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

[fordvideoguy]

Is the Maverick one of the Fords that will offer the protected rate lock in?

You can lock in any model rate but the Maverick doesn't have any special rates.

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[dcs12345]

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.

With the way the Fed keeps raising rates…that 5.5% might look great in a year or so.

 

[jsus]

With the way the Fed keeps raising rates…that 5.5% might look great in a year or so.

Unfortunately, that seems to be the aim behind this program.

 

[Saul T Knutz]

@fordvideoguy sounds like a good "is it true" segment,lol. Is it true that Smart Vincent doesn't lock in my "standard" or "best" interest rate when I ordered my 23 Maverick this past September (non rollover)? If not, do I need to try to take advantage of this offer Ford Credit is extending to "lock in" the current interest rate (based on my credit rating)? If so, will that "locked in" rate be available when I take delivery of my Mav, which could be 6-15 months from now?

 

[Bob The Builder]

There are going to be hikes in the interest rate every time the Fed meets until this out of control inflation is brought under control. Tomorrow the inflation rate for September will be released which will have a big impact on the next Fed meeting on November 2. After that December 14 to review November's numbers.

There is no telling where these rates will land come spring of 2023 when a lot of us are hoping to get their Mavericks.

 

[9monthslater]

I won't pretend to know all of the myriad details. I will just say that 10 months after my Dec 21 order, the dealer got me 0% financing via Ford Credit so it seems some form of "lock in" is available.

 

[BILLNOROVILLE]

I want to tell you my story on financing.

Sept 8th, 2021, I gave the salesman at our small town only Ford/Chevy/Toyota all in one dealer a 500.00-dollar check and ordered a Maveric XLT model basic white truck with only a hitch option.

A week later I see Ford 1.9% financing is ending on 10/4/21. Now I sold my Volt to Carvana for 16400 so had plenty of cash and figured I would pay off the truck as soon as I could so financing was not a big deal, but I wanted to at least lock in what I considered a low rate, and my credit score was over 800. I really had nothing to lose by trying to lock it in. To me it was more thing affirming I wanted the truck.

I called the salesman and asked if I could lock in the 1.9 rate. He said he would call me the next day as the finance guy was gone for the day.

The next day he calls me and said, yep, you are locked in at the 1.9% rate. AND HERE IS HE BEST PART OF THE FINANCING. he then gave me a Vin number and a production date without me asking for it or even knowing it existed yet.

I think by locking in the financing FORD updated their computer. My salesman was nice enough to tape a picture with his phone and text it to me.

Maybe just Maybe, it helped me get my truck in 97 days with no BS. I don't know for sure if it did or didn't, but I am very happy with my salesman and this Ford dealership.

 

[MavrickPT]

Why worried about credit rate.pay cash and that solves the problem

 

[pa-outdoorsman]

I want to tell you my story on financing.

Sept 8th, 2021, I gave the salesman at our small town only Ford/Chevy/Toyota all in one dealer a 500.00-dollar check and ordered a Maveric XLT model basic white truck with only a hitch option.

A week later I see Ford 1.9% financing is ending on 10/4/21. Now I sold my Volt to Carvana for 16400 so had plenty of cash and figured I would pay off the truck as soon as I could so financing was not a big deal, but I wanted to at least lock in what I considered a low rate, and my credit score was over 800. I really had nothing to lose by trying to lock it in. To me it was more thing affirming I wanted the truck.

I called the salesman and asked if I could lock in the 1.9 rate. He said he would call me the next day as the finance guy was gone for the day.

The next day he calls me and said, yep, you are locked in at the 1.9% rate. AND HERE IS HE BEST PART OF THE FINANCING. he then gave me a Vin number and a production date without me asking for it or even knowing it existed yet.

I think by locking in the financing FORD updated their computer. My salesman was nice enough to tape a picture with his phone and text it to me.

Maybe just Maybe, it helped me get my truck in 97 days with no BS. I don't know for sure if it did or didn't, but I am very happy with my salesman and this Ford dealership.

I am skeptical locking in your financing forced Ford to build your truck any sooner, but good for you.

Also, FWIW, those low rates were extended and did not actually end until Feb. 1, 2022. I ordered Jan. 25 and am still locked in at 0 for 36, .9 for 48, 1.9 for 60, etc.

This is important for everyone to remember, as order banks for the MY22 Maverick closed BEFORE interest rates rose. In other words, ALL MY22 ORDER HOLDERS are LOCKED IN at the incentive rates.

So, if you have a VIN but as still waiting to take delivery of your Maverick, remember this and INSIST that you receive the locked in rates when you go to purchase. Your dealer CAN access them simply by selecting the "protection date" in Smart Vincent. Don't let them play dumb and try to pawn you off on some local bank charging you 6.5% so the dealer gets a $1,500 kickback on the loan.

 

[Kelli]

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.

It could lock it in, but do you expect your vehicle to be built and arrive within 6 months. Realistically with Ford’s record, no. To me it would be a waste of a ding on a report.

 

[KevCuRaoi]

It could lock it in, but do you expect your vehicle to be built and arrive within 6 months. Realistically with Ford’s record, no. To me it would be a waste of a ding on a report.

Right, for a Maverick 6 months may be a stretch. But there are other vehicles that would arrive w/in the 6 month window.

 

[MakinDoForNow]

I guess the days of zero percent financing are gone that I used on my last two car purchases.

Was talking to a good friend who has a credit union savings account he makes monthly "car payments" into. He said he has just over 48k in it but cannot decide what to buy. It's been over 40 years since he has borrowed money on a car.

 

[pa-outdoorsman]

Was talking to a good friend who has a credit union savings account he makes monthly "car payments" into. He said he has just over 48k in it but cannot decide what to buy. It's been over 40 years since he has borrowed money on a car.

At high (current) interest rates, this makes sense.

At 2% or less I'm not even sure it matters. Or, I should say it doesn't to me. I honestly don't care about $1,000 or $1,500 interest over the course of five years.

Heck, on my wife's 2016 Mitsubishi we got 0% for 72 months. FREE MONEY. I literally put nothing down and even financed the tax, title and tags. Figured if Mitsubishi was going to cover that for me too, interest free, let them. I paid the vehicle off in about 50 months.

 

[MakinDoForNow]

At high (current) interest rates, this makes sense.

At 2% or less I'm not even sure it matters. Or, I should say it doesn't to me. I honestly don't care about $1,000 or $1,500 interest over the course of five years.

Heck, on my wife's 2016 Mitsubishi we got 0% for 72 months. FREE MONEY. I literally put nothing down and even financed the tax, title and tags. Figured if Mitsubishi was going to cover that for me too, interest free, let them. I paid the vehicle off in about 50 months.

Me too, my friend was in heaven in early 80's when cd' were paying 14+%. Usually he doesn't want what's got special rate. Maverick won't work since has crew cab.

 

[Rob Cactus Gray]

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.

Hard pulls are not damaging beyond a few points and only last 24 months on your credit. Only 12 months of impact and the second year is just visible. Take it from a guy with 816-830 credit score and 23 credit cards.

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