🔒 Ford Credit Finance Rate Lock Program - For 2023 Models Ordered by 1/3/23

[Administrator]

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[Brown0]

Contacted my dealer to request what rates are available to be locked for this offer. Application now is strange, I'd suspect two hard pulls going this route - but maybe worth it. If anyone gets the rates & terms available, please post them.

 

[paneubert]

@fordvideoguy , any way to give us a "still somewhat generic since it will vary from customer to customer, but still more specific than this advertisement" type description of what these rates and terms might look like? From the dealer perspective?

 

[fordvideoguy]

@fordvideoguy , any way to give us a "still somewhat generic since it will vary from customer to customer, but still more specific than this advertisement" type description of what these rates and terms might look like? From the dealer perspective?

When you order the current rates are your locked in rates and incentives(Protect Date on SmartVincent when you purchased). Some vehicles have a low rate going on, mainly vehicle lines that are struggling to get retail (customer) orders like SUVs (Edge, Escape, Explorer, Expedition, Bronco Sport, F150).

 

[paneubert]

When you order the current rates are your locked in rates and incentives(Protect Date on SmartVincent when you purchased). Some vehicles have a low rate going on, mainly vehicle lines that are struggling to get retail (customer) orders like SUVs (Edge, Escape, Explorer, Expedition, Bronco Sport, F150).

Ok. So this advertisement is just a fancy way of saying/showing rate lock at time of order via the "protect date" radio button? Not that folks need to be going and applying for Ford Financing 10 months before their Maverick arrives? They are making it sound like people need to be rushing to their dealer for a credit app to protect their special offer. Which did seem weird to me.

 

[fordvideoguy]

Ok. So this advertisement is just a fancy way of saying/showing rate lock at time of order via the "protect date" radio button? Not that folks need to be going and applying for Ford Financing 10 months before their Maverick arrives? They are making it sound like people need to be rushing to their dealer for a credit app to protect their special offer. Which did seem weird to me.

Oh, I did read that, some dealers are pulling credit applications on customers putting in orders. Not sure if it is a requirement for rate lock because credit can change in 6 months or more.

 

[paneubert]

.....credit can change in 6 months or more.

Yeah......this advertisement seems weird due to that. I'm not going to worry about it.

 

[Syntax Error]

What kind of rates could be expected with someone with excellent credit over 800? I wonder if the Ford financing will beat my local credit unions, but I am also trying to think whether or not rates would be better by next year if and when my order is hopefully ready for me to purchase.

Also, aren't the rates protected anyways via SmartVincent if your order goes through COVP? Wouldn't the better strategy be to wait and see what the rates are a year from now, and if it's worse, use the SmartVincent protection date feature to get the rates now?

 

[skadizzle]

What kind of rates could be expected with someone with excellent credit over 800? I wonder if the Ford financing will beat my local credit unions, but I am also trying to think whether or not rates would be better by next year if and when my order is hopefully ready for me to purchase.

Also, aren't the rates protected anyways via SmartVincent if your order goes through COVP? Wouldn't the better strategy be to wait and see what the rates are a year from now, and if it's worse, use the SmartVincent protection date feature to get the rates now?

If they don't have any promotional rates, then your credit union will probably have better rates. My 22 is locked in with the rates from last year that no bank can touch, but the last rates I saw Ford promote were 2.9% but those ended in September.

 

[Old Hickory Trojan]

I'm not going to worry about any of that stuff until I have a Vin Number....no need to worry about something I may never need...

 

[commadorebob]

What kind of rates could be expected with someone with excellent credit over 800? I wonder if the Ford financing will beat my local credit unions, but I am also trying to think whether or not rates would be better by next year if and when my order is hopefully ready for me to purchase.

Also, aren't the rates protected anyways via SmartVincent if your order goes through COVP? Wouldn't the better strategy be to wait and see what the rates are a year from now, and if it's worse, use the SmartVincent protection date feature to get the rates now?

If you have over 800, Ford will beat the Credit Unions. Credit Unions have to make a profit for their members; Ford simply wants to pay off the truck. At 800 and Tier 0, you should get an outstanding rate.

As for the rates, my dealer said I will get the better of the two rates, either today or at delivery. So, if the rates do go down, I can have those but I am locked in if they go up.

 

[paneubert]

What kind of rates could be expected with someone with excellent credit over 800? I wonder if the Ford financing will beat my local credit unions....

Unrelated to this specific post/thread, I just so happened to go see what my longstanding savings/checking account (and multiple current and former vehicle loans) credit union could tell me about pre-approval. They said my vehicle loan specific FICO score was around 760 and they could get me about 5.5% on a new vehicle loan.....yikes. That was this morning.

 

[brucerob62]

ill pass either pay cash with trade or go thru my credit union

 

[Eaglebill]

Looks like 3.9%

 

[KevCuRaoi]

Ok. So this advertisement is just a fancy way of saying/showing rate lock at time of order via the "protect date" radio button? Not that folks need to be going and applying for Ford Financing 10 months before their Maverick arrives? They are making it sound like people need to be rushing to their dealer for a credit app to protect their special offer. Which did seem weird to me.

Only special /low/subvened rates are "protected" (and will show up in smart vincent using the "protection date" options.

This memo is saying that "standard" Ford Credit rates can also be "protected" (for up to 180 days), but you must apply for the financing ahead of time to get locked in.

They are two different things. If you have the low APR available from when you ordered (which is essentially all 22 Mav orders), there's no need to do anything. But if you are ordering a vehicle that doesn't have a protectable low APR incentive, this may be a helpful way to lock in a lower rate.

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