Switch Ford Credit loan to new truck?

[CACTI_HYBRID]

The 2023 XLT Hybrid I ordered way back in October of 2021 is enroute finally with an ETA of early June. (Read the saga in my signature). While waiting, I found and bought a 2022 XL Hybrid last October. When the new truck arrives, I'm planning to sell the '22. So here's the question... I was able to get a loan for that vehicle with a special Ford Credit rate of 1.9%. Now, rates are just over 7%. I've heard that Ford Credit sometimes will allow switching an existing loan over to a new vehicle. True? Have any of you done this? I'd sure prefer a 1.9% interest rate to a 7% one!

BTW- my 2022 has just over 2,900 miles now and Carvana made me a great offer, just over $31K. That's like having been able to drive the '22 for free for the past 7 months!

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[JBryant]

Never heard of doing that. Same boat here. I went from 1.9 to 6.75.

 

[OB1e]

Different vin #, different loan. Goodbye lower rate.

 

[Baloo]

It is called exchange of collateral. Something you should ask Ford Credit if they do.

I know Chrysler Credit did it back in the early 2000's. Not sure if Ford does.

 

[Darnon]

A collateral exchange some 8 months later and simply because you're buying a new vehicle rather than because the old one is a manufacturer/dealer buyback scenario seems like pretty slim to nonexistent odds.

 

[Chicolini]

Such a nice problem!

 

[Whitenight]

The 2023 XLT Hybrid I ordered way back in October of 2021 is enroute finally with an ETA of early June. (Read the saga in my signature). While waiting, I found and bought a 2022 XL Hybrid last October. When the new truck arrives, I'm planning to sell the '22. So here's the question... I was able to get a loan for that vehicle with a special Ford Credit rate of 1.9%. Now, rates are just over 7%. I've heard that Ford Credit sometimes will allow switching an existing loan over to a new vehicle. True? Have any of you done this? I'd sure prefer a 1.9% interest rate to a 7% one!

BTW- my 2022 has just over 2,900 miles now and Carvana made me a great offer, just over $31K. That's like having been able to drive the '22 for free for the past 7 months!

Ford Credit did it for me when I traded in my 2011 Fiesta on a 2013 Fiesta, both which were bought new from the same dealership. It was done through a "Change of Collateral" and all I had to do was to pay for any difference between the vehicle MSRP - which amounted to $2100 cash on delivery.

 

[Redneck Garage]

Never hurts to ask however every question I had for Ford Credit was answered- we work thru dealerships and not thru the end consumer.

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