Bought 2nd Maverick - My Thoughts on Dealer Financing

[Retired]

The best rate my local credit union has is 5.49%. Also, where I live undercoating is a must, so I'll let the dealer do it.

Sponsored

 

[JBryant]

Lucky rascal. I told Mike D. I had one big complaint with them - they were not in TX. Beautiful Atlas Blue. My wife loves the Area 51. When I got back home, got a build date of 2/27 for my Lariat Hybrid in Alto Blue fully loaded. Have people close to me in RV park from your area. They are waiting until March to go home when weather gets better.

 

[Redneck Garage]

Hard to relate to a 2 Mav guy when so many have none!!LOL

Lol - I waited a year for the Lariat and then this one I paid a premium to have it now hahahaha I think this year is worse than last year as far as hybrids go and especially the XL models

 

[realshelby]

You DO want to shop around to find what interest rates you qualify for. Yes, the Business Manager is there to fleece you, one of the things I just hate about the car business. BUT...they can only screw you if you don't do your homework. If you have really good credit....right now you might not get as good a rate as you expected. Just how it is. Sometimes credit unions can be the very lowest rate, but they are the most hassle with getting the paperwork done. NOT an in and out experience like the onsite financing options at a dealer.
Ford Credit is actually very competitive rate wise. Very. Usually the dealer will have a bank or two that they throw a lot of business to ( especially on used cars ). Think of Chase for instance. Any of these low rates like 0%-3.9% are subvented rates through Ford. Usually cannot be beat.
Here is the main thing you need to know. There IS a Buy Rate. That is the interest rate the Dealer is paying for the loan as presented. They make money on even that, as they are given a "flat rate" for doing the paperwork($125-200+). But they also can try to add interest rate to that. Most banks and Ford Credit don't allow adding more than 2% on new cars. Which is a LOT of profit if they get away with it. What YOU need to do as a customer...is ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ).
If the loan is paid off ( or refinanced ) in under 6 months, the Dealer won't get all their "profit" from the interest mark up.

 

[Redneck Garage]

Realshelby posted :
You DO want to shop around to find what interest rates you qualify for. Yes, the Business Manager is there to fleece you, one of the things I just hate about the car business. BUT...they can only screw you if you don't do your homework. If you have really good credit....right now you might not get as good a rate as you expected. Just how it is. Sometimes credit unions can be the very lowest rate, but they are the most hassle with getting the paperwork done. NOT an in and out experience like the onsite financing options at a dealer.
Ford Credit is actually very competitive rate wise. Very. Usually the dealer will have a bank or two that they throw a lot of business to ( especially on used cars ). Think of Chase for instance. Any of these low rates like 0%-3.9% are subvented rates through Ford. Usually cannot be beat.
Here is the main thing you need to know. There IS a Buy Rate. That is the interest rate the Dealer is paying for the loan as presented. They make money on even that, as they are given a "flat rate" for doing the paperwork($125-200+). But they also can try to add interest rate to that. Most banks and Ford Credit don't allow adding more than 2% on new cars. Which is a LOT of profit if they get away with it. What YOU need to do as a customer...is ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ).
If the loan is paid off ( or refinanced ) in under 6 months, the Dealer won't get all their "profit" from the interest mark up.


Im not sure where to start - Ive never once heard that by law the stealership has to tell you the buy rate. I then checked with - the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. They clearly state - "Marking up interest rates is not illegal, and dealers are not required to tell you if you have been offered a loan with a marked-up interest rate." So which states are required to tell you ?

Next - as far as Ford credit "Ford Credit don't allow adding more than 2% on new cars" I actually called Ford credit to complain about this scumbag "business manager" quoting me 8.5% and they specifically told me they have no control over him, they cannot tell me what my interest rate should be, and that was that. They ONLY work THROUGH dealerships. In addition when Ford DID have a set rate for the Maverick in 22 I had one Business manager tell me uhhh I cant find that even when I was showing him the web page with the offer. He refused to use Ford Credit and said he could "get close" with Chase.

If you have really good credit....right now you might not get as good a rate as you expected. - That's pretty easy to check and I did and as far as the ease of -onsite financing options at a dealer - only if you dont argue and have any questions. Ive bought three Mavericks in the past year and the routine is always the same - your salesman - great let me get this paperwork over to my business manager sit tight. after about a half hour or more ( last truck was nearly an hour- I could clearly see his office and he wasn't with any one else .... ) you are told the "Business Manager" can see you now - like you are meeting someone of royalty. You are led into the office and the door is shut then the lies begin. So saying - but they are the most hassle about credit unions - Ill take honesty over the lies and BS of dealing with most ( not ALL ) of the finance people.

I appreciate you watching my video - if you actually did. Much of what you stated was what I clearly said in my video - like where you posted " There IS a Buy Rate" I said dealerships have a buy rate at 12:20 and when you stated - If the loan is paid off ( or refinanced ) in under 6 months, the Dealer won't get all their "profit" from the interest mark up. I said that as well at 11:32 and even as you started your post - You DO want to shop around to find what interest rates you qualify for - said that at 10:17........ I appreciate your feedback just would love to know which states keep the finance managers from lying.

 

[realshelby]

You seem easily butthurt when someone ( anyone ) responds to what you post. You say I said the same thing you did, so why is that a problem? Just reinforces the position.
I did watch the video, and you should read my post. Never did I write Dealer Business Managers have to tell you how much interest they are charging. I said " What YOU need to do as a customer...is ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ). "
Big difference. That does NOT mean they have to give you buy rate. That is up to you to allow charges over that.
Research all you want. I will accept that there are changes from when I was in the business, and if someone can show that I won't be butthurt by updated facts.

 

[Redneck Garage]

realshelby posted -
You seem easily butthurt when someone ( anyone ) responds to what you post. You say I said the same thing you did, so why is that a problem? Just reinforces the position.
I did watch the video, and you should read my post. Never did I write Dealer Business Managers have to tell you how much interest they are charging. I said " What YOU need to do as a customer...is ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ). "
Big difference. That does NOT mean they have to give you buy rate. That is up to you to allow charges over that.
Research all you want. I will accept that there are changes from when I was in the business, and if someone can show that I won't be butthurt by updated facts.



Hilarious. I'm not butthurt but really would like for you to back up the BS - OK let me be MORE clear - you stated this (little known fact ) - so little known Ive never heard of it ever AND with research found a government agency say the opposite -

"ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ). "

So tell me in which "most states" are business managers REQUIRED to tell you their buy rate ??? Simple question.

 

[Redneck Garage]

Realshelby posted :
I don't need to look it up just for you. Be careful what or who you are calling BS on. Just might backfire! If you don't like my input, put me on your ignore list.



Hahahahahaha - now who is butthurt ? Input is great and I enjoy a good debate as much as anyone HOWEVER total BS like your statement as fact -

"ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ). "

Now, not only can you not back up your claim and refuse to ( why ? ) You throw out a threat ( Im shaking over what "backfire" could mean ) and then when I call you on just posting untrue statements ( to feel better about yourself knowing more than everyone else ? ) and ask for ANY type of documentation your advice to me is " put me on your ignore list " - hahahahaha

and while were at it, how about posting a photo with you standing with the three 400 to 500 thousand dollars worth of Mustangs you list as owning Mr Backfire ? Now I would never say that wasnt true - maybe you do have this collection but Id love a photo. I could be wrong but from what you post it just doesn't feel like you are a millionaire. Prove me wrong or I guess instead of answering you could "put me on your ignore list ".

After the threats and insistence he was right evidently he has blocked me and deleted his "facts"

 

[Raymundo76]

Realshelby posted :
I don't need to look it up just for you. Be careful what or who you are calling BS on. Just might backfire! If you don't like my input, put me on your ignore list.



Hahahahahaha - now who is butthurt ? Input is great and I enjoy a good debate as much as anyone HOWEVER total BS like your statement as fact -

"ASK the Business Manager in front of you what the BUY RATE is!!! They are required by law to tell you in most states( little known fact ). "

Now, not only can you not back up your claim and refuse to ( why ? ) You throw out a threat ( Im shaking over what "backfire" could mean ) and then when I call you on just posting untrue statements ( to feel better about yourself knowing more than everyone else ? ) and ask for ANY type of documentation your advice to me is " put me on your ignore list " - hahahahaha

and while were at it, how about posting a photo with you standing with the three 400 to 500 thousand dollars worth of Mustangs you list as owning Mr Backfire ? Now I would never say that wasnt true - maybe you do have this collection but Id love a photo. I could be wrong but from what you post it just doesn't feel like you are a millionaire. Prove me wrong or I guess instead of answering you could "put me on your ignore list ".

After the threats and insistence he was right evidently he has blocked me and deleted his "facts"

STOP IT!! LOL

 

[Redneck Garage]

STOP IT!! LOL

I know right lol he just walked away....

 

[Raymundo76]

I know right lol he just walked away....

Better to be happy than to be right. LOL

 

[Skyline]

Great video....

I picked up mine on 02/01, Credit Union financed at 2.75%. The "weasel" finance manager tried to sell me extended warranty, some speciel paint protection, etc., by I didn't take any of it...

 

[JohnCondren1933]

Hahaha isn't that the way it always is ? I could have found a little better deal but I was set on white and an XL This dealership wasn't willing to go down any further so then it was my decision. As far as mine getting built, the XL hybrid is the most rare animal out there but with the crazy way Ford decides to build vehicles who knows

What? Ford XL Hybrid is the most rare Maverick?
I bought the identical 2025 Oxford white Ford XL hybrid awd to you, I found it on Truecar 4 hours from me in Nashville TN & the salesman didnt even know they had an XL Hybrid AWD Maverick I had to give him the VIN# & Truecar gives a quote they have to honor,

I drove my rental 4 hours, see that plain Jane XL & am like "thats not Hybrid or. Awd theres no badge for it" climbed under the truck saw the RDU, then popped the hood & saw the orange cabling connectors, and was like "awd & hybrid wtf"

My Truecar quote including tax & registration was $30,350 & the salesman is going
"...I need to check on that, & Im not trying to be a dick promise, I just think the delivery charge was a bit higher"

I honestly would've paid an extra $1000 I wanted what I was looking at, after test drive the increase was $400 I think to $30,750 & I honestly just didnt feel like saying "this is the Truecar quote do you want me to call Truecar and have you delisted for not honoring their quote"

Honestly if they'd tried to raise it more than $600 Id have been like "now Im getting this below MSRP were gonna quote price above dealer invoice because if not Im gonna make a 3 way call with Truecar that you arent honoring their quote and let's see how many sales your dealership owner wants to lose when you get taken off Truecar".

I tend to negotiate with what business sabotage method would they least want to live though. Its amazing how well you can motivate management when you run through scenarios and ask if breaking even will be worth the lost sales & bleeding cash from a social media campaign financed by some random LLC registered in Wyoming.

Those who know know, lol.

Sponsored