage. And potential risks, missing a discount, etc.
 

IdeaOfTheDayCom

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I completed my purchase at the dealer, and frankly I wish I didn't.

Ford pre-approved my financing, and there was literally a "checkout now" button to simply close the deal at 5.99% financing from Ford.

But... my dealer has asked me for an additional $1000 deposit in January (on top of the $600 paid via the web directly to Ford), and that deposit wasn't in the final figures, so I didn't hit the check out now button.

When I got to the dealer, they said they don't accept FORD Finance for EVs. Then, they said the best deal they could give me was 7.99% from a bank I've never heard of.

Clearly, that bank gives them some sort of commission.

Next, the paperwork at the dealer had some sort of "Window Etching" and another fee for "maintenance", neither of which were on the "Checkout Now" prices online.

Out of frustration and the need to simply get my truck, I didn't protest. It was pointless, but it made me question my original instinct to hit that purchase button and just ask the dealer to credit me back for the $1000 deposit after closing the deal online.

As a followup, I spoke to the bank that I used for my previous 4 vehicles and they said they would've had an even better interest rate than Ford Finance's 5.99%, so I will be re-financing it ASAP. Meanwhile when I asked the dealer to check with that bank, they told me they were nearly 10%.

Bottom line, if you have a dealer you can trust... go there, otherwise hitting that purchase button may be a solid option.
 

sotek2345

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I completed my purchase at the dealer, and frankly I wish I didn't.

Ford pre-approved my financing, and there was literally a "checkout now" button to simply close the deal at 5.99% financing from Ford.

But... my dealer has asked me for an additional $1000 deposit in January (on top of the $600 paid via the web directly to Ford), and that deposit wasn't in the final figures, so I didn't hit the check out now button.

When I got to the dealer, they said they don't accept FORD Finance for EVs. Then, they said the best deal they could give me was 7.99% from a bank I've never heard of.

Clearly, that bank gives them some sort of commission.

Next, the paperwork at the dealer had some sort of "Window Etching" and another fee for "maintenance", neither of which were on the "Checkout Now" prices online.

Out of frustration and the need to simply get my truck, I didn't protest. It was pointless, but it made me question my original instinct to hit that purchase button and just ask the dealer to credit me back for the $1000 deposit after closing the deal online.

As a followup, I spoke to the bank that I used for my previous 4 vehicles and they said they would've had an even better interest rate than Ford Finance's 5.99%, so I will be re-financing it ASAP. Meanwhile when I asked the dealer to check with that bank, they told me they were nearly 10%.

Bottom line, if you have a dealer you can trust... go there, otherwise hitting that purchase button may be a solid option.
Another take away - line up your financing in advance if at all possible. I plan to walk in with a pre-approval from my credit union. If the dealer can match or beat it - great. If not, I know what I am getting.
 

IdeaOfTheDayCom

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You are 100% correct.

As it turns out, when I called Bank of America who financed my last 4 vehicles, they told me they would've offered as little as 4.5% to me because I'm a Preferred Customer with a solid history with them. (meanwhile the dealer told me they were close to 10%).

So, I'm re-financing this week. Unfortunately, the 4.5 rate is for a new purchase, so I may lose up to 1% by doing it as a refinance.
 

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ExCivilian

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I'm re-financing this week. Unfortunately, the 4.5 rate is for a new purchase, so I may lose up to 1% by doing it as a refinance.
Hopefully it doesn't affect your rate. Auto loans tend to split between "new" car purchase and "old" car purchases, but not whether it's first mortgage vs. refi like a home purchase. The "new" car designation often refers to a vehicle less than two or three years old and fewer than 100K miles, for example.
 

IdeaOfTheDayCom

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Hopefully it doesn't affect your rate. Auto loans tend to split between "new" car purchase and "old" car purchases, but not whether it's first mortgage vs. refi like a home purchase. The "new" car designation often refers to a vehicle less than two or three years old and fewer than 100K miles, for example.
They said the rate to refi will be slightly higher than it would've been if I simply pre-arranged the load before walking into the dealer. I just never anticipated that the dealer wouldn't accept the 5.99% that Ford Finance gave me online, so I didn't bother pre-arranging it.

Lesson learned. When you pre-arrange the financing, you take back control.
 

greenne

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Another take away - line up your financing in advance if at all possible. I plan to walk in with a pre-approval from my credit union. If the dealer can match or beat it - great. If not, I know what I am getting.
Bingo. I always take in a pre-approved bank draft(for some reason I think it was called a sight draft). The dealer fills it out and submits it to the bank for the pre approved amount.
 

Jer

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I completed my purchase at the dealer, and frankly I wish I didn't.

Ford pre-approved my financing, and there was literally a "checkout now" button to simply close the deal at 5.99% financing from Ford.

But... my dealer has asked me for an additional $1000 deposit in January (on top of the $600 paid via the web directly to Ford), and that deposit wasn't in the final figures, so I didn't hit the check out now button.

When I got to the dealer, they said they don't accept FORD Finance for EVs. Then, they said the best deal they could give me was 7.99% from a bank I've never heard of.

Clearly, that bank gives them some sort of commission.

Next, the paperwork at the dealer had some sort of "Window Etching" and another fee for "maintenance", neither of which were on the "Checkout Now" prices online.

Out of frustration and the need to simply get my truck, I didn't protest. It was pointless, but it made me question my original instinct to hit that purchase button and just ask the dealer to credit me back for the $1000 deposit after closing the deal online.

As a followup, I spoke to the bank that I used for my previous 4 vehicles and they said they would've had an even better interest rate than Ford Finance's 5.99%, so I will be re-financing it ASAP. Meanwhile when I asked the dealer to check with that bank, they told me they were nearly 10%.

Bottom line, if you have a dealer you can trust... go there, otherwise hitting that purchase button may be a solid option.
Agree with your last statement and just wanting to get the truck. However, not sure if it is legal for them to force you to use the bank of their choice, clearly they get a kickback to push that outrageous rate.
 

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IdeaOfTheDayCom

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Agree with your last statement and just wanting to get the truck. However, not sure if it is legal for them to force you to use the bank of their choice, clearly they get a kickback to push that outrageous rate.
They definitely get some sort of commission. There would be no other reason for them to reject the (already approved) Ford Finance loan, and I know for a fact that Bank Of America was MUCH lower than they claimed they were offering me. I called Bank of America the next day and confirmed it. They made it clear that my history with them made me eligible for "Preferred Status".

In the end, in order to make sure they didn't have an excuse to sell it as inventory, I paid a few extra for typical dealer nonsense like "Window Etching" and some sort of "Maintenance".

Bank of America will be refinancing the loan within the next week, and I lost about another half percent compared to what Ford Finance would've offered, so I can at least feel I'm closer to where I would've been if I closed the deal online directly with Ford.
 
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monsterlag

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They said the rate to refi will be slightly higher than it would've been if I simply pre-arranged the load before walking into the dealer. I just never anticipated that the dealer wouldn't accept the 5.99% that Ford Finance gave me online, so I didn't bother pre-arranging it.

Lesson learned. When you pre-arrange the financing, you take back control.
I am sorry but you really need to do some more research. Parsons is still doing 2.49% and they will accept it for refinances as well

https://www.parsonsfcu.org/vehicle-loans

That BofA rate is absolutely terrible.
 

IdeaOfTheDayCom

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I am sorry but you really need to do some more research. Parsons is still doing 2.49% and they will accept it for refinances as well

https://www.parsonsfcu.org/vehicle-loans

That BofA rate is absolutely terrible.
I have 30 days to sign and submit paperwork, so if there's a 2.49% rate out there, I'll definitely check them out.

Thanks for the heads up!

One thing I can say is that the OP is seeing firsthand the potential ups and downs of working with a dealer without preparation.
 

monsterlag

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I have 30 days to sign and submit paperwork, so if there's a 2.49% rate out there, I'll definitely check them out.

Thanks for the heads up!

One thing I can say is that the OP is seeing firsthand the potential ups and downs of working with a dealer without preparation.
There are tons of sub 3% rates especially with CUs. Don’t settle for the first bank to talk sweet nothings to you. I got 1.99 for 75 months for example.
 

metroshot

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Freeze your credit reports too - half the shenanigans that go on are in the finance office.
I tried to do that but my dealer insisted they could not sell me the truck even though I had financing approved by my credit union.

After speaking to my CU, they said the dealer has the right to pull your credit even with outside financing for identity purposes.

Dealer pulled TU and EX.

Drove off with 3.49% 84 months from my CU.
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