Ford Credit, again

[NJBob]

Will Ford not let you autopay with a credit card instead of bank account? I don't let anyone dip into my account directly, plus I'd get AMEX points if I could do it that way. Been awhile since I last financed with Ford directly.

Totally agree, I will never use auto pay linked to my bank account. Verizon will give 20 buck discount a month for that. It may be easier but do not like to let anyone take money of my account, just seems wrong. I never wanted ezpass either but they have made it so difficult to use cash I relented. Guess I am just old and set in my ways.

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[MakinDoForNow]

Started back in August, when they claimed I was past due, owing over we $300. Proved them wrong then. Owed nothing in Sept. Paid usual $200 anyway. Owed $41 in October, paid usual $200 again. November, said I was past due $41. Plus regular payment. Paid $200 as usual. Now, they claim I'm past due $188 from November, now owing well over $350!!! November paid on the 16th, 12 days ahead of schedule. Can prove I paid ahead of schedule as well.
Can't get loan from bank, to pay of the small balance due, to get Ford and their constant errors, out of my hair!!
Can't, and won't recommend people use Ford Credit for purchase!!

I think you shot yourself in foot. Auto loans are (almost all) simple interest loans when you send in payment 12 days early the accrued interest (18 days) will be paid first then the balance of your payment will be applied to principal. Then when your due date happens 12 days later you will owe those days of interest at that time. Depending on lenders policy you may have set your next due date to the day 30 days past the 12 day early paid date. So your next payment due date could be different by 12 days from what you expect. Suggestion. Open up a credit union account and have Ford draft your regular payment from that account. Then make whenever extra payments into that account. Then whenever your surplus in the savings account will pay off auto loan pay it off. Consider continuing your payments into this account to prepay your next vehicle.

 

[Last Truck Ever]

Totally agree, I will never use auto pay linked to my bank account. Verizon will give 20 buck discount a month for that. It may be easier but do not like to let anyone take money of my account, just seems wrong. I never wanted ezpass either but they have made it so difficult to use cash I relented. Guess I am just old and set in my ways.

Exactly. Now, I do use the heck out of my bank's bill pay service, and imagine I'll do the same with Ford Credit. It's directly transferred electronically by the bank, but Ford doesn't have their finger in my account, they can't "accidentally" pull two payments at once or any nonsense like that. Only get what I direct toward them.

 

[commadorebob]

Totally agree, I will never use auto pay linked to my bank account. Verizon will give 20 buck discount a month for that. It may be easier but do not like to let anyone take money of my account, just seems wrong. I never wanted ezpass either but they have made it so difficult to use cash I relented. Guess I am just old and set in my ways.

I have two checking accounts. My autopays are deducted from an account designated only for that purpose. It doesn't even have a debit card. I have a portion of each paycheck put into that account to cover the autopays. We then live off the checking account that has the debit card. My savings and investment accounts are at a credit union.

I like to diversify my risk.

 

[NJBob]

That's a great Idea. I have 2 credit cards. One I use specifically for things like subscriptions. Makes it easier to keep a handle on those. Should have thought of that!

 

[commadorebob]

That's a great Idea. I have 2 credit cards. One I use specifically for things like subscriptions. Makes it easier to keep a handle on those. Should have thought of that!

To be fair, I stumbled into it. When we moved, my local credit union was no longer local. But I didn't want to deal with the hassle of moving my VA benefits. So, I just set up a new account at the local bank for my paycheck. That was when the thought occurred to open two and set one for autopays only.

I'm a lot better about paying bills on time if I don't have to think about it.

 

[CSmith]

For those that have used Ford before, can I set up extra principle on autopay? I like to round up to the next $100 and dump the difference on the principle but I have found some banks won't include that function as part of the autopay.

Couldn't you set up an automatic payment from your bank to the Ford account for the extra principle? Many banks have that capability. You wouldn't have to login each month to make the extra principle payment. Unfortunately, you wouldn't be able to "round up to the next $100 and dump the difference" with any auto-payment.

 

[commadorebob]

Couldn't you set up an automatic payment from your bank to the Ford account for the extra principle? Many banks have that capability. You wouldn't have to login each month to make the extra principle payment. Unfortunately, you wouldn't be able to "round up to the next $100 and dump the difference" with any auto-payment.

Maybe. I haven't actually used my bank's bill pay feature. My mortgage company allows me to round up and dump as did the first car loan I had on the Escape. I was just curious if Ford allowed the same.

 

[NJBob]

To be fair, I stumbled into it. When we moved, my local credit union was no longer local. But I didn't want to deal with the hassle of moving my VA benefits. So, I just set up a new account at the local bank for my paycheck. That was when the thought occurred to open two and set one for autopays only.

I'm a lot better about paying bills on time if I don't have to think about it.

I don't have an issue paying bills but what you did is definitely safer. Just keep the minimum amount of cash to cover those bills.

 

[Joe Kelly]

We have had problems with auto pay out of our checking account in the past and established separate accounts for bills. With our savings and checking account balance back then the accounts were free. To day if we get a discount for direct pay I get a credit card for that account. I have one for ATT, Car Insurance, and others ATT and the Insurance gets paid on time I get a 30 day float and the bill gets paid. I gain air line and hotel points. Win Win.

 

[2cafn8d]

I have a checking account just for my Maverick. From experience though.. Paying before the month switch over goes on your principle and not towards your next payment. I get notified about two weeks before it is do that I have a statement, then I pay.

I thought I was being proactive with a payment a few years ago, and when I got a payment notice I had to call the credit union. They fixed that month, but warned me not to do it again. Maybe that's it?

 

[BILLNOROVILLE]

I financed through Ford credit. I set them up in my online banking as an account I can pay whenever I want to pay. Never use autopay. Each month I would make my payment manually with my online banking usually when I got the paper statement.

I would also then turn around and send them another payment like 200, 500, etc as an extra reduction to my loan. At 1.9% I really didn't care how they figured the interest as any extra money I sent lowered the remaining balance which reduced interest costs.

I have done this with every car/motorcycle I have financed. Ford credit online is easy to see what is going on when I made payments and extra payments.

 

[LSchicago]

For those that have used Ford before, can I set up extra principle on autopay? I like to round up to the next $100 and dump the difference on the principle but I have found some banks won't include that function as part of the autopay.

I always an an extra $100 or so too.

 

[Beckybee]

Ugh. If I have to go on the app to pay the round-up every month and there is no "discount" for autopay, I may not bother with it.

You don't have to use the app, use https://accountmanager.ford.com/

 

[SCCIGARMAN]

For those that have used Ford before, can I set up extra principle on autopay? I like to round up to the next $100 and dump the difference on the principle but I have found some banks won't include that function as part of the autopay.

Whatever amount you pay automatically goes to the principal.

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