Ford Credit Question

[Maxtor]

When we purchased our 2006 PSD, the dealer said that if we went through Ford Credit, that we would get $1,000 off the price, which sounded good to me, but when we started the deal, that price changed to $500. That sounded fishy to me, so we paid cash.
Recently I purchased a 2007 Focus for the wife's birthday, and this time they said we could get $500 if we did not pay cash and go through Ford Credit.
We thought about it and said ok. Now we find out that they said that the least amount that you can borrow is $10,000 at 9.9% interest. That sounds fishy to me. Anyway, it looks like if we pay it off on the first payment, then instead of $500 off, we will pay $99 interest so we would only get $401 off. I do not know if the hassle is worth the $401. Also the saleswoman, said that we could not pay it off until the third payment, which was a lie. I told them that I knew that it was not true, and that I could and would pay it off on the first payment. I found out that the dealer gets a kick back from Ford Credit for the first three payments.
I do not trust our dealer now. We purchased the car two weeks ago, so we have not received the payment book, so we can not pay it off until then.
Anyone have a similar experience?
We purchased this car from this dealer because they were $670 less then the next closest price, not including the $500 from Ford Credit.
I think that they price their vehicles low, and expect to get their money back on people who finance the sale.
-mad

 

[BigDaveZJ]

That's why outside of 0% financing I NEVER let the dealer handle the financing.

 

[BamaSixGun]

i got a 500.00 rebate with the ford credit on my truck maxtor.

and 1,000.00 on the upfitter rebate (toolboxes, hitch, bedliner, etc.)

 

[hheynow]

Dealerships are snakes with slippery skins.

 

[Maxtor]

i got a 500.00 rebate with the ford credit on my truck maxtor.

and 1,000.00 on the upfitter rebate (toolboxes, hitch, bedliner, etc.)

Bama;

Did you do payments or did you pay it off on the first payment? If you did payments, the interest would eat away the $500 pretty fast.
The high blood pressure from the dealerships slipperiness is not worth the $500 or in my case probably $401. We will see when we pay it off, how much of the $500 they took in interest. Our explorer will probably need to be replaced in a couple of years, so we will see from this experience if we pay cash or go through Ford Credit to save $500.

 

[WD40]

I have never used Ford Credit. 9.9% is way to high to pay on a new car loan.
In the past I have always paid cash to the person I was buying the car or truck from and then paid payments to myself to replace the money.
I know that not everyone can do that, but it has worked for us over the past few times we got a new or all most new car or truck.

 

[Maxtor]

I have never used Ford Credit. 9.9% is way to high to pay on a new car loan.
In the past I have always paid cash to the person I was buying the car or truck from and then paid payments to myself to replace the money.
I know that not everyone can do that, but it has worked for us over the past few times we got a new or all most new car or truck.

Hey WD;

Since we plan on paying it off on the first payment, the interest rate does not matter, except on the first payoff payment. The only reason we did this it to get the $500 from Ford Credit. The options were:

1. Pay cash and not get the $500
2. Make one payment and get the $500. then pay balance in cash,"check".

I still do not know if it is worth the trouble. I will know when we pay it off, and see how much of the $500 we get.

 

[Teggleston]

I always pay cash If not from my own account then from a loan through the my credit union. That way we have no issues with someone getting there palm stroked at the dealership. I was told at the dealership once that the would not make deals with cash paying customers because they would rather you finace thats how they make their money. So now I ownly deal with wholesalers they get me what I want with no bull and no 3 hours at the dealership.

 

[Boadie]

Wholesale is the only way to go, I am my basically my own dealer, and many wholesale options offer x plan + rebates. I just got on the internet and ordered my own truck. No more dealers for me.

 

[Big K]

I never use dealer for financing, I allways use a 3rd party.

NEVER talk about financing before you settle on a price on the car/truck.

It keeps the dealership honest about price.

Once you both aggree on a price and they ask about financing, tell them you are playing cash or check(if from a 3rd party).

I actally used Roadloans.com on our last loan for the wifes new(to us) car (2005 300C 5.7).

It made it soo much easier.

1)Get check from place.
2)Find Car
3)Talk to dealer about price
4)Write Dealer for THAT PRICE
5)DONE!

It was the easiest I have ever bought a car/truck, makes the process SOOO much less stressfull.