BON DIA Posted March 8, 2008 Report Share Posted March 8, 2008 When we purchased in late Feb we received a $1000 credit to finance with Ford Credit at 6.99%. Dealer stated & we read the loan paperwork, no penalty for early payoff. He even said he could get us 5.6% at our credit union later but we needed to keep the Ford loan for at least 90 days. I asked where it was written & he said it was not written on my contract. Why is he wanting us to keep our loan with Ford for 90+ days? Does it have something to do with him getting a kickback from Ford credit > 90+ days? Not that it matters, for $1000 off I'll pay a bit more interest for 3 months. I'm just curious. Quote Link to comment Share on other sites More sharing options...
akirby Posted March 8, 2008 Report Share Posted March 8, 2008 When we purchased in late Feb we received a $1000 credit to finance with Ford Credit at 6.99%. Dealer stated & we read the loan paperwork, no penalty for early payoff. He even said he could get us 5.6% at our credit union later but we needed to keep the Ford loan for at least 90 days. I asked where it was written & he said it was not written on my contract. Why is he wanting us to keep our loan with Ford for 90+ days? Does it have something to do with him getting a kickback from Ford credit > 90+ days? Not that it matters, for $1000 off I'll pay a bit more interest for 3 months. I'm just curious. I was told the same 90 days but it wasn't written anywhere. I refinanced mine after about 45 days. I have a good relationship with the salesman so I assume if it caused problems with their financials I would have heard about it. Ford Credit didn't question the payoff either. I think that's just a standard thing that Ford Credit says but doesn't enforce. Quote Link to comment Share on other sites More sharing options...
The Mrs. Posted March 9, 2008 Report Share Posted March 9, 2008 This is not a contractual rule with Ford Credit. The reason for the 90 days is for the dealer kickback. The dealer does not get any money from Ford Credit for financing the deal unless the customer maintains the loan for 90 days. Quote Link to comment Share on other sites More sharing options...
BON DIA Posted March 10, 2008 Author Report Share Posted March 10, 2008 I'll give them 90 days of interest so my dealer benefits...he's been a decent guy. So far I've added the forum's recommended rear bumper saver, trunk cargo liner & trailer hitch. Next the door protectors. Quote Link to comment Share on other sites More sharing options...
bri719 Posted March 29, 2008 Report Share Posted March 29, 2008 can you explain these add-ons? I'm not sure what most of them are... bumper saver, door protectors? by hitch do you mean the hitch itself, or a hitch cover? Quote Link to comment Share on other sites More sharing options...
BON DIA Posted March 30, 2008 Author Report Share Posted March 30, 2008 can you explain these add-ons? I'm not sure what most of them are... bumper saver, door protectors? by hitch do you mean the hitch itself, or a hitch cover? all the mods are debated within the forum...bumper saver is a rubber pad that you glue to the top of the bumper to protect it from scratches as you load & unload thing in the "trunk"....door protectors are horizontal strips glued to door to keep neighboring cars from dinging you with their doors....hitch is a trail hitch...I added a Draw-Tite (sp)...took 30 mins, had to trim the heat shields a bit but did not have to cut the bumper...hitch fits below bumper. Trailer light kit ordered from seller on EBay...also made by Draw-Tite. Quote Link to comment Share on other sites More sharing options...
bri719 Posted April 4, 2008 Report Share Posted April 4, 2008 great info thanks Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.