Ford Financing Interest Rates Increased

[fury88]

Ford credit has raised the cost of financing by from .9 to 1%. 0% for three years is gone 5.9 is now 6.9%!

Of course they did! Smh

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[CactusJack]

My dealer, Ed at Chapman, has told me that the rates being offered at the time of order are locked in

But how does the consumer know what those rates are? I didn't even discuss financing when I placed my order because I knew I'd be waiting quite some time for it to be built, even thought it's a base model with no options.

Instead of taking the finance person's word at my local dealer in what was available at the time of order, it would be nice if there was a chart or spreadsheet that showed what was available based off of order date.

 

[Weird Harold]

Where was that 0% financing offered (36 months)? I’d like a piece of that rate!

 

[NotAnonymous]

I heard back from Ford Motor Credit itself today and they stated that I would not have the option to get the rates and incentives that were available when I ordered my truck. I'll definitely continue shopping for my best financing options.

 

[Gullzway]

I heard back from Ford Motor Credit itself today and they stated that I would not have the option to get the rates and incentives that were available when I ordered my truck. I'll definitely continue shopping for my best financing options.

Interesting. I talked to Ford Credit, and they told me to talk to my dealer. I just went into my dealer today and talked to the finance manager. First, he told me he hadn't heard of financing rates being locked in from order time.

But then he spoke with the New Car Manager, and they looked my order up. It shows in Vincent on my order that it is Price and Incentive Protected. They both took this to mean the Incentive rates at order time would be honored.
I guess I won't really know until actually purchasing the truck, if it ever comes in.

 

[n0maverick]

You have the choice of incentives and rates (with Ford) at time of order or time of delivery. Either or and not both. So the new coupons in the mail would require you to use current rates. IF you use ford to finance. By August it's going to be even worse with rate increase for most of us waiting.

 

[TopGunGoose]

Hi there, Mr. Interest-Rates-Don't-Matter. Glad to see you changing the subject.

Inflation rate where I live (in the USA) was 7% for 2021. That's a 39 year high. Most of the predictions for 2022 are for something less than that. Particularly with the Fed sending signals of rate hikes.

But I'm sure you have a credible source for a 15% 2022 annual inflation rate wherever it is you live.

(I'm guessing Argentina, right? So... that would be an improvement, no?).

If you think inflation is actually only 7% I have a Maverick to sell you for $50,000.

The CPI index is a weighted basket index, and the weights and values are changed to reflect whatever the fed wants to show.

My home which I own outright has doubled in value in the last year, inflation is much higher than 7% my friend, groceries are up on average 30-40%, energy is up 30-50%. Have you not filled up a gas tank since 2020? It used to be $2.15 cents for premium where I am at, it is now $4.

Inflation at 7%, LOL.

 

[NotAnonymous]

Interesting. I talked to Ford Credit, and they told me to talk to my dealer. I just went into my dealer today and talked to the finance manager. First, he told me he hadn't heard of financing rates being locked in from order time.

But then he spoke with the New Car Manager, and they looked my order up. It shows in Vincent on my order that it is Price and Incentive Protected. They both took this to mean the Incentive rates at order time would be honored.
I guess I won't really know until actually purchasing the truck, if it ever comes in.

Interesting. I guess I'll see what happens whenever my truck is delivered, but in the meantime in gonna make sure I have financing I can live with when I walk into the dealership IF I indeed cannot get the rates and incentives that were available when I ordered back in June. I'm operating under the assumption that I will not be able to opt for those so that I'm not disappointed.

 

[OleFordGuy]

If it doesn't work out for you with Ford Credit, check your credit union, etc. Heck shop around for the best offers. These are the current posted rates at my credit union

 

[dbmurray]

Same here. They won't lock in any deal on trade-in or financing details until the day I go to pick it up. Of course, they'll already have my $500 at that point which is non-refundable.

 

[clavicus]

Same here. They won't lock in any deal on trade-in or financing details until the day I go to pick it up. Of course, they'll already have my $500 at that point which is non-refundable.

That's messed up that the deposit wouldn't be refundable. They should only do that if the build is super weird like a high trim F150 without 4x4 or something that might be harder to find a buyer. They can sell any Maverick no matter what lol.

 

[dbmurray]

That's messed up that the deposit wouldn't be refundable. They should only do that if the build is super weird like a high trim F150 without 4x4 or something that might be harder to find a buyer. They can sell any Maverick no matter what lol.

I agree, but I don't really mind paying the $500 as that more or less ensures I'd have an actionable path should they try any hanky-panky like wanting to jack the price up once it's delivered. Also, they only require the $500 once a build date is scheduled.

But yeah, the non-refundable aspect of it would make more sense if it was a normal sort of market where they'd want to prevent people from ordering the same car from multiple dealers and then end up with extra inventory on the lot late in the model year.

 

[dbmurray]

I posted the auto loan rates from North Carolina's State Employee's Credit Union below.

On loans of 60 months or less, they're actually higher than Ford's current rates. They do have a better rate on 72 months, and their 96-month rate is actually less than Ford's 5.9% for 75 months. (Who would want 75 months vs. 72 months when the difference is a whole percentage point anyway?)

Back to the credit union rates, wow, I never thought I'd see a lender offer EIGHT-YEAR financing on a vehicle. If it's driven a little more than average, say 20,000 miles per year, and you trade at 150,000 miles, there will still be 6 months of payments due when you get rid of it.

 

[bgn]

I was unable to find anyone cheaper for 48 months outside of Ford. Ended up going 36 months 0% with Ford.

 

[DryHeat]

If you think inflation is actually only 7% I have a Maverick to sell you for $50,000.

The CPI index is a weighted basket index, and the weights and values are changed to reflect whatever the fed wants to show.

My home which I own outright has doubled in value in the last year, inflation is much higher than 7% my friend, groceries are up on average 30-40%, energy is up 30-50%. Have you not filled up a gas tank since 2020? It used to be $2.15 cents for premium where I am at, it is now $4.

Inflation at 7%, LOL.

"Inflation" is a commonly used term with a commonly accepted meaning. There are various accepted measures of general inflation, but basing it in part on the value of your own home isn't one of them.

You were simply wrong about the rate of inflation in 2021. Apparently you thought it was 15%. So now you want to change the meaning of "inflation" to make yourself right.

If I were willing to do the same, I could. For example, I could average out the inflation rates for Shelter (3.5%), Alcoholic beverages (2.2%), and Medical care services (1.7%) and say, "Wow, inflation was only 2.5%."

I'm not going to do that. I am, however, Laughing Out Loud at your response.

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