Just go buy one damn it.
More than half of all new car loans in Canada financed for 84 months
- Thread starter Serpent
- Start date
Ford offers some rebates if you pay cash or finance through an outside bank, or they offer you a lower interest rate (and sometimes with a couple rebates), or all their public rebates if you finance through Ford Credit at standard rates.
1.) If you choose option #1, then Ford gives you some rebates and you can finance it or pay cash, and it's no different to them.
2.) If you choose option #2, then Ford takes the rebates, and buys down the interest rate. So in their mind, it's all the same.
3.) If you choose option #3, you'll have the highest amount of rebates, however the interest rate will be higher as well. In this case, Ford Credit is prospering from the mark up on the rate.
I borrowed $10k to get a additional $1k off. Made 1 payment and paid it off, so I still saved almost $900.
Out of curiosity, did your dealer instruct you to make one payment then pay it off, or did you do that by choice? Also, did they tell you that you had to finance $10,000, or did you just randomly come up with that number?
I guess that extra "o" was too expensive as well
I'm very interested in a left over Focus ST or Fiesta ST, (leaning heavily towards the FoST). Is it possible to get one with 60 months or less @ 0% financing? Planning maybe to put $5k down.
They mentioned making 1 Nick, and I believe it was 10k to get the additional rebates. I walked in with a check ready to buy it outright.
That's a little fishy, but maybe Volvo is different, so I'll let Nick finish what he's getting at before chiming in. Just to see if I'm right. Lol
Interesting, the last 2 I did they asked for 3 payments before doing a refinance
I didn’t refi though, just paid off the note.
I remember back when the norm for an auto loan was 36 month & 48 months. Then as vehicle prices increased, we saw 60 months. And then came 72 month loans. And now we see 84 months. With prices north of $40K, it was inevitable that we'd see 84 months to make the purchase of a $50K+ vehicle "affordable". The terms is directly related to the high cost of the vehicles we drive. I would never get a 7 year note on a vehicle. Depreciation on a new vehicle increases the sting. I've leased my last 4 vehicles and I'll likely continue to lease.
...and after reading this thread I remember why I prefer a used car. Today's vehicle prices are off the charts. It's crazy.
Sent from my [trashcan S5] using the svtperformance.com mobile app
Sent from my [trashcan S5] using the svtperformance.com mobile app
Vehicles also only lasted 3-4 years back then and warranties used to be 3/36k powertrain and in many cases that’s how long some engines lasted.
Average registered vehicle age is now 11 years old.
You're right though, they really are!
Yes. But you give up $4k in rebates.. probably not worth it.
That's bullshit. See below.
After a customer makes one payment, the dealer gets to keep some of the reserve paid to them by Ford Credit, after 3 payments the dealer keeps all of it.
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Along with everything else though.
You lost me. They said if I financed $10k I’d get a additional $1k off. The truck had a sticker of just shy of $47. I paid $42,200 with tax, tag and everything. Am I missing something here?
They get paid by Ford Credit to send them finance deals. You had to finance through Ford Credit in order to get the "Ford Credit Retail Customer Cash" rebate of $1,000. You couldve financed $5000 or less, then paid it off before your first payment. Since you financed $10k, made a payment, then paid it off...the selling deal was able to collect more money from Ford.
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Ah, I still did good. Thanks for the insight. I get free oil changes...lol
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