Frankfort Ford stole my Maverick

[jbpoole]

I think the OP has been sufficiently chastised.

Certainly he already felt bad as a result of his dealings with Frankfort Ford. Why keep kicking the guy when he's down?

Too many unnecessary negative comments here. It's time to move on.

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[Johnkn]

Unless they were using a loan shark, there isn't going to be a $5K kickback on any car loan.

I'm not suggesting these are the OP's true numbers in ANY way, just showing these as an example:

72 month loan on $30k at 3% = $2818 interest
72 month loan on $30k at 8% = $7871 interest

There's the $5k


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[Thrillhouse]

What? Who is chastising and kicking him? Many people are saying what they would have done. He posts it for discussion and people discussed it.

 

[Thrillhouse]

I'm not suggesting these are the OP's true numbers, just showing these as an example:

72 month loan on $30k at 3% = $2818 interest
72 month loan on $30k at 8% = $7871 interest

There's the $5k


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Right but the dealership doesn't get the interest.

 

[TimmH]

You lose too much bargaining power by telling them you're paying cash. They make most of their money from kickbacks on financing.

Let them get theirs, and then just pay off the loan once you get home.

 

[Thrillhouse]

Dealers make the most money from selling warranties and paint protections in the finance room. That is the profit center of the dealership. The dealership makes the least money on the actual new car sale. This isn't the mafia yet. They aren't making huge kickbacks.

 

[Johnkn]

Right but the dealership doesn't get the interest.

The dealership will be financially compensated by their lending institution, that's why they strive to place auto loans. The amount will be based on the agreement between the (2) parties. If the lender get's their $ at 2.5% and only needs to charge 3% to meet their margins yet places a loan at 8%, the $5k is additional margin/profit some of which will flow to the car dealer. Again, this is just an example of how high(er) interest loans work.....


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[ITSATRUCK]

This is why I should be able to order and pay online. Then pick up at dealer or have dropped off at house. Dealers are going to get destroyed like taxi companies did with Ubr.

If I was Ford I would be setting up more like Tesla. But my guess is some third party service like the tesla model will set up to sell vehicles of multiple Chinese EV brands. They will do all servicing and getting the vehicle to customer. Might have locations in high traffic areas for demonstration models. Billion dollar idea. . .

 

[Johnkn]

Dealers make the most money from selling warranties and paint protections in the finance room. That is the profit center of the dealership. The dealership makes the least money on the actual new car sale. This isn't the mafia yet. They aren't making huge kickbacks.

Shavings make a pile. The dealer has a number of profit centers. They make $ from the delta between their actual cost from the OEM vs the sale price, from additional OEM hold backs or incentives, they make $ from extended warranties, from financing, paint protection, service plans, etc.,etc.,etc.

Deals are different, the majority of 1 deal's profit may come from the vehicle's sale price, on another deal, the profit may be centered around warranty/financing, etc. At the end of the day and with some exceptions, the dealer is focused on making the most total profit/margin on a deal irrespective of from which bucket it comes from.


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[Deleted member 9552]

Call the bank they got you the loan through the next day, ask for payoff and loan number and where to send payoff check. Send certified overnight payoff. I’ve done this before. It’s really not a big deal

I also have added a hundred bucks over the payoff before just to make sure it covers any interest for a day or two and also to give them some work to do getting me a check

I have tacked on a few extra dollars to pay speeding tickets. Infraction charges are not finalized until you get a refund There is always a chance the county clerk makes a mistake and you avoid the points.

 

[aircooled]

I want to thank all this community for the input. I have accepted the decision I made with the information I had at the time. I'm not even concerned with the light bashing. Here are a few points I would like to cover if Ford pays attention.

I was told point blank they would not offer any Ford incentive finance because they don't make money. I got an email from Ford today offering 2.9% 60 month on the Maverick. They never looked at their computer to see what should have been available to me.

I asked for an opportunity to read the finance agreement. This request was ignored. They implied there was some kind of termination or pre-payment fee. Now I know this was just an attempt to keep me from doing as others have suggested .

For cash payment they wanted to charge a $5,000.00 ADM

Ford should be embarrassed to be represented by these people.

For those that have an order waiting with them, I wish you the best.

 

[Chuck Norris]

What the dealer did should be criminal, they strong armed you, either way they win, you cave they get they’re money, you walk they get they’re money by selling off the lot, I still can’t believe they get away with this nonsense, after waiting all that time to be treated like that, if it was mean things would of gotten ugly.

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