Is this how Ford typically does business?

[MojoJojo]

No, they don't.

Lenders will do a chargeback to the dealer if the loan does not mature.

not necessarily until it matures but at a bank i used to work in dealer financing we used to chargeback dealer if the loan got refinanced within 6 months of loan being originated. After six months dealer kept the full amount of money in the event of a refinance and bank took the hit. The bank had a study conducted and they came to the conclusion that majority of consumers that have not refinanced within first 6 months of loan will not refinance at all later on.

Some competitors charged-back at 3 months or 4, never heard about a dealer being charged back until loan matured by the original lender.

I asked my Ford dealer recently about this and he said on fords special rates he gets only $100 for writing the contract to them and are not allowed to spread the rate on these special deals. Then i asked about chargeback he said he needs 3 payments (essentially 3 months) to avoid losing any spread on the interest rate.

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[Clark6]

My dealer must be a dream then... the sales lady told me her self I didn't have to put a payment down... also if I wanted to I could resale my maverick & make a ton! I told her i didn't want to do that because we need a vehicle bad...Not to mention I only asked about could I get the apr. at the time of Order... she hollered in the next room "Hey Rick is there any special financing on this Maverick?-- He hollered back " just pull a Vincent on it & see". I figured he'd say probably not...I was willing to pay the 1.9% But she said Yes you can get it@ 0.9... Hopefully everything goes smooth. Even said it's probably NOT but we will look for any rebates on the truck when I return. All I need is my proof of insurance she had everything else...


Also isn't there a credit bump up if the Original Posters Credit isn't that good? I think they will still bump it up a tier to get a good rate... I didn't need it but I understand about the paper work she hates to go back through but it shouldn't be that long of a deal. But If she had the time & was originally willing to walk away from this deal she could make a good 5K or more on that truck just by reselling.... My dealer told me people were asking that every retail Maverick that came in was for sale?... she have to tell them NO because she would have a Lot of Customers Mad at her!!

She said she's trying to earn customers for life not just on 1 vehicle sale at her dealership... I told her I like her "STYLE". lol.

 

[RicksMaverick]

I recently discovered this forum through a search for other experiences with the Ford Maverick. I need some feedback to determine if mine was a typical buying experience. I ordered a Ford Maverick XLT last September and it arrived Tuesday April 12th. About a week before it arrived, I obtained financing through my employer’s credit union for an amount that exceeded the truck's sticker price. All in needed from the dealership was a buyer’s order for the bank to draft a check. The salesman asked if I would consider financing through Ford. I politely declined, as I already had financing in place, and did not want to go through the application process again. The salesman left the room to speak to his manager, and when he returned, I was informed that if I refused to finance through Ford there would be a markup on the truck's selling price. I responded that I did not feel that a vehicle like this was worth the markup they were asking and walked away.

Two days later I received a call from the salesman, asking what it would take to get me into the truck. I responded; print a buyer’s order for the sticker price of the truck, your finance manager and I will sign it, and you will get a check. That’s all it takes. The salesman agreed and asked me to come in and sign the paperwork. When I arrived and went to the finance manager’s office, there was a tablet on his desk. I was handed a stylus and asked to sign in a giant signature box, with no other text on the screen. It’s not unusual to e-sign documents, but I did ask to see a paper copy of the document. Upon inspection my response was, this isn’t a buyer’s order, and further there’s a clause that states “the price shown above is estimated and that upon verification the customer agrees to a price exceeding the figure shown above.” I need an actual buyer’s order for my credit union.

The finance manager said that this was the document that they used, and he would go speak to his manager. The salesman, the finance manager, and what I assume was the sales manager returned a few minutes later and asked again if there was any way I would consider financing through Ford. I replied no, I already made that clear two days ago. They then went into the sales pitch of; this truck is in high demand, they lose money selling it at the sticker price, their phone is ringing off the hook every day from people willing to pay well over sticker price to get this truck. It will take a month for my bank to cut a check. (eyeroll, that’s BS, but so what if it does you sold the truck) The entire time they are going through this I’m thinking to myself how is any of this my problem, and you guys did call me. I of course didn’t say this to them, but I’m really not interested in their problems. Sell me the truck or don’t. Once they picked up that I wasn’t responding to their sales pitch, and really not saying much at all, they suggested that I could finance with them, and then just re-finance with my own credit union. I responded, no that’s dumb, are you going to print an actual buyer’s order and sell me the truck or not? Their response was if you won’t work with us, we can’t make a deal, to which I responded fine, and walked away… again.

First, does Ford always print up sketchy paperwork. The buyer’s order is supposed to lock in the price, not estimate it, and second what’s with this you can only finance through Ford nonsense? Do you like selling cars or not? I’ve never owned a Ford before by the way. This is my first experience with them.

Thanks in advance for the feedback!

I recently discovered this forum through a search for other experiences with the Ford Maverick. I need some feedback to determine if mine was a typical buying experience. I ordered a Ford Maverick XLT last September and it arrived Tuesday April 12th. About a week before it arrived, I obtained financing through my employer’s credit union for an amount that exceeded the truck's sticker price. All in needed from the dealership was a buyer’s order for the bank to draft a check. The salesman asked if I would consider financing through Ford. I politely declined, as I already had financing in place, and did not want to go through the application process again. The salesman left the room to speak to his manager, and when he returned, I was informed that if I refused to finance through Ford there would be a markup on the truck's selling price. I responded that I did not feel that a vehicle like this was worth the markup they were asking and walked away.

Two days later I received a call from the salesman, asking what it would take to get me into the truck. I responded; print a buyer’s order for the sticker price of the truck, your finance manager and I will sign it, and you will get a check. That’s all it takes. The salesman agreed and asked me to come in and sign the paperwork. When I arrived and went to the finance manager’s office, there was a tablet on his desk. I was handed a stylus and asked to sign in a giant signature box, with no other text on the screen. It’s not unusual to e-sign documents, but I did ask to see a paper copy of the document. Upon inspection my response was, this isn’t a buyer’s order, and further there’s a clause that states “the price shown above is estimated and that upon verification the customer agrees to a price exceeding the figure shown above.” I need an actual buyer’s order for my credit union.

The finance manager said that this was the document that they used, and he would go speak to his manager. The salesman, the finance manager, and what I assume was the sales manager returned a few minutes later and asked again if there was any way I would consider financing through Ford. I replied no, I already made that clear two days ago. They then went into the sales pitch of; this truck is in high demand, they lose money selling it at the sticker price, their phone is ringing off the hook every day from people willing to pay well over sticker price to get this truck. It will take a month for my bank to cut a check. (eyeroll, that’s BS, but so what if it does you sold the truck) The entire time they are going through this I’m thinking to myself how is any of this my problem, and you guys did call me. I of course didn’t say this to them, but I’m really not interested in their problems. Sell me the truck or don’t. Once they picked up that I wasn’t responding to their sales pitch, and really not saying much at all, they suggested that I could finance with them, and then just re-finance with my own credit union. I responded, no that’s dumb, are you going to print an actual buyer’s order and sell me the truck or not? Their response was if you won’t work with us, we can’t make a deal, to which I responded fine, and walked away… again.

First, does Ford always print up sketchy paperwork. The buyer’s order is supposed to lock in the price, not estimate it, and second what’s with this you can only finance through Ford nonsense? Do you like selling cars or not? I’ve never owned a Ford before by the way. This is my first experience with them.

Thanks in advance for the feedback!

I recently discovered this forum through a search for other experiences with the Ford Maverick. I need some feedback to determine if mine was a typical buying experience. I ordered a Ford Maverick XLT last September and it arrived Tuesday April 12th. About a week before it arrived, I obtained financing through my employer’s credit union for an amount that exceeded the truck's sticker price. All in needed from the dealership was a buyer’s order for the bank to draft a check. The salesman asked if I would consider financing through Ford. I politely declined, as I already had financing in place, and did not want to go through the application process again. The salesman left the room to speak to his manager, and when he returned, I was informed that if I refused to finance through Ford there would be a markup on the truck's selling price. I responded that I did not feel that a vehicle like this was worth the markup they were asking and walked away.

Two days later I received a call from the salesman, asking what it would take to get me into the truck. I responded; print a buyer’s order for the sticker price of the truck, your finance manager and I will sign it, and you will get a check. That’s all it takes. The salesman agreed and asked me to come in and sign the paperwork. When I arrived and went to the finance manager’s office, there was a tablet on his desk. I was handed a stylus and asked to sign in a giant signature box, with no other text on the screen. It’s not unusual to e-sign documents, but I did ask to see a paper copy of the document. Upon inspection my response was, this isn’t a buyer’s order, and further there’s a clause that states “the price shown above is estimated and that upon verification the customer agrees to a price exceeding the figure shown above.” I need an actual buyer’s order for my credit union.

The finance manager said that this was the document that they used, and he would go speak to his manager. The salesman, the finance manager, and what I assume was the sales manager returned a few minutes later and asked again if there was any way I would consider financing through Ford. I replied no, I already made that clear two days ago. They then went into the sales pitch of; this truck is in high demand, they lose money selling it at the sticker price, their phone is ringing off the hook every day from people willing to pay well over sticker price to get this truck. It will take a month for my bank to cut a check. (eyeroll, that’s BS, but so what if it does you sold the truck) The entire time they are going through this I’m thinking to myself how is any of this my problem, and you guys did call me. I of course didn’t say this to them, but I’m really not interested in their problems. Sell me the truck or don’t. Once they picked up that I wasn’t responding to their sales pitch, and really not saying much at all, they suggested that I could finance with them, and then just re-finance with my own credit union. I responded, no that’s dumb, are you going to print an actual buyer’s order and sell me the truck or not? Their response was if you won’t work with us, we can’t make a deal, to which I responded fine, and walked away… again.

First, does Ford always print up sketchy paperwork. The buyer’s order is supposed to lock in the price, not estimate it, and second what’s with this you can only finance through Ford nonsense? Do you like selling cars or not? I’ve never owned a Ford before by the way. This is my first experience with them.

Thanks in advance for the feedback!

That’s not Ford, all dealers are franchises and that was just a sleazy dealer unless Ford gets complaints they think all is fine. I paid MSRP + TAX.

 

[Olderthandirt]

It's nice to find a dealer like that Clark6.

 

[Blue1005]

They call them stealerships. Ford just makes is, its the local guy that is a bad dude.

 

[999]

That's what I meant, "matured" was a bad choice of word. I've been out of the business for 15 years, so I was hazy on the time requirements.

Thanks.

not necessarily until it matures but at a bank i used to work in dealer financing we used to chargeback dealer if the loan got refinanced within 6 months of loan being originated. After six months dealer kept the full amount of money in the event of a refinance and bank took the hit. The bank had a study conducted and they came to the conclusion that majority of consumers that have not refinanced within first 6 months of loan will not refinance at all later on.

Some competitors charged-back at 3 months or 4, never heard about a dealer being charged back until loan matured by the original lender.

I asked my Ford dealer recently about this and he said on fords special rates he gets only $100 for writing the contract to them and are not allowed to spread the rate on these special deals. Then i asked about chargeback he said he needs 3 payments (essentially 3 months) to avoid losing any spread on the interest rate.

 

[LeersMav]

Both my credit unions were unable to match Ford 36 mo financing at 0%. Each was 1.99% and 2.45%. Just saying credit unions are not always the best option when financing a purchase.

So reviewing your story, I guess the financing portion is more important than the Maverick.

Next ....... Best wishes to you on whatever you do..

 

[Dirtball]

I’m at a loss. Ford Credit rates are pretty competitive. Pretty much hard to beat when you’re a well qualified buyer. You walked away cause you didn’t want to do more paperwork? There is more variables to this story then we know and I guarantee one of them variables is the real reason instead of doing more paperwork.
3 years ago, this transaction would have been fine. Times have changed. Dealers are trying to maximize per vehicle profit because they are selling less vehicles these days. I can understand dealers pushing financing if it’s competitive. They get a kickback.
Idk, maybe I’m biased because I’m taking Fords 3/36 @ 0%.

 

[Pickles]

I recently discovered this forum through a search for other experiences with the Ford Maverick. I need some feedback to determine if mine was a typical buying experience. I ordered a Ford Maverick XLT last September and it arrived Tuesday April 12th. About a week before it arrived, I obtained financing through my employer’s credit union for an amount that exceeded the truck's sticker price. All in needed from the dealership was a buyer’s order for the bank to draft a check. The salesman asked if I would consider financing through Ford. I politely declined, as I already had financing in place, and did not want to go through the application process again. The salesman left the room to speak to his manager, and when he returned, I was informed that if I refused to finance through Ford there would be a markup on the truck's selling price. I responded that I did not feel that a vehicle like this was worth the markup they were asking and walked away.

Two days later I received a call from the salesman, asking what it would take to get me into the truck. I responded; print a buyer’s order for the sticker price of the truck, your finance manager and I will sign it, and you will get a check. That’s all it takes. The salesman agreed and asked me to come in and sign the paperwork. When I arrived and went to the finance manager’s office, there was a tablet on his desk. I was handed a stylus and asked to sign in a giant signature box, with no other text on the screen. It’s not unusual to e-sign documents, but I did ask to see a paper copy of the document. Upon inspection my response was, this isn’t a buyer’s order, and further there’s a clause that states “the price shown above is estimated and that upon verification the customer agrees to a price exceeding the figure shown above.” I need an actual buyer’s order for my credit union.

The finance manager said that this was the document that they used, and he would go speak to his manager. The salesman, the finance manager, and what I assume was the sales manager returned a few minutes later and asked again if there was any way I would consider financing through Ford. I replied no, I already made that clear two days ago. They then went into the sales pitch of; this truck is in high demand, they lose money selling it at the sticker price, their phone is ringing off the hook every day from people willing to pay well over sticker price to get this truck. It will take a month for my bank to cut a check. (eyeroll, that’s BS, but so what if it does you sold the truck) The entire time they are going through this I’m thinking to myself how is any of this my problem, and you guys did call me. I of course didn’t say this to them, but I’m really not interested in their problems. Sell me the truck or don’t. Once they picked up that I wasn’t responding to their sales pitch, and really not saying much at all, they suggested that I could finance with them, and then just re-finance with my own credit union. I responded, no that’s dumb, are you going to print an actual buyer’s order and sell me the truck or not? Their response was if you won’t work with us, we can’t make a deal, to which I responded fine, and walked away… again.

First, does Ford always print up sketchy paperwork. The buyer’s order is supposed to lock in the price, not estimate it, and second what’s with this you can only finance through Ford nonsense? Do you like selling cars or not? I’ve never owned a Ford before by the way. This is my first experience with them.

Thanks in advance for the feedback!

Youve gotten a number of replies already. So hopefully i’m not repeating someone else already. usually i dont reply to this type of thread but you seem like a reasonable person. A couple things to consider:

1. The people who post about dealership interactions are almost always the unhappy type. Realisitically id estimate at least half of us here in this forum are at least satisfied if not happy with our dealer rep… there’s just no need to post a thread about that lol people who post want to rant.

2. With the supply/demand issues maverick specific, dealers seem to be able to charge basically whatever they want south of the border from what i’ve heard/read and someone will pay it.

3. Does the specific dealer you spoke to usually deal in this way? Probably. But is that a ford company epidemic attitude? Probably not.

4. As a side note i dont know why american pre-order contracts are not always binding contracts… up here when you pre-order a car you sign the purchase agreement and credit check and all the fun stuff… so the car is yours… whenever it exists. that bit does seem consistent from american complaints and reviews.

hope this was somewhat helpful!

 

[Champ]

Everyone seems to be assuming that dealer wanted to place the loan with FMC. I think they had another more lucrative finance scam in mind! ---- " Just sign here lady!" You can't trust scumbags!

 

[Rentman1225]

I’m at a loss. Ford Credit rates are pretty competitive. Pretty much hard to beat when you’re a well qualified buyer.
Idk, maybe I’m biased because I’m taking Fords 3/36 @ 0%.

True, if the dealer was offering Ford credit. They were probably pushing a different bank loan at a higher rate with more commission.

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