Maverick Financing / Lease Guaranteed Approval Program [Valid Until March 31, 2022]

[hcforde]

I had a repossession many years ago. I wonder if it will show up on my credit report?

It should be gone after 7 years, if not you can have it removed.

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[Redbaron]

Yikes. That's kinda scammy.

How is that scammy? You only pay a little more than a standard 60 mo.

 

[brnpttmn]

It does bring to mind all those flexible payment mortgages that were common years ago but are now illegal.

Yep. Telling people that delaying amortization (and thus effectively increasing their interest rate) is the "flexible" choice. Don't buy a car if you can't afford the payments now.

 

[2022EOW]

Ford's exact ranges may differ slightly, but here it is in a nutshell:

TIer 1 is a credit rating (above 720 - 850) Best interest rate.
Tier 2 is 660-719 Reasonable interest rate
Tier 3 is 620-659 You're not gonna like the terms
TIer 4 is 300 - 619 You're getting screwed on the interest rate.
Tier 5 is below 300 You ain't getting a loan at any interest rate. Be prepared to pay cash or have a great co-signer.

“TIer 4 is 300 - 619 You're getting screwed on the interest rate.” You screwed yourself by getting yourself in that situation.

 

[hcforde]

I don't get what this is. Dealers will always make a way to get a customer in a car. I have great credit, but even if you didn't, its not like the finance guy won't find a way to get someone in a car they can't afford.

.. and they get a kickback...

I some way it seems illegal with a tinge of entrapment and conspiratorial. But, free enterprise contract law has it place in the American way of life.

 

[brnpttmn]

How is that scammy? You only pay a little more than a standard 60 mo.

It's financing targeted at getting people who can't afford something to purchase it at a higher interest rate and it's masking that higher interest rate through reduced amortization (rather than clearly stated longer term and interest rate) and rose-colored "flex" marketing. Just check the fine print: "Offer not available in X states." That often a sign that something is shady.

 

[TexasMaverick88]

So if I’m already a Tier 1 (790 Score, nothing bad on report). What does this mean for me? Nothing? Do I become tier 0? What is flex buy?

I agree with your statement what do already tier 1 people get?

 

[Gmood1]

I agree with your statement what do already tier 1 people get?

Tier 1 gets the best financing most of the time.
Normally anything above a 720/740 will get the same rate as someone with a 850.
It's all fluff, once you cross that magic line.
It's also not all about credit score.
You can have a great credit score but not much credit history. That can also get you pushed into a lower Tier rating.

 

[mbert123]

[/QUOTE]
So If I'm tier 2 and I meet the criteria, I am guaranteed to be approved through Ford Credit as tier 1?

Just making sure I'm reading it correctly.

 

[Unlikely_Username]

I don’t think this is a bragging forum!?

The funny part is they thought they were bragging but actually they're just showing how they're not that intelligent with money lmao. Anyone who would turn down 36mo at 0% to finance a car outright doesn't know how to make their money work for them or is wayyyy too afraid of debt.

 

[Old Ranchero]

Why would you pay cash on a car, when you can get 36 months zero interest? Put that money somewhere where it can build compound interest. Let that money make you money.

Because I can. We are seniors on (mostly) fixed incomes and make a priority of keeping our monthly expenses as low as possible- and stable as possible so no surprises in our budget. We don't need to build credit or retirement accounts and only financed item is our house. Ca$h is King!

 

[Zepper]

Why would you pay cash on a car, when you can get 36 months zero interest? Put that money somewhere where it can build compound interest. Let that money make you money.

Your head is in a good place, but just the act of opening an auto loan - even if it is 0% - will ding your credit. Some people have more important things pending and can't take even a slight ding to their credit.

 

[Catfish]

does Ford credit charge a fee to originate or close the loan ?

 

[Old Ranchero]

The funny part is they thought they were bragging but actually they're just showing how they're not that intelligent with money lmao. Anyone who would turn down 36mo at 0% to finance a car outright doesn't know how to make their money work for them or is wayyyy too afraid of debt.

how intelligent is it to have a $400+/mo payment when you lose your job, have a major medical bill not covered by insurance, get a divorce, stock market crashes, or the economy goes to shit? What about qualifiying for a new house loan where they examine your income to debt ratios? What you think is a free ride instantly turns to a big liability.

 

[MaverickAngler]

Will Ford let you buy up a tier like other finance companies? Put so much down and it will bump you up a tier

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