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CU vs Ford Motor Credit, which one do I choose?

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Regular Contributor

CU vs Ford Motor Credit, which one do I choose?

Drove off with a CPO 2009 Ford Edge last night.  I was approved through Ford for 8.99% (I was hoping for better).  My CU approved me for 9.74% which is a difference of $7/mo., term 72 months.  I plan on refinancing within the next year.  Question is, I'm leaning towards going with the CU because I'd like to build a better relationship with them, I joined last November.  I have this feeling that the CU just might be a better company overall to work with.  

 

Thoughts anyone?

 

Thanks! 

Starting: TU 616 (VS) EQ 598 (FICO) EX 619 (FAKO)
Current: TU 660(FICO) EQ 702 (FICO) EX 716 (FICO)
Message 1 of 8
7 REPLIES
Super Contributor

Re: CU vs Ford Motor Credit, which one do I choose?

If you think that you will be able to refi soon at a much better rate then I would tend to agree the CU might be a better option. If you are brand loyal to Ford and might be buying another Ford in the future that is a consideration as well.

You could also ask the CU if they will match Ford's rate....
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 8
Frequent Contributor

Re: CU vs Ford Motor Credit, which one do I choose?

If that's the option, then +1 for the CU. For some reason, FMC has some pretty high rates anyway compared to others. That said, they were always easy enough to deal with.

 

When I was rate shopping, Chase had the best I was able to get (3.99%), and NMAC beat them by 0.5%. Might be worth checking out if you really want to save some money.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Message 3 of 8
Mega Contributor

Re: CU vs Ford Motor Credit, which one do I choose?


pizzadude wrote:
If you think that you will be able to refi soon at a much better rate then I would tend to agree the CU might be a better option. If you are brand loyal to Ford and might be buying another Ford in the future that is a consideration as well.

You could also ask the CU if they will match Ford's rate....

+1




EQ FICO 548 3/3/16
Message 4 of 8
Moderator Emeritus

Re: CU vs Ford Motor Credit, which one do I choose?

It depends if you like fords I would go with ford motor credit.

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Message 5 of 8
Valued Member

Re: CU vs Ford Motor Credit, which one do I choose?

I know this probably seems silly, but have you checked with the CU to make sure they will do a refi?  I only point that out because I had an auto loan w/ my CU in Oregon, and was able to refi without any issues.  A couple of years later, a friend financed a new vehicle through a different local CU.  He was surprised to learn that the CU would not refi its own loan.  Just one consideration.  Smiley Happy

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Message 6 of 8
Regular Contributor

Re: CU vs Ford Motor Credit, which one do I choose?

Not sure if you can join navy but was just approved for 30k for 2.29% have the check on the counter

Message 7 of 8
New Contributor

Re: CU vs Ford Motor Credit, which one do I choose?


laurasiew wrote:

Drove off with a CPO 2009 Ford Edge last night.  I was approved through Ford for 8.99% (I was hoping for better).  My CU approved me for 9.74% which is a difference of $7/mo., term 72 months.  I plan on refinancing within the next year.  Question is, I'm leaning towards going with the CU because I'd like to build a better relationship with them, I joined last November.  I have this feeling that the CU just might be a better company overall to work with.  

 

Thoughts anyone?

 

Thanks! 


I would go with Ford first, and then look at refinancing later with the CU. Is their FlexBuy program available on CPO vehicles?  If so, that may help too.  Your post caught my eye because I am leaning towards purchasing a Ford Edge too.  I'm just trying to wait a couple of months for a potential score bump from CC payoffs and aged baddies.

 

Congrats on your new ride... Please let us know what happens.


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