Frankfort Ford stole my Maverick

[skyhawk]

In many states a prepayment penalty is illegal

But it is legal in 36 states, or nearly 75% of the country
https://www.carsdirect.com/auto-loans/understanding-car-loan-prepayment-penalties

These penalties are allowed in 36 states, although they are prohibited around the U.S. for loans longer than 61 months (over 5 years). These penalties must be disclosed in the loan documents, per Truth In Lending practices, so read your loan documents carefully.

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[999]

Prepayment penalty clearly does not mean what you think it means.

95+% chance there was no pre-payment penalty on a car loan...mortgage a bit more common...usually on at the cash now used car lots. There is no pre-payment penalty if you refinance out.

 

[KZ-DOG]

Why do you guys keep walking away from this? Have you not heard of refinancing?

Just sign the papers and take your truck. The dealership will see dollar signs - then you refinance it IMMEDIATELY upon receiving an account number. This will reverse any kickbacks to the dealer and there is nothing they can do about it. You will have your truck and they won't have made the money they were trying to con you out of. I've had this trick pulled on me more than one time before, and I have told them as I signed the papers that I would never make the first payment on this agreement. They've never cared, I guess they either assume that I'm bluffing (I wasn't) or they just want it to look a certain way on paper.

No the dealer has made a contract and needs to fulfill it. they need to honer the price also the whole they need to make money bit is a huge load of BS, dealers get refunds from Ford for market adjustable prices. Nothing here is ok. I would say contact the BBB and make a compliant. Maybe even lawyer up if they gave you paperwork of the prices and stipulations. You must have paid the 500 down and signed a contract. Contracts bind both parties not just one

 

[mrothe570]

I finally had to find my salesman outside to get him to get my refund and keys as all the managers had left the sales floor.

Yikes. Really sorry they treated you this way. It was literally the least they could do other than... y'know... selling you the truck you ordered through them.

 

[99nbbullitt]

Well I would say paying it off in cash is not on a budget. Lol

It gets rid of my $456 car payment and $109 insurance cost. I current owe $19,700 on my 2019 Ford Fusion that will be used as my trade in.

 

[MarcVelovious]

How about taking it out for a test drive a crashing it into a pole? Then everyone loses.

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