How Soon Can I Refinance

HYPASS33 · ‎12-19-2015

I bought a F150 today and went with Ford Credit to get rebates but I'm pretty sure the finance guy added points to the buy rate to get more money. Can I refinance immediately? Finance guy said after first payment but I think he said that to ensure ford pays dealership all their incentives. Contract said no prepayment penalty so I figure I should be able to refinance now?.

Anonymous · ‎12-20-2015

If there is no Prepayment Penalty and no Rebate Restriction then you are good to go and can refinance before the first payment.

HYPASS33 · ‎12-20-2015

I read contract and there isn't a prepayment penalty but I didn't read anything about any rebate restrictions. Where would it state that at? Finance guy said I couldn't before first payment but of course he gonna say that.

Anonymous · ‎12-20-2015

I bought my F150 7/2/15, went with FMC for the $1k rebate, with 5.99%. Refinanced with my CU the following week for 2.24%, no problems. My CU gave me the FMC 800 number and CU fax number, I called FMC to have account and payoff info faxed to m CU, I was signing the refinance papers on 7/10. I've heard some states you may need to wait for the title to be registered by FMC before refi but in WI I didn't have any problems. Congrats on the truck.

Anonymous · ‎12-20-2015

@HYPASS33 wrote:
I read contract and there isn't a prepayment penalty but I didn't read anything about any rebate restrictions. Where would it state that at? Finance guy said I couldn't before first payment but of course he gonna say that.

It would most likely state that in the same area where it would state a Prepayment Penalty, or in a separate section, if any, specifically regarding the rebate. Since you don't see anything you are good to go. I believe there are plenty of people who have refinanced before their first payment.

Anonymous · ‎12-20-2015

I went through this exact issue a few years ago on an F-150, I let them jack up the interest so I could negotiate a decent price and then 4 days after I got the truck I refinanced for a competitive rate. I ended up having to drop off the title for my trade in and the finance guy was beyond pissed. I just told him had he not gotten greedy and jacked up the interest I would have had no reason to shop for different financing.