Interest on our down payments?

[tcarter208]

This is probably a stupid question but is ford applying any interest to our payments that they are holding?

I am going on 6 months at this point since I placed my order. In that time I am sure that ford has made a pretty tidy amount of interest having all of our payments sitting in the bank for them.

you figure roughly 10,000 orders with $500 down and that’s $5,000,000. Now I am no math wizard and I am just guessing at the amount of orders and amount that was put down. But at just 2% interest they are making $100,000 a year on our money.

they pulled this with the bronco saw that they could have extra cash on the books and now are pulling it on the maverick and I am guess next will be the lightning pickup.

maybe it’s time to consult one of those class action lawyers.

Sponsored

 

[FakeCowboy]

"Ford" did not require a down payment on your maverick. Your dealership did.

 

[tcarter208]

"Ford" did not require a down payment on your maverick. Your dealership did.

Really? I was told you couldn’t order one without it. How else can you place the order then?

 

[pa-outdoorsman]

First of all, Ford doesn't have any of our money. The individual dealers do.

Second off, have you put $500 in an interest-bearing account lately? I'm not aware of anywhere paying 2%. Even 1% is out of the question. Honestly you'll be lucky to have $501 in the account at the end of a year.

If you can't afford to be without the $500 while you wait, I'm sure the dealer will be happy to refund your deposit and sell "your" truck to someone else with a $5K or $10K ADM when it shows up.

 

[bgn]

Really? I was told you couldn’t order one without it. How else can you place the order then?

They lied to you. Ford doesn't require deposits for the Maverick.

 

[tcarter208]

First of all, Ford doesn't have any of our money. The individual dealers do.

Second off, have you put $500 in an interest-bearing account lately? I'm not aware of anywhere paying 2%. Even 1% is out of the question. Honestly you'll be lucky to have $501 in the account at the end of a year.

If you can't afford to be without the $500 while you wait, I'm sure the dealer will be happy to refund your deposit and sell "your" truck to someone else with a $5K or $10K ADM when it shows up.

On a $500 account you make nothing. But on much larger amounts you make a decent amount of interest. Why do you think companies don’t refund you right away? You think they can’t. No they hold it on their books to get the interest off of it. 1 day of interest on massive sums of money is worth a lot more then you think.

 

[tcarter208]

They lied to you. Ford doesn't require deposits for the Maverick.

So you didn’t have to put down anything to order?

 

[FakeCowboy]

So you didn’t have to put down anything to order?

No, your dealership required a down payment, Ford Corporate did not require a down payment

 

[Shakesbear]

This is probably a stupid question but is ford applying any interest to our payments that they are holding?

I am going on 6 months at this point since I placed my order. In that time I am sure that ford has made a pretty tidy amount of interest having all of our payments sitting in the bank for them.

you figure roughly 10,000 orders with $500 down and that’s $5,000,000. Now I am no math wizard and I am just guessing at the amount of orders and amount that was put down. But at just 2% interest they are making $100,000 a year on our money.

they pulled this with the bronco saw that they could have extra cash on the books and now are pulling it on the maverick and I am guess next will be the lightning pickup.

maybe it’s time to consult one of those class action lawyers.

Bwaaahahahaha!!! 6 months of interest on a simple savings account amounts to what; $1.27??

 

[inthecabin]

No money down from me either, it may be a dealer or regional thing. The ad specifically said no deposit required..

 

[bgn]

So you didn’t have to put down anything to order?

Nope. I called around and told dealerships that wanted a deposit that I wouldn't be ordering from them. There's no reason for a deposit on a vehicle like this.

 

[jsus]

You placed an order through a franchised dealer, not Ford corporate.

The dealer placed an order through Ford corporate per your specs. Ford corporate does not collect any money from end customers, nor do they require dealers collect a deposit or other payment from a customer to place an order.

Your dealer told you that they would require you to provide them a deposit (refundable or not is between you and them) in order to place an order with Ford corporate, and to hold the vehicle for you. A deposit is not a down payment.

Further, who do you know of that pays interest on a deposit, whether refunded or applied to a purchase?

 

[snowcatxx87]

 

[Bushpilot]

I put nothing on deposit for mine.

The windfall on these deposits is just wind.

 

[DryHeat]

They lied to you. Ford doesn't require deposits for the Maverick.

I don't think Ford forbids dealers from requiring a deposit on orders. (Orders, not reservations.)

So if a dealer tells you "We require a deposit" is it really a lie? A lot of dealers want deposits so they don't end up putting in orders for people who aren't really serious.

Sponsored