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Fun with financing in Texas

CoryDallas8123

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OldSoulNewMaverick

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Interesting. I was planning on using my credit union because of the extremely low rates. We'll see how that goes. The easy option is to finance through the dealer, and then re-finance the loan through the cheaper option. I've done this a couple times before as my credit union has the same rate for New Car Purchase as it does for New Car Refinance.
 

FirstFord

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I'm planning to pay cash. Same thing as outside financing as far as the dealer is concerned.
we'll burn that bridge when we get there...
 

Down

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I've honestly struggled to find any credit union that could noticeably beat Ford's current interest rates, so as long as they're pushing Ford financing (which they may not be!), I'd be fine even in this scenario.

With that said, I'd wager a guess that any dealer doing this probably already had a pretty bad reputation before they pulled this, so it just shows how crucial it is to scout your dealer's reputation before committing to them in any way.
 

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UberGadgetFreak

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The humor is my dealership uses my CU to do a lot of their in-house financing.

But the reality is (and I learned this from a non-Ford dealership), they get multiple offers for you, and they can bump the interest rate and that extra interest goes back to the dealership's pockets. That's common really and why Ford and other places do their own credit cards - they get some of the interest you pay as a commission of sorts.
 

Brian_J

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The humor is my dealership uses my CU to do a lot of their in-house financing.

But the reality is (and I learned this from a non-Ford dealership), they get multiple offers for you, and they can bump the interest rate and that extra interest goes back to the dealership's pockets. That's common really and why Ford and other places do their own credit cards - they get some of the interest you pay as a commission of sorts.
This is common in powersports too, fyi
 

MLowe05

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This is not new, and I've ran into this before. Last time was back in 2014 and the F&I guy was like "buy the extended warranty and I can reduce the interest rate" - I felt my blood boil and I started to get combative, but then I was like you know what, yes to it all. Yes. I'll take the extended warranty, the GAP, the wheel/tire, give me what you've got. It added some absurd amount to the total amount financed.

As soon as I got the welcome paperwork from the bank (about 2 weeks later), I went back to the dealership and canceled everything, then refinanced with my credit union. I never made the first payment on that entire arrangement.

I suggest if you run into this issue, just refinance immediately rather than giving up on a car you really want.
 

RebellaE

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Saw that, and frankly I was surprised that it's not illegal for a dealer to require you to use their own financing or refuse cash. I'm really hoping that the 0% interest is still available when my truck is delivered, because I am happy to finance at that rate. Otherwise, I'll pay cash or finance through my credit union. Its a large dealer, so I assume they won't play as many financing games as the smaller ones??????
I won't have a trade-in to muddy the deal's waters either.
 

Darnon

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This is not new, and I've ran into this before. Last time was back in 2014 and the F&I guy was like "buy the extended warranty and I can reduce the interest rate" - I felt my blood boil and I started to get combative, but then I was like you know what, yes to it all. Yes. I'll take the extended warranty, the GAP, the wheel/tire, give me what you've got. It added some absurd amount to the total amount financed.
That's what's called 'tied selling' and is illegal.
 
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Ricstar

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I told my dealership I was using the CU and they were great we work with them all the time.
 

atomguy245

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Interesting. I was planning on using my credit union because of the extremely low rates. We'll see how that goes. The easy option is to finance through the dealer, and then re-finance the loan through the cheaper option. I've done this a couple times before as my credit union has the same rate for New Car Purchase as it does for New Car Refinance.
Absolutely. And refinace the loan right away. The Finance manager gets charged back his commission on the loan if it is paid off in less than 90 days. So sign those papers with a smile, and head right to your credit union as soon as the first payment stub comes
 

atomguy245

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The humor is my dealership uses my CU to do a lot of their in-house financing.

But the reality is (and I learned this from a non-Ford dealership), they get multiple offers for you, and they can bump the interest rate and that extra interest goes back to the dealership's pockets. That's common really and why Ford and other places do their own credit cards - they get some of the interest you pay as a commission of sorts.
This is exactly what happens. They will get a 2.9% rate for you and turn around and say "the best rate we got was 4.9%." And if you accept it the finance manager makes that 2% extra as commission. But they cannot mark up the rates on the automaker's advertised rates, they just get a small flat commision on those.
 

MakinDoForNow

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And it goes on & on. I just read that from 9/22/21-3/22/22 the maverick qualifies for 110% of MSRP with credit score 620, no payment 90 days with up to 84 months. I take that to mean that they are deep fishing for the 84 months interest rate of (5.49%?) And that they intend to turn on production! I am thinking that I will spring for the 805/month 0% 36 loan and maybe put cu loan for whatever when that's paid off. Also may move oem tire to my CR-V & buy Tires & Wheels Special on a new Discount Tire credit card which I believe is a 0% synchrony one. Maybe put any $ not borrowed on my 2% cash back card. Not sure if can stack the Farm Bureau $500 certificate.
 

The Weatherman

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Y’all do know that FORD is offer a zero % rate for 36 months right?

.9 for 48 and 1.9 for 60 also.
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