Honoring the Financing at Order

[HomeGuy]

Hey guys, sitting at the dealership and they are struggling to comprehend that I should be able to receive the financing deal from August (3.9% @ 60 months)when I ordered the truck. Anyone have a link or pdf from Ford with this info?

Sponsored

 

[Heliian]

You should have all the paperwork and stipulations that you signed when you ordered. Should be clear in those documents whether the financing rate was locked or not.

If you have further questions, contact Ford credit directly.

 

[mefly2]

Was it Ford financing? Most rate locks are for 90 days max through commercial lenders ... right now about 7% unless you are a Navy Fed member.

 

[HomeGuy]

You should have all the paperwork and stipulations that you signed when you ordered. Should be clear in those documents whether the financing rate was locked or not.

If you have further questions, contact Ford credit directly.

I spec’ed the truck online at ford.com and they sent it to my nearest dealer. I put a $500 deposit down and that was it. No contracts or paperwork with the dealer or ford directly.

 

[Heliian]

I spec’ed the truck online at ford.com and they sent it to my nearest dealer. I put a $500 deposit down and that was it. No contracts or paperwork with the dealer or ford directly.

Yikes, there must have been some legal info in the correspondence? Most likely not locking in the financing or anything really, probably a blanket "may not be exactly as described" disclaimer.

 

[peoples1234]

When I had an expedition order, I had to put in a credit app with Ford at the time of order to lock into the rate.

 

[Monkey]

I spec’ed the truck online at ford.com and they sent it to my nearest dealer. I put a $500 deposit down and that was it. No contracts or paperwork with the dealer or ford directly.

Sorry to break it to you, but Ford financing incentives don’t persist unless you apply for financing. You receive all pricing incentives available at the time of your order - entered in system, deposit taken - and any others that come along the way up to and including time of delivery. But not financing terms. Ford credit will approve and lock your terms for up to 90 days. You would have needed to apply while the 3.9% deal was active.

 

[MileHighVoltage]

My dealer in Colorado locked it in at 3.9, no $1500 incentive on my XLT though; this was about 6 weeks ago and the offer had changed to the rebate.

 

[RickLightning]

If Ford ran a promotional rate at time of order, you are supposed to get that. The dealership checks a box in Smart Vincent that does this. You get the promo rate, as well as any rebates. Or, you take all of the package at time of delivery. You cannot split them.

You do NOT get to pick from the regular financing rates at time of order, there is no "rate lock".

So, if at time of order there was 0% for 60 months, and now at time of delivery there is $5,000 back, you pick one.

We ordered and our car came in a year later. At time of order the promo was 0% for 3 years or 0.9% for 4 years. A year later we got that rate (Mach-E).

 

[flux capacitor]

Yikes, there must have been some legal info in the correspondence? Most likely not locking in the financing or anything really, probably a blanket "may not be exactly as described" disclaimer.

I bought my Lightning in July. I had ordered a Lariat with standard battery in March, but when prices dropped in July I canceled my order and bought one at a dealer all the same in my order, but with extended battery for no more than I was going to pay for the standard battery. The dealer tried to give me the 7%, but I had done my research and told them I wanted Ford Credit and that I knew what the rates were. They kept playing with me slightly lowing from 7%, but I kept refusing. I asked them what their Buy Rate was for the loan they were trying to give me, which shocked them so they would not tell me, but asked what rate did I have and told them 3.9 for 60. They then finally came back with the 3.9. I have had the thought I could have said just about any rate, but over and done.

I searched the Internet and it said now Ford Credit was a 6.99% at 60, but I saw this on a dealer advertisement of 2.9% at 72 https://www.koonsford.com/national-incentives/index.htm. If you have an Excellent credit rating just hold firm and tell them you will walk if you do not get your rate. I here sales are down for the Lightning right now lots of people have changed their minds and not taken their order and that is how I found the one I bought. Typically Dealers Buy Rate is lower and they tack on more so that not only do they make a profit of the sale they also will get a percentage from the loan for the entire term. I hate that I feel they got their profit off the sale they should not be dicking with me for addition kick back from the loan.

I found out about Buy Rates and how to deal with the sales process from caredge.com. You can just listen to all their videos free on youtube or get a subscription if you want to get more info. I just did the youtube at first, but then right before I went to buy mine I got a subscription for more info. It worked out pretty well and I learned a whole lot about how to deal with dealers and their stick it too me sales process.

Sponsored