savvy Posted April 16, 2008 Report Share Posted April 16, 2008 I am considering a purchase of a 2007 Ford Edge. In my region, I qualify for 2 rebates, $2,000 for taking a car off the lot and an additional $1,000 for using ford credit (program 11506). My question is two fold... 1. I want to put a substantial amount down. Is there a minimum I have to finance to get the $1,000 rebate? 2. I'm in sales and if I have a great month and want to payoff my balance early, is there a prepayment penalty? If so, what is it? Quote Link to comment Share on other sites More sharing options...
akirby Posted April 16, 2008 Report Share Posted April 16, 2008 I am considering a purchase of a 2007 Ford Edge. In my region, I qualify for 2 rebates, $2,000 for taking a car off the lot and an additional $1,000 for using ford credit (program 11506). My question is two fold... 1. I want to put a substantial amount down. Is there a minimum I have to finance to get the $1,000 rebate? 2. I'm in sales and if I have a great month and want to payoff my balance early, is there a prepayment penalty? If so, what is it? There is no prepayment penalty with Ford Credit loans. I paid mine off after 45 days and refinanced with my CU (I was told I had to wait 3 months but there is nothing in writing and nobody complained). I don't think the rebate itself has any type of minimum loan amount but I'm sure Ford credit has a limit on what they're willing to loan. Just call the dealer. Quote Link to comment Share on other sites More sharing options...
savvy Posted April 16, 2008 Author Report Share Posted April 16, 2008 There is no prepayment penalty with Ford Credit loans. I paid mine off after 45 days and refinanced with my CU (I was told I had to wait 3 months but there is nothing in writing and nobody complained). I don't think the rebate itself has any type of minimum loan amount but I'm sure Ford credit has a limit on what they're willing to loan. Just call the dealer. The problem is getting the right answer. One dealership told me there's no prepay penalty and I can pay it off the moment my first payment is due. Another dealership told me that I have to finance atleast $10,000 and I have to make payments for 6 months. I don't know who/what to believe and I don't want to get stuck paying interest for 6 months or a penalty if I can pay it off in it's entirety right away. Quote Link to comment Share on other sites More sharing options...
akirby Posted April 16, 2008 Report Share Posted April 16, 2008 The problem is getting the right answer. One dealership told me there's no prepay penalty and I can pay it off the moment my first payment is due. Another dealership told me that I have to finance atleast $10,000 and I have to make payments for 6 months. I don't know who/what to believe and I don't want to get stuck paying interest for 6 months or a penalty if I can pay it off in it's entirety right away. My contract clearly stated "no penalty for prepayment" and there was no minimum length specified. I paid mine off within 2 months with absolutely no issues - no questions, no warnings, no penalties, etc. If there is any such limitation it will be in the finance contract itself. It may be that the dealership doesn't get any spiff money from Ford Credit if it's paid off early - so they may try to make you keep it for 3 or 6 months - but that wasn't a Ford Credit requirement (at least in my contract). Quote Link to comment Share on other sites More sharing options...
bulldog Posted April 16, 2008 Report Share Posted April 16, 2008 i took an 07 last month off Ford's hands and got a $3K + $1K and 3.9% @72 months. you may want to hit them up for at least another $1K in rebates. Quote Link to comment Share on other sites More sharing options...
savvy Posted April 17, 2008 Author Report Share Posted April 17, 2008 i took an 07 last month off Ford's hands and got a $3K + $1K and 3.9% @72 months. you may want to hit them up for at least another $1K in rebates. Really? I wonder if the rebates are different depending on what state you live in. What State do you live in? Quote Link to comment Share on other sites More sharing options...
akirby Posted April 17, 2008 Report Share Posted April 17, 2008 Really? I wonder if the rebates are different depending on what state you live in. What State do you live in? Rebates vary by zip code. Quote Link to comment Share on other sites More sharing options...
bulldog Posted April 18, 2008 Report Share Posted April 18, 2008 Really? I wonder if the rebates are different depending on what state you live in. What State do you live in? I purchased it in Missouri from Friendly Ford while my wife was at a bowling tournament (she was surprised:). i'm from Oklahoma Quote Link to comment Share on other sites More sharing options...
Grey Posted April 18, 2008 Report Share Posted April 18, 2008 40 years ago, the destination charge was less for those closest to Motor City. If you bought your vehicle from a Detroit area dealer and drove it home, you might save a couple hunderd dollars. Then they went to equalized destination charges. Later, they developed regionalized incentive programs and even regional models of selected vehicles. For the past decade or more, each Advertising Group of dealers (FDAF) can decide to "incentivize" selected models or even option packages, specific to their area. Therefore, the need to identify the buyer by ZIP code. You are eligible for the incentives offered in your ZIP, regardless of where you buy your vehicle. My FDAF includes most of the Atlanta metro dealers. 40 miles out would put you in another FDAF area and potentially different offers. The incentives can change daily so do not assume that the deal someone else got is available to you weeks later or miles apart. Quote Link to comment Share on other sites More sharing options...
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