tneison Posted July 14, 2011 Report Share Posted July 14, 2011 I know this would be spelled out in the terms of the financing, but does anyone know off the top of your head if Ford has any prepayment penalty if they finance the loan and include the current $1,000 incentive? I want to pay cash, but the dealer (over the phone and out of the area) is saying I should just finance it thru Ford to get the $1k discount then pay it off the first month. I can't believe Ford doesn't include some type of pre-payment figure in their financing. Quote Link to comment Share on other sites More sharing options...
Grey Posted July 14, 2011 Report Share Posted July 14, 2011 I was told at one time that I would ned to keep the loan in effect for 6 months to qualify for the FMCC incentive. I sugest you look at the contract. Years ago I got $500 for financing a few thousand with FMCC but paid it off in a month. Perhaops they got wise to that??? Quote Link to comment Share on other sites More sharing options...
bbf2530 Posted July 14, 2011 Report Share Posted July 14, 2011 (edited) I know this would be spelled out in the terms of the financing, but does anyone know off the top of your head if Ford has any prepayment penalty if they finance the loan and include the current $1,000 incentive? I want to pay cash, but the dealer (over the phone and out of the area) is saying I should just finance it thru Ford to get the $1k discount then pay it off the first month. I can't believe Ford doesn't include some type of pre-payment figure in their financing. EDIT - Grey posted his reply (Hi Grey! :D ) while i was composing mine, so I had not seen it before posting. Hi tnelson. :D My reply will not be very helpful, but I did not want you to be left hanging. Incentives and Finance terms vary (sometimes by quite a bit) by Region. So the Incentives and particular Finance terms in your area will not necessarily be the same as mine. In fact, odds are they will differ. We have no idea where you live or what the particular stipulations would be for the Incentives and Financing plans in your particular area. That being said, it is not unusual for there to be no pre-payment penalty. But we can not know for sure in your case. Maybe you will get lucky and a member with intimate knowledge of Fords Finance terms in your area will see this and reply. If not, (unfortunately) the best way to find the answer will be to read the Finance terms of your loan contract. You can also ask your salesperson for a blank contract copy which you can read ahead of time. Good luck. :beerchug: Edited July 14, 2011 by bbf2530 Quote Link to comment Share on other sites More sharing options...
cal3thousand Posted July 14, 2011 Report Share Posted July 14, 2011 There are generally no prepayment penalties on FMC Financing. But I would check to make sure. Call them yourself. Quote Link to comment Share on other sites More sharing options...
tneison Posted July 14, 2011 Author Report Share Posted July 14, 2011 Yep - will definitely call and of course make sure to read all the fine print. Buying in the Carolina's - so when you read the 'local offers' there is no mention of a prepayment penalty. No I'm just trying to verify the actual dealer invoice cost, the dealer is saying one thing and Edmunds and KBB all have different numbers. Thanks for the quick responses. Quote Link to comment Share on other sites More sharing options...
akirby Posted July 14, 2011 Report Share Posted July 14, 2011 Yep - will definitely call and of course make sure to read all the fine print. Buying in the Carolina's - so when you read the 'local offers' there is no mention of a prepayment penalty. No I'm just trying to verify the actual dealer invoice cost, the dealer is saying one thing and Edmunds and KBB all have different numbers. Thanks for the quick responses. I took the rebate, then refinanced and paid off the FMC loan within the first month or two - no penalties whatsoever (this is in GA). Regarding the invoice pricing on Edmunds and KBB - be aware these do not include the FDAF advertising fee which is a legitimate dealer cost paid by the dealer to Ford. This is usually around $450 or so. So you have to add that to any of the online dealer invoice pricing and be sure to include destination. So if the dealer is $450 or so higher than edmunds and kbb the dealer is probably correct. Quote Link to comment Share on other sites More sharing options...
tneison Posted July 14, 2011 Author Report Share Posted July 14, 2011 I took the rebate, then refinanced and paid off the FMC loan within the first month or two - no penalties whatsoever (this is in GA). Regarding the invoice pricing on Edmunds and KBB - be aware these do not include the FDAF advertising fee which is a legitimate dealer cost paid by the dealer to Ford. This is usually around $450 or so. So you have to add that to any of the online dealer invoice pricing and be sure to include destination. So if the dealer is $450 or so higher than edmunds and kbb the dealer is probably correct. Ah - that makes sense. This is a Limited FWD, 302A rapid spec, 20" wheels, trailer/tow and illuminated door sill. MSRP 41,580, Invoice according to dealer around 39,500. Edmunds shows 38,720. So w/ what you are talking about I'm just off a couple hundred. Dealer offer, with the incentives, is 36,600. I can do a bit better at some other dealers, but they don't have the exact color I'm looking for. Quote Link to comment Share on other sites More sharing options...
cal3thousand Posted July 14, 2011 Report Share Posted July 14, 2011 Ah - that makes sense. This is a Limited FWD, 302A rapid spec, 20" wheels, trailer/tow and illuminated door sill. MSRP 41,580, Invoice according to dealer around 39,500. Edmunds shows 38,720. So w/ what you are talking about I'm just off a couple hundred. Dealer offer, with the incentives, is 36,600. I can do a bit better at some other dealers, but they don't have the exact color I'm looking for. My Limited 302A Tow TriCoat came to near there... so you are definitely in the right ballpark, not a bad deal. Quote Link to comment Share on other sites More sharing options...
Dingo Posted July 15, 2011 Report Share Posted July 15, 2011 Mine is written up as a 22K loan, but at the time of purchase, I paid all but $400 of the entire purchase in cash. Ford thinks I got a $22k loan, they'll be paid $21,600 on Tuesday, and then I'm going to pay $100/month for the next 4 months. That way, the dealer gets a spliff from Ford Credit for getting me to finance. They are very good to me, so I don't mind. My wife got an Escape yesterday, too, but we leased hers. Quote Link to comment Share on other sites More sharing options...
cal3thousand Posted July 15, 2011 Report Share Posted July 15, 2011 Mine is written up as a 22K loan, but at the time of purchase, I paid all but $400 of the entire purchase in cash. Ford thinks I got a $22k loan, they'll be paid $21,600 on Tuesday, and then I'm going to pay $100/month for the next 4 months. That way, the dealer gets a spliff from Ford Credit for getting me to finance. They are very good to me, so I don't mind. My wife got an Escape yesterday, too, but we leased hers. I wish my payments were $100/month for 4 months Quote Link to comment Share on other sites More sharing options...
smoothballer Posted July 17, 2011 Report Share Posted July 17, 2011 The whole Ford Financing Rebate is a joke. I just purchased a new FWD Sport and was told to get the $1000 rebate I would need to use the promotion APR of 6.9% then after 1 month I could refinance with my credit union for a new rate (which was 4.0%). So I figured it was worth it to get $1000 off for a little more for the first month payment. So I had everything drawn up and I made my way back the Finance Dept. When I got there he completely ignored the promotional requirement and told me he could offer 3.99% for 60 months and I wouldn't need to refinance and pay any applicable fees so I went with it. Worked out for me... Quote Link to comment Share on other sites More sharing options...
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