Understanding Ford Credit....

[ridgebackpilot]

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@dunn2500 wrote:

manufacturers are selling cars left and right......incentives are at all time lows, inventory is low so they can charge whatever right now......its the relationship you have........been buying vehicles since last august and its worst time to buy right now (maybe not every model).......dealers that were hounding me 3 months ago have ceased to exist if i dont pay what they want.......wasnt the case short time ago

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While it's true that inventory is low, incentives have diminished, and low-interest financing is tougher to find...it's still possible to find these things, you just have to work a little harder!

Case in point: I purchased a new 2020 Ford F-150 Platinum SuperCrew Turbodiesel this week. The dealer discounted the MSRP by 10 percent and I got an additional $2,500 rebate from Ford.  Ford Motor Credit offered me 0 (Zero) percent for 60 months, but I opted for 1.9% over 72 months. It wasn't easy and the dealer lost money on the deal. Gone are the days when Ford offered 0% for 84 months!

[TheBoss]

So a data point here for anyone interested ...

Purchase a new 2020 Escape Titanium Hybrid today. Score is under 580ish. Got 2.9% for 72 months from Ford Credit AND $3800 in rebates (including $3500 for financing through them). Shocked is an understatement. Income is good and DTI is decent. This is my third Ford but first with Ford Motor (first two were with CapOne). No mortgage or car lates or issues on credit, just high balances and 1-2 collections. So 

So, uh, I guess you just never know. 

[dunn2500]

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@ridgebackpilot wrote:

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@dunn2500 wrote:

manufacturers are selling cars left and right......incentives are at all time lows, inventory is low so they can charge whatever right now......its the relationship you have........been buying vehicles since last august and its worst time to buy right now (maybe not every model).......dealers that were hounding me 3 months ago have ceased to exist if i dont pay what they want.......wasnt the case short time ago

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While it's true that inventory is low, incentives have diminished, and low-interest financing is tougher to find...it's still possible to find these things, you just have to work a little harder!

Case in point: I purchased a new 2020 Ford F-150 Platinum SuperCrew Turbodiesel this week. The dealer discounted the MSRP by 10 percent and I got an additional $2,500 rebate from Ford.  Ford Motor Credit offered me 0 (Zero) percent for 60 months, but I opted for 1.9% over 72 months. It wasn't easy and the dealer lost money on the deal. Gone are the days when Ford offered 0% for 84 months!

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yeah i was just browsing to see if something would pop up mostly...I contacted 20-25 dealers on my last deal thru 3 different states and did  16-17% off MSRP though on 2020 silverado 2500 HD in April....they were a bit paranoid about which direction things would go then I think......1500s usually have pretty good incentives at least GM and Ram do....right now yours is a great deal for 1500!... inventory on 2500 is non existent.....i can sell mine for what i paid or really really close.........I cant come close to what i paid for both my last 2 trucks currently..... In aug 2019 bought new 1500 silverado for 27% off which was fairly common if you did your homework.....

[BallBounces]

The 3/4 ton and up Truck market is crazy right now, and commodity issues are putting further pressure on inventory problems.

I do hope that FoMoCredit is still handing out good APRs to low credit scores in about 4 weeks ... that's when i need them to hand one to me.

[mich800]

Does Ford Credit require you to bring pay stubs to the dealer to complete the transaction?  Considering something in the next couple months but I have not set up my login to get pay stubs from the payroll company my employer uses.  I am direct deposit.

[Anonymous]

I have never had to bring in paystubs for Ford. Their requirements for such could of course be dependent on several factors; age of credit, credit score, debt-to-income ratio, length of credit, listed income, etc. Why not just go ahead and setup a login for yourself? New car aside, you never know when you'll need one in a pinch. 

[mich800]

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@Anonymous wrote:

I have never had to bring in paystubs for Ford. Their requirements for such could of course be dependent on several factors; age of credit, credit score, debt-to-income ratio, length of credit, listed income, etc. Why not just go ahead and setup a login for yourself? New car aside, you never know when you'll need one in a pinch. 

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Thank you for the info.  I am getting the login corrected, it has just been a PITA.  They changed payroll companies and the code I was given to set up online access was either wrong or I entered it incorreclty and now locked out.  That with the fact they entered my wrong birthday has just caused the process to drag on.  

[Anonymous]

I would've been so excited about this! Truthfully, I hadn't bought a Car in probably a decade and the last time I did, it was horrendous and my credit was probably in the mid to upper 500s and I got the worst interest ever, like 17.9%. So of course my car loan could be no more than like 12K for 350 payment.

My credit is in the upper 700s, I had a little more than a $2000 down payment, 65K a year with zero debt to income ratio in for credit just gave me 6%! The age of my credit is not long, like less than seven years, but I don't understand it. I'm going to refinance in six months because I felt like my bank would've done better but I was scared to get too many inquiries.

[Anonymous]

Just so you know, I know my credit score was higher but Ford didn't even call my employer. They didn't request paystub's and I signed for the loan before they even called my employer. And I also got freaking 6% interest and I'm thinking the only reason I did is because the car loan was about three times my current credit limit, my age of credit is less than seven years but my scores were in the upper 700s. That was also with a pretty good 20 to 50 chunk down. So I'll refinance in six months but I Was worried about getting too many inquiries right now. I have two jumping off in the next eight months so it'll work out.

[dunn2500]

same here.....never seem to get a good rate from dealers and in lower to mid 700, heck my brother is well above 800 and got 4.75% from GM! he paid it off in a month so didnt care but even couple weeks ago shopping between Ram and GM the sales guy said yeah 4.9% was lowest if your not taking 0% in lieu of rebates.....they jack up the rates and thats fine, you can always get your own and these days its super easy plus when you go to dealer its in and out fairly quickly

too many games with the financing at dealerships usually......