adamwaw Posted September 29, 2011 Share Posted September 29, 2011 Had been shopping around looking for the best truck and deal I could find. Had almost all the dealers I spoke with tell me to use the ford credit get the $1000 and just turn around and re-fi with my own company to lower the rate. Finally found the right truck price was right so I purchased, Love the truck just can't beat the room in the Crew F-150, but as we were doing the paper work the Finance manager and salesperson both told me to stay with ford credit and make first 3 payments then re-fi or they ( the dealership) would be on the hook for the $1000 incentive. Anybody know why they would say this? Quote Link to comment Share on other sites More sharing options...
akirby Posted September 29, 2011 Share Posted September 29, 2011 Had been shopping around looking for the best truck and deal I could find. Had almost all the dealers I spoke with tell me to use the ford credit get the $1000 and just turn around and re-fi with my own company to lower the rate. Finally found the right truck price was right so I purchased, Love the truck just can't beat the room in the Crew F-150, but as we were doing the paper work the Finance manager and salesperson both told me to stay with ford credit and make first 3 payments then re-fi or they ( the dealership) would be on the hook for the $1000 incentive. Anybody know why they would say this? I don't believe they're on the hook for the $1K incentive. But they won't get their spiff check from Ford Credit. I presume they told you that just to make sure you didn't refi too early and take away their spiff check. It won't hurt to wait 3 months either way. Quote Link to comment Share on other sites More sharing options...
bneufelder Posted September 29, 2011 Share Posted September 29, 2011 I'm curious if this is worth doing or not. Are there any fees when you use Ford credit? The interest rate when you re-fi is higher than what you would get if you went to them originally? Also, are there any fees when you re-fi? (i'm sure it depends on bank) It seems like a lot of hassle to save a few bucks. If there are no fees than it's obviously worth it. Anyone have details? Quote Link to comment Share on other sites More sharing options...
adamwaw Posted September 29, 2011 Author Share Posted September 29, 2011 I'm curious if this is worth doing or not. Are there any fees when you use Ford credit? The interest rate when you re-fi is higher than what you would get if you went to them originally? Also, are there any fees when you re-fi? (i'm sure it depends on bank) It seems like a lot of hassle to save a few bucks. If there are no fees than it's obviously worth it. Anyone have details? There is no early payoff penalty from ford motor credit. From the credit union I am going to be using the rate will be 2.4% compared to the 4.99% that ford gave me. On top of that they are going to give me a loan transfer credit of $100 to switch the loan with them so I make out even better. Quote Link to comment Share on other sites More sharing options...
akirby Posted September 29, 2011 Share Posted September 29, 2011 I'm curious if this is worth doing or not. Are there any fees when you use Ford credit? The interest rate when you re-fi is higher than what you would get if you went to them originally? Also, are there any fees when you re-fi? (i'm sure it depends on bank) It seems like a lot of hassle to save a few bucks. If there are no fees than it's obviously worth it. Anyone have details? I did it a few years ago. No fees on the Ford side and no fees from my Credit Union on the refi. Same interest rate as buying it new. The only hassle for me was doing the second loan application but I guess that depends on who you are refinancing with. Quote Link to comment Share on other sites More sharing options...
Hydro Posted September 29, 2011 Share Posted September 29, 2011 they are just doing it for the spiff check. I no longer like my dealer and refi'd early . I would tell them you know about the spiff check and what can they do to keep you happy for 91 days. I'd try to get some services, or other goodies for your truck and see if they bite. Quote Link to comment Share on other sites More sharing options...
winterfrost Posted September 29, 2011 Share Posted September 29, 2011 Had been shopping around looking for the best truck and deal I could find. Had almost all the dealers I spoke with tell me to use the ford credit get the $1000 and just turn around and re-fi with my own company to lower the rate. Finally found the right truck price was right so I purchased, Love the truck just can't beat the room in the Crew F-150, but as we were doing the paper work the Finance manager and salesperson both told me to stay with ford credit and make first 3 payments then re-fi or they ( the dealership) would be on the hook for the $1000 incentive. Anybody know why they would say this? i know at my dealer and my zip code its 0% for 60 and a $1000.00 assist trade. Quote Link to comment Share on other sites More sharing options...
akirby Posted September 29, 2011 Share Posted September 29, 2011 i know at my dealer and my zip code its 0% for 60 and a $1000.00 assist trade. That's not the same thing as the $1000 Ford Credit rebate. Quote Link to comment Share on other sites More sharing options...
1depd Posted October 1, 2011 Share Posted October 1, 2011 The dealership didn't tell me anything. I bought my truck with Ford Credit so I got the 1k off, then refinanced it a month later when the first payment was due. Quote Link to comment Share on other sites More sharing options...
flixden Posted October 17, 2011 Share Posted October 17, 2011 Do you guys know what the minimum amount financed has to be to qualify for that $1,000 credit, or is there no minimum? Quote Link to comment Share on other sites More sharing options...
admatuszak Posted November 30, 2011 Share Posted November 30, 2011 I don't believe they're on the hook for the $1K incentive. But they won't get their spiff check from Ford Credit. I presume they told you that just to make sure you didn't refi too early and take away their spiff check. It won't hurt to wait 3 months either way. Akirby: Can you explain the spiff check? My dealer seems to think they can get me a better rate through a local bank or credit union. My guess is that they are probably correct--so I'll just take the cash back rebate (it is either cash back or 'special' financing) and go with another bank. Will they still get the spiff check? Or are they going to pressure me at the last moment to go with Ford credit? Quote Link to comment Share on other sites More sharing options...
akirby Posted November 30, 2011 Share Posted November 30, 2011 Akirby: Can you explain the spiff check? My dealer seems to think they can get me a better rate through a local bank or credit union. My guess is that they are probably correct--so I'll just take the cash back rebate (it is either cash back or 'special' financing) and go with another bank. Will they still get the spiff check? Or are they going to pressure me at the last moment to go with Ford credit? Don't worry about the dealer's spiff check or whatever they get or don't get. The only time that really comes into play is if you're paying off a loan within the first few months. See what rate YOU can get from a bank or credit union and as long as they can give the same or better terms then take it and don't worry about it. But do keep in mind that if the dealer tries to pressure you into a specific lender it's probably because they get more of a kickback from them (which is ok with me as long as they don't push it too much). In the end do whatever is best for you - the dealer will be ok. I'm sure they'll get a bigger kickback from a local bank than they would from Ford Credit but again that's just a guess. Quote Link to comment Share on other sites More sharing options...
admatuszak Posted November 30, 2011 Share Posted November 30, 2011 Don't worry about the dealer's spiff check or whatever they get or don't get. The only time that really comes into play is if you're paying off a loan within the first few months. See what rate YOU can get from a bank or credit union and as long as they can give the same or better terms then take it and don't worry about it. But do keep in mind that if the dealer tries to pressure you into a specific lender it's probably because they get more of a kickback from them (which is ok with me as long as they don't push it too much). In the end do whatever is best for you - the dealer will be ok. I'm sure they'll get a bigger kickback from a local bank than they would from Ford Credit but again that's just a guess. Thanks! (And quick response time!) I was a little surprised the special Ford Credit rates were so much higher than the local banks (4.9 for 60 versus ~2.9). I'm also thinking about just leasing it for cash flow reasons, but in any event, can't wait to pick it up. Quote Link to comment Share on other sites More sharing options...
Kjo43 Posted December 1, 2011 Share Posted December 1, 2011 i know at my dealer and my zip code its 0% for 60 and a $1000.00 assist trade. This is only for leftover 2011,s as I understand Quote Link to comment Share on other sites More sharing options...
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