Has anyone financed their new ranger with ford motor credit ?

[LLCCPA]

My dealership told me 7-8% with Ford Credit. I financed through Navy Federal 72 months at 5.29%

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[Viporpa]

My dealership told me 7-8% with Ford Credit. I financed through Navy Federal 72 months at 5.29%

Thank you. Thats what i figured roughly. Also saw the Navy Fed rate. I hate going though anyone but ford but might have to this time. Did you prequalify with Navy Fed before you went to the dealership ? Only reason i ask is due to dealerships trying to force you to go with their own banks to get their kickbacks.

 

[LLCCPA]

Thank you. Thats what i figured roughly. Also saw the Navy Fed rate. I hate going though anyone but ford but might have to this time. Did you prequalify with Navy Fed before you went to the dealership ? Only reason i ask is due to dealerships trying to force you to go with their own banks to get their kickbacks.

I told the dealership ahead of time that I was financing through NFCU. I would have preferred Ford Credit just because it would have been easier, but for that much of a rate difference I couldn't do it. I got my final numbers from the dealership, applied for my loan with NFCU and had my check within a couple days. For the dealership it was a cash deal since I took care of my own financing. Maybe you should just tell the dealership it's a cash deal for them.

 

[fordtrks4ever]

You have to watch out say you are financing $6,218.00
Navy Fed will only give that rate of 5.29% for 72 month interest paid is $1,053.00.
Ford Credit rate of 7% for 24 months interest paid is $464.00
What I am trying to say is the lower rate for longer time cost more in the end.
Balance both sides as you make your purchase.

 

[Viporpa]

I told the dealership ahead of time that I was financing through NFCU. I would have preferred Ford Credit just because it would have been easier, but for that much of a rate difference I couldn't do it. I got my final numbers from the dealership, applied for my loan with NFCU and had my check within a couple days. For the dealership it was a cash deal since I took care of my own financing. Maybe you should just tell the dealership it's a cash deal for them.

You and I are in the same boat. I feel exactly as you. Unfortunately my salesman already knows i plan to finance. The amount will be around 20k as i have cash down and trade-in value. I'll probably go down when it arrives , hear the crap rate ford will offer me , then tell them i will go through NFCU. They should be happy enough with that. I have financed every vehicle i have bought through ford , but not this time if i get the same rates as you were given by them.

Thank you for your help.

 

[coldconfession13]

My dealer told me I had to finance with Ford to get the truck at msrp, so I’ll have some rates this week hopefully.
My credit union is doing 5.9% and will refinance there if the Ford rate sucks.

seems illegal to do. That's a shady dealership

 

[DMC]

I would ask them "specifically" why this is the case. There can be rebates specifically for using a particular financing. i.e. if using X financing there is a $1000 rebate. If it is a specific contingency in the rebate, then it is what it is. That $1000 rebate essentially comes off of the purchase price. If they are just trying to get extra deals to flow through the financing because they get some bonus for more of those deals, then it IS on the dealership and - as stated - very shady.

 

[sikedsyko]

I would ask them "specifically" why this is the case. There can be rebates specifically for using a particular financing. i.e. if using X financing there is a $1000 rebate. If it is a specific contingency in the rebate, then it is what it is. That $1000 rebate essentially comes off of the purchase price. If they are just trying to get extra deals to flow through the financing because they get some bonus for more of those deals, then it IS on the dealership and - as stated - very shady.

It is what it is. Its no secret that dealers make money by selling financing deals. The other 4 dealers I talked to were asking $5-10k ADM. If I finance with Ford and get a 1% higher interest rate, over the life of the loan that will cost far less than those ADMs, not to mention I'll refinance it right away anyways.

Is it shady? Probably, but in my experience manufacturer credit has been right in line with the best offers available. Also, not sure why its not "shady" for the manufacturers to offer rebates for using their financing, but its shady for dealers to do it.

Anyways, until the deal is done its all up in the air for negotiating.

 

[Crapblaster]

My dealer told me I had to finance with Ford to get the truck at msrp, so I’ll have some rates this week hopefully.
My credit union is doing 5.9% and will refinance there if the Ford rate sucks.

Sounds shady to me. Go ahead and take the deal then refinance through your credit union. As far as I know, in Texas they can't keep you from doing it.

 

[pyates999]

The best that I've found so far around my area is 5.5% for 60 months & 5.75% for 72 months & that is what they consider A+ rating which is a 725 or higher credit score. Ford credit shows 7% on the build & price site which seems high comparatively speaking.

 

[sikedsyko]

Thank you. Very interested in what you find out. Hopefully someone will have this information sooner rather than later , lol.

Well when I got to the financing office they didn't even offer Ford credit, they had me with Wells Fargo at 7.99%, but that was for 72 months, when I had asked for 60. Ended up bringing my own financing at 5.9% for 60.

They tried to hose me on my trade (still did a bit), despite me coming in 3 weeks earlier, when the truck shipped, and asking them for a firm trade commitment that they refused to honor today. So I played hardball with the financing.

 

[Viporpa]

Well when I got to the financing office they didn't even offer Ford credit, they had me with Wells Fargo at 7.99%, but that was for 72 months, when I had asked for 60. Ended up bringing my own financing at 5.9% for 60.

They tried to hose me on my trade (still did a bit), despite me coming in 3 weeks earlier, when the truck shipped, and asking them for a firm trade commitment that they refused to honor today. So I played hardball with the financing.

Well that is disheartening. I hate dealerships. Always feel like you leave there after being raped of your cash.

 

[Scotty piffin]

Well when I got to the financing office they didn't even offer Ford credit, they had me with Wells Fargo at 7.99%, but that was for 72 months, when I had asked for 60. Ended up bringing my own financing at 5.9% for 60.

They tried to hose me on my trade (still did a bit), despite me coming in 3 weeks earlier, when the truck shipped, and asking them for a firm trade commitment that they refused to honor today. So I played hardball with the financing.

Cant speak on the financing situation that's probably just a finance manager trying to maximize his profit but a trade value 3 weeks early is something most people would and should be hesitant to commit to especially given the current volatility (and rapidly dropping) used car market. You are asking them to give you a number on a car they wont be able to take possession of for at least three weeks and probably cant even offer for sale for another week or so after that due to reconditioning time. They could risk putting themselves in a bad spot with your trade with that type of turn around time. Don't fault you for trying but that's more a case of the business protecting themselves than trying to screw you.

 

[sikedsyko]

Cant speak on the financing situation that's probably just a finance manager trying to maximize his profit but a trade value 3 weeks early is something most people would and should be hesitant to commit to especially given the current volatility (and rapidly dropping) used car market. You are asking them to give you a number on a car they wont be able to take possession of for at least three weeks and probably cant even offer for sale for another week or so after that due to reconditioning time. They could risk putting themselves in a bad spot with your trade with that type of turn around time. Don't fault you for trying but that's more a case of the business protecting themselves than trying to screw you.

Yeah it was why I was very clear with them that I wouldn't bother getting the trade value early if they wouldn't honor it. Really annoying because 3 weeks ago they were well above the Carmax/Carvana trade values. Then the truck shows up and Carvana/Carmax are down like $500, but the dealer goes down $3k, inline with the online companies. If I had known I would get Carmax money, I would have gone ahead and sold the car the privately, but at the Dealerships value+tax savings it didn't make sense to private sale.

Can't trust a car dealerships word for anything.

 

[Critical Habitat]

If one has used Ford Credit in the past and/or has a current account with them, I think you could reach out and find out more, even without getting a hard credit report pulled. I'd try to find real person to speak to who could suggest a range that they are currently charging.
I think you could even get a pre-approval/qualified for certain amount based on the VIN. Then it could be wired/transferred to the dealer during purchasing.
And they offer pre-approval online.

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