Has anyone financed their new ranger with ford motor credit ?

[coryyyy]

Can't trust a car dealerships word for anything.

Off topic, but I'm reading over my dealerships "extra coverage" contract right now deciding if I want to pay for it or not. The salesman had me sold on it when they were reserving the truck and said "It covers all oil changes for 2 years. If you curb your wheels or get any damage to wheels or tires, its completely covered for the 2 years." And he mentioned a lot more, but I dont remember the exact details.

Well, the contract is 4 pages long. The first page is where you fill out your info, and definitions for terms used in the contract. The first page also mentions that if your truck uses synthetic oil, then they will only do 2 oil changes for the first 2 years. Top half of page 2 is what is covered (I may have to pay a deductible, and it is up to the dealerships descretion as to whether or not they fix the truck with new, remanufactured, or used parts) and there is no mention of wheels or tires. It's literally just drivetrain. But if you add any aftermarket parts or modify the truck in any way, or have your oil changed at another Ford dealership, the contract is void. The last 2.5 pages are listing everything that the contract does not cover.

I agree. Can't trust a car dealerships word for anything.

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[amet]

Following up to see what rate people got from the dealership??

 

[coryyyy]

The rate my dealership gave us was 10.49%. Way higher than I expected. 770 credit score. We plan to look for a better rate and refinance in a few months.

 

[Scotty piffin]

The rate my dealership gave us was 10.49%. Way higher than I expected. 770 credit score. We plan to look for a better rate and refinance in a few months.

you either dont actually have the good credit that you think you do or dealership is extorting you. Most people would consider the rate I offer at work to be bad and it’s 8.29 for tier 1 credit, I just got 5.99 for my own Ranger purchase. I would try to secure your own financing asap.

 

[cc1999]

The rate my dealership gave us was 10.49%. Way higher than I expected. 770 credit score. We plan to look for a better rate and refinance in a few months.

Yea, you should be able to beat that rate pretty easily when you refinance.

 

[coryyyy]

you either dont actually have the good credit that you think you do or dealership is extorting you. Most people would consider the rate I offer at work to be bad and it’s 8.29 for tier 1 credit, I just got 5.99 for my own Ranger purchase. I would try to secure your own financing asap.

I know our credit is fine, so it must be our dealer. That’s the unfortunate part about buying a truck like the Ranger Raptor right now. The dealership has all of the leverage. They claimed this is the best they could do, and I convinced them to sell me the truck for msrp, so I’m sure they wanted me to walk away from the deal so they could mark it up $15k and sell it the next day. They also added the $1000 rebate when I asked, then the finance guy walked over and asked us if Ford mailed us something about the rebate, and I said no, and he said he couldn’t give it to me if Ford didn’t offer it to us directly. Sounded like a lie as well considering it was already added and he took it back off. I’ve never had a good experience at a dealership.

 

[T-Rev]

The rate my dealership gave us was 10.49%. Way higher than I expected. 770 credit score. We plan to look for a better rate and refinance in a few months.

Might want to refinance within 45 days of the first hard credit check to avoid a second one which will further affect your score.

 

[coryyyy]

Might want to refinance within 45 days of the first hard credit check to avoid a second one which will further affect your score.

Thanks for the advice. We are going to look into it today.

 

[superakcraig]

you either dont actually have the good credit that you think you do or dealership is extorting you. Most people would consider the rate I offer at work to be bad and it’s 8.29 for tier 1 credit, I just got 5.99 for my own Ranger purchase. I would try to secure your own financing asap.

I was thinking the same thing about that rate. I have seen in my researching, some sprinklings of 6.99% for Ford Financing. Not sure how accurate that is but I could probably live with that (even though 0% sounds way better ).

 

[Scotty piffin]

I know our credit is fine, so it must be our dealer. That’s the unfortunate part about buying a truck like the Ranger Raptor right now. The dealership has all of the leverage. They claimed this is the best they could do, and I convinced them to sell me the truck for msrp, so I’m sure they wanted me to walk away from the deal so they could mark it up $15k and sell it the next day. They also added the $1000 rebate when I asked, then the finance guy walked over and asked us if Ford mailed us something about the rebate, and I said no, and he said he couldn’t give it to me if Ford didn’t offer it to us directly. Sounded like a lie as well considering it was already added and he took it back off. I’ve never had a good experience at a dealership.

How much money are you looking to borrow? What’s the payment going to be? You could have a fine credit score but if you’ve never borrowed that amount of money on a car loan/had a comparable car payment that you’ve paid well previously that could impact your rate. People with one credit card with a 1500 limit and a previous $300/ month auto loan paid off can have a fine credit score but if you’ve never had a comparable car loan to what you are trying to get and your going to jump up to $8/900 per month now, the bank views that as risky. Not doubting you, just asking questions to see if we can figure out why the rate would be so high.

 

[coryyyy]

How much money are you looking to borrow? What’s the payment going to be? You could have a fine credit score but if you’ve never borrowed that amount of money on a car loan/had a comparable car payment that you’ve paid well previously that could impact your rate. People with one credit card with a 1500 limit and a previous $300/ month auto loan paid off can have a fine credit score but if you’ve never had a comparable car loan to what you are trying to get and your going to jump up to $8/900 per month now, the bank views that as risky. Not doubting you, just asking questions to see if we can figure out why the rate would be so high.

We just paid off a 2021 Tesla Model Y before getting the truck. I’ve bought and paid off a brand new 2012 wrangler, 2014 Grand Cherokee, and a 2021 model Y each within 3 years. Since we knew we were going to refinance anyway, we only put $1000 down. We planned on putting $12000 down and we still have that cash in a high yield savings. We figured we’d get some more interest out of that before refinancing and put it all down on the first payment. Currently it’s $1000/month. We aren’t worried about the monthly payment. We are fine there. I just hate spending this much on interest so we are going to try to refinance asap.

 

[Scotty piffin]

We just paid off a 2021 Tesla Model Y before getting the truck. I’ve bought and paid off a brand new 2012 wrangler, 2014 Grand Cherokee, and a 2021 model Y each within 3 years. Since we knew we were going to refinance anyway, we only put $1000 down. We planned on putting $12000 down and we still have that cash in a high yield savings. We figured we’d get some more interest out of that before refinancing and put it all down on the first payment. Currently it’s $1000/month. We aren’t worried about the monthly payment. We are fine there. I just hate spending this much on interest so we are going to try to refinance asap.

Yeah, so it sounds like you have the auto history to support a decent rate. Sounds like the dealership is just trying to make up for selling you the car at MSRP..

 

[coryyyy]

Yeah, so it sounds like you have the auto history to support a decent rate. Sounds like the dealership is just trying to make up for selling you the car at MSRP..

That was my thought as well. I hate that I have so much extra work to do after buying it, but I guess its better than paying a markup. We'll get it figured out. Hopefully you guys are treated a little better than we were.

 

[DMC]

I haven't seen it mentioned on here yet - I could have missed it - but Ford sent me a flyer for "No Payments for 90 days" on a 2024 Ford ranger in the mail. Maybe you could get that and then switch your financing before it starts?

Ford Credit Payment APR Financing PGM #20090

I am not using Ford, so I didn't really look at it.

 

[Critical Habitat]

I thought that plan was through the beginning of April, but could be mistaken. No Ford specials are currently listed, that I could see for the Ranger.
Interest still accrues during that 90 days, but it does give some time to work on financing at a credit union or other place. Just confirm there is no prepayment penalties - document and origination fees would still apply.

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