Financing through Ford Credit

[Wee Mav]

In California, you have 3 days from purchase to bring in a check and it will cancel the financing through the dealer. My coworker did that with his maverick. Picked it up from ford, they ran his financing. He took it to the credit union the next day and they wrote a check to the dealership.
I bought a minivan a few years back. I told them the rate I wanted and when they quoted me twice the rate, I said, “fine, run it at whatever you want, and I will just bring you a check on Monday.” They real quickly wanted to match my rate and ended up doing that with a different bank they work with.
Last truck I bought, they played the same game. I told them the same thing. She asked who I was going to finance through. They took care of it for me because they still get a bit of a kick back for doing the loans through other banks. They may not make as much, but they would rather make something than nothing.

It looks like I might have to go down this route just to get my Maverick. I hate dealers who play games and do crap like this.

I really don't see any point in doing all of that. If I am already approved with a bank or credit union with a rate that can't be beat then let me bring in a cashiers check to make the payment.

I don't want or need the dealer running my credit again for no reason. I shouldn't be forced to take the higher interest rate loan with them and then do a refinance. Some places give a higher interest rate when you do a refinance so you lose out on the good rate that you got for a new car.

At the end of the day if I refinance the next day or whatever is the earliest it can be done then the dealer will probably lose the whatever kick back they were going to get. What's the point in playing these silly games?

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[RichardCranium]

It looks like I might have to go down this route just to get my Maverick. I hate dealers who play games and do crap like this.

I really don't see any point in doing all of that. If I am already approved with a bank or credit union with a rate that can't be beat then let me bring in a cashiers check to make the payment.

I don't want or need the dealer running my credit again for no reason. I shouldn't be forced to take the higher interest rate loan with them and then do a refinance. Some places give a higher interest rate when you do a refinance so you lose out on the good rate that you got for a new car.

At the end of the day if I refinance the next day or whatever is the earliest it can be done then the dealer will probably lose the whatever kick back they were going to get. What's the point in playing these silly games?

They play the game because they want the extra money. A lot of people don’t know they can negotiate a better rate. It is a bit of a pain to do financing through the credit union if your dealership doesn’t work with them, you have to get an invoice from the dealer, then take it to the credit union, and then get the check and take it back to the dealership.

 

[Your_Cousin_Vinny]

That rate is nice and all but how long is the loan? If it's a 20 year payback then even at 2.85% it will cost twice as much in interest as a 7% 5-year note.

I'm able to make P+I payments during the draw period. Its highly likely I will have paid it back well before the repayment period begins.

 

[raleighvol]

Thanks for all the replies.

I would like to get financing through Penfed, however the dealer is saying that financing must be done through Ford Credit. It doesn't make sense to me, but it seems they want to make some money on the back end.

I am currently looking to use PENFED as well and am having trouble. Did you end up having any success using PenFed to finance your vehicle with ford?

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