TRUCK IS GREAT - BEWARE OF PLANET FORD FINANCE PREDATORY PRACTICES

[EIlig]

I ordered my 2023 Ford Maverick last year through Planet Ford in Garland (Reed) it was slow but we got a call on Thursday telling us it came in. Prior to all of this, we had gone to our credit union, got good rates and had a pre-approved loan scheduled. All we needed was the buyers sheet. With that we would contact our bank, they would issue a check and we would be out of there. Sounds easy, huh? We got there, a few things that were supposed to be installed were not. Turned out, they did not install those in the factory (Security pad on door, bug trim, that sort of thing". They sent a woman over from their Finance Department. We were expecting to do a meet and greet, get the buyer's sheet, contact he bank and toddle off about out business. Up until this point, out interactions with Planet ford were through Suzanne Baker in sales. (My family has ordered seven vehicles over the past couple of years. She has been great but this was my first time up to bat.

Anyway, the female Finance person asked us what we wanted out payments to be. We told her that we already had financing to which she quickly told us that Ford DOES NOT accept outside financing. Her tone became flat, and condescending. She refused to even consider the possibility and quite frankly told us that we didn't have to accept delivery but the only way we were going to purchase the Maverick was through Ford Financing. I asked if she could beat the rates we have locked in at out credit union and she told us that they might be able to get it around there. Then she brought out two ipads and insisted that we apply for a loan through ford Finance. She ignored our questions about why we couldn't use our own credit union responding that it was a 45 day process and that Ford doesn't do that anymore. Next, She brought out the finance Director who gave us the same response.

Their finance director, I think his name is Mike was blunt, rude, condescending, arrogant and attempted to lie and manipulate us into taking the Ford Finance instead of our own. I strongly suspect that since I am over 60, he believed that he could get away with this. We contacted Suzanne Baker who came down, stopped them in their tracks and we were, in fact, able to use our Credit Union to pay for the car. This is, when we went to pick up the truck, that same finance acts like he's my friend.

THANK YOU SUZZANE BAKER FOR STEPPING IN AND SETTING THINGS STRAIGHT. We love the truck, love the way you treat the customers and do your job. Shame on your finance people. There was absolutely no reason for them to try to manipulate us like that.

IT'S THE DEALER , not Ford!

They are an independent business and may conduct it however they wish. Its evident their ethics leave a lot to be desired...

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[Maverstang]

Yet another story about horrible dealer behavior. I hear so many bad stories in the DFW area, it’s hard to know if there are any good dealers left there.

The dysfunctional franchise system really has to change. But you can be sure Texas will be the last to change since it is controlled by the good-ole-boys in state government, some of which are car dealership owners.

Tesla even has a factory there, yet the dealer lobby prevents them from selling in the state. It is hilarious that if you buy a Tesla in Texas it has to go from Austin to the Louisiana border and be brought back on a different truck!

My advice to anyone living in DFW is to buy a car for somewhere else and drive it back home.

 

[A.Bursell]

No doubt the dealer was trying to represent themselves as this is what FORD dictated. Glad you were able to work it out.

 

[realshelby]

Beware Planet Ford ( or other "Planet" franchises ) and anything to do with Randall Reed. Reed is the owner and has some franchises in his name.
They used to set the bar for sleezy operations in the Houston/Dallas area. I doubt they have changed much in the past years......

 

[TCPTX65]

Yet another story about horrible dealer behavior. I hear so many bad stories in the DFW area, it’s hard to know if there are any good dealers left there.

The dysfunctional franchise system really has to change. But you can be sure Texas will be the last to change since it is controlled by the good-ole-boys in state government, some of which are car dealership owners.

Tesla even has a factory there, yet the dealer lobby prevents them from selling in the state. It is hilarious that if you buy a Tesla in Texas it has to go from Austin to the Louisiana border and be brought back on a different truck!

My advice to anyone living in DFW is to buy a car for somewhere else and drive it back home.

Don't know if you want to drive this far, but Wichita Falls Ford is great. Ordered my truck in a day, honored price protection after 484 days of waiting. $150 document fee. Even let me use USAA to finance with no hassle whatsoever. Even the finance guy was cool. He showed me a list of things they offered and asked if there was anything in particular that caught my eye. My salesman, Cory, was awesome. Granted, this was a special order, but if I ever order a Ford again, it will be here. Oh, and they offer a free lifetime powertrain warranty.

 

[KrayzieMav]

I never heard a dealer say you can't finance through your own source. I am actually having trouble with my bank. Loan officer told me we can't accept 2 separate papers. 1 was the original order with signatures. The second was the order with changes I had done to the order. I was told I need a signed sales order with the deal on one sheet. I said it has not been made yet. Don't have final numbers yet. Who knows what the rate will be by time I get the final agreement. I only want $8000 on the loan. Did you have any issues securing your loan. I just may borrow from my 401k and pay myself back. I can't even bargain with the dealer finance since I have no definite rate and agreement with my bank. What a hassle this seems to be. I don't want to wait to long to pick my truck up.

This is actually becoming a very common thing lately, not just for Ford. I think it's stupid because interest rates are so high right now. When I was trying to buy a chevy, I encountered the same thing as OP. My credit union was offering me 4.9%, the dealership couldn't go below 11.9! And they still expected me to take it. I had to go purchase the car elsewhere, they let me walk over it and this was for a $70,000 car. All because they wanted their kickback.

Don't reward this type of BS. Don't fall for their "refinance in 90 days" crap too, because what they don't tell you is when you go to refinance, your car is now considered "used," and you will not get your original quoted rate as it was for the NEW car. It might be close and still less than the dealership, but it will be more.

Also, you DO NOT have to wait the 90 days, no matter what they tell you, the 90 is just so that THEY get paid their kickback from the bank.

 

[A.Bursell]

Don't fall for their "refinance in 90 days" crap too, because what they don't tell you is when you go to refinance, your car is now considered "used," and you will not get your original quoted rate as it was for the NEW car. It might be close and still less than the dealership, but it will be more.

This depends on where you finance. The credit union I use considers anything less than 3 years old to be new, for example.

 

[Maverstang]

Don't know if you want to drive this far, but Wichita Falls Ford is great. Ordered my truck in a day, honored price protection after 484 days of waiting. $150 document fee. Even let me use USAA to finance with no hassle whatsoever. Even the finance guy was cool. He showed me a list of things they offered and asked if there was anything in particular that caught my eye. My salesman, Cory, was awesome. Granted, this was a special order, but if I ever order a Ford again, it will be here. Oh, and they offer a free lifetime powertrain warranty.

Nice. I’ve heard some of the smaller town dealers in Texas are pretty good. Just stay away from the DFW crooks!

 

[whizwart]

" she quickly told us that Ford DOES NOT accept outside financing. " Wow, I've heard some whoppers, but that takes the cake.

I was looking at Planet Ford when I was on a Don Quixote style quest for a Maverick out of state, and I'm not sure why, but the sheer size of their network put me off. Dealer networks that big always give me the sense that they did anything to get there, and not above board. Just MHO.

 

[lajlmt]

I ordered my 2023 Ford Maverick last year through Planet Ford in Garland (Reed) it was slow but we got a call on Thursday telling us it came in. Prior to all of this, we had gone to our credit union, got good rates and had a pre-approved loan scheduled. All we needed was the buyers sheet. With that we would contact our bank, they would issue a check and we would be out of there. Sounds easy, huh? We got there, a few things that were supposed to be installed were not. Turned out, they did not install those in the factory (Security pad on door, bug trim, that sort of thing". They sent a woman over from their Finance Department. We were expecting to do a meet and greet, get the buyer's sheet, contact he bank and toddle off about out business. Up until this point, out interactions with Planet ford were through Suzanne Baker in sales. (My family has ordered seven vehicles over the past couple of years. She has been great but this was my first time up to bat.

Anyway, the female Finance person asked us what we wanted out payments to be. We told her that we already had financing to which she quickly told us that Ford DOES NOT accept outside financing. Her tone became flat, and condescending. She refused to even consider the possibility and quite frankly told us that we didn't have to accept delivery but the only way we were going to purchase the Maverick was through Ford Financing. I asked if she could beat the rates we have locked in at out credit union and she told us that they might be able to get it around there. Then she brought out two ipads and insisted that we apply for a loan through ford Finance. She ignored our questions about why we couldn't use our own credit union responding that it was a 45 day process and that Ford doesn't do that anymore. Next, She brought out the finance Director who gave us the same response.

Their finance director, I think his name is Mike was blunt, rude, condescending, arrogant and attempted to lie and manipulate us into taking the Ford Finance instead of our own. I strongly suspect that since I am over 60, he believed that he could get away with this. We contacted Suzanne Baker who came down, stopped them in their tracks and we were, in fact, able to use our Credit Union to pay for the car. This is, when we went to pick up the truck, that same finance acts like he's my friend.

THANK YOU SUZZANE BAKER FOR STEPPING IN AND SETTING THINGS STRAIGHT. We love the truck, love the way you treat the customers and do your job. Shame on your finance people. There was absolutely no reason for them to try to manipulate us like that.

Where do they get these people? At the circus?… As horrible as my Stealership was, they have a “relationship” with my CU. Rate at CU was 5.5% for 60. I’m sure many have done better, especially if they got their vehicles in ‘22 and didn’t have to wait 656 days…She must have been fresh off the clown car…and not had her coffee yet…

 

[Nashuajp]

Good for you for not backing down . There was a similar case in New Hampshire and the AG went after the dealer big time ! Maybe you should report their unfair practices.

https://www.doj.nh.gov/news/2022/20221219-obrien-kia-settlement.htm

 

[lajlmt]

" she quickly told us that Ford DOES NOT accept outside financing. " Wow, I've heard some whoppers, but that takes the cake.

Dealerships like that are “Home of the Whoppers”

 

[A.Bursell]

Good for you for not backing down . There was a similar case in New Hampshire and the AG went after the dealer big time ! Maybe you should report their unfair practices.

https://www.doj.nh.gov/news/2022/20221219-obrien-kia-settlement.htm

It's really not similar at all.

In this case in NH, the dealership was purposely getting people into loans they could not afford by lying to them about a credit program that would eventually lower their payments. Except it didn't exist.

In this case, the dealer does not want to take outside financing, which they don't have to do. Just like places don't have to accept checks or cash or whatever, they can set their own terms. There's nothing illegal about not wanting to take someone else's financing. This dealer is dishonest and unethical, but reporting to the AG won't do anything.

 

[A.Bursell]

Where do they get these people? At the circus?… As horrible as my Stealership was, they have a “relationship” with my CU. Rate at CU was 5.5% for 60. I’m sure many have done better, especially if they got their vehicles in ‘22 and didn’t have to wait 656 days…She must have been fresh off the clown car…and not had her coffee yet…

It's not that she didn't know what she was doing -- she knew exactly what she was doing. Dealerships "sell" financing just like they sell cars. And just like selling cars, they profit off of it. Businesses don't often have relationships because they care, they do it to make money. In your case, I would guess that either the CU kicked back a rebate to the dealer for using them, or they would have offered you 5% if you went directly through them and the dealer sold it at 5.5% and makes a profit. Those are the two most common scenarios. If you had wanted to finance with Bob's Auto Loans, the dealer stood to make nothing -- they probably would have encouraged you to run your credit and see if they could finance you through one of their lenders instead.

 

[Nashuajp]

It's really not similar at all.

In this case in NH, the dealership was purposely getting people into loans they could not afford by lying to them about a credit program that would eventually lower their payments. Except it didn't exist.

In this case, the dealer does not want to take outside financing, which they don't have to do. Just like places don't have to accept checks or cash or whatever, they can set their own terms. There's nothing illegal about not wanting to take someone else's financing. This dealer is dishonest and unethical, but reporting to the AG won't do anything.

I’m sure if they are doing this they’re also doing more shady stuff. I would not trust them !

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