Hmmm... Did I get hosed?

[Elizabeth]

IF you finance through the dealer, they will want to make some money off financing.
They can add a one percent plus easy to your loan to make a kickback from the financial company they use.
I do not know if Ford allows this with Ford financing.. but certainly any outside financing arranged via the dealer is going to have this as part of the process.

At the lower rates it is not such a big deal anyway. Only when you get into the 8% and up it starts to hurt...
If you are paying 18% it really hurts for big money..

[mikebontoft]

anyone care to find out how much that focus would cost if you used western sky financing??

edit: if I did it right, its somewhere around 1660 a month for 84 months. so around $140k!

[boardgeneration]

^ They even say in the commercial that the loan is expensive. Who in their right mind would pay 89% interest.
Pay your way through med school with them..... ouch!

[mikebontoft]

oh wow yeah.

I have no idea... they say pay it off fast, but I don't think its possiblr

[Bimmer-Bob]

I think the 1.9% is a special rate that isn't available with the $1500 incentive. Should be one or the other. I think in your case choosing the incentive was a better option than reducing your APR by a little over 1 percentage point.

[oblivion2kx]

I remember back in 2008 before the bank crash.. I went to a ford dealership that was selling a used 2004 yellow z3 hatch with 20k on it for 10 grand. My credit score was 780 and I had a down payment of 4k out of 10k. I was denied the loan.

[WhiteTite]

Originally Posted by GMconvert

My credit score of 762 was enough for a 2.9% rate with 0 down FWIW, on a used car at that.

Not to make you feel bad...but my 19YO daughter bought a certified used 2010 Focus last December, never had a job, has no income, zero credit, going to college, had me co-sign the loan and she got a 1.9% 48 month loan thru Ford Credit using my 02 Ranger as down payment...I was surprised too...

[GMconvert]

Originally Posted by WhiteTite

Not to make you feel bad...but my 19YO daughter bought a certified used 2010 Focus last December, never had a job, has no income, zero credit, going to college, had me co-sign the loan and she got a 1.9% 48 month loan thru Ford Credit using my 02 Ranger as down payment...I was surprised too...

I don't feel bad. I didn't say we took it ;). 1.9% was on the table for us as well for our certified car but even with 3k down I didn't feel comfortable with the payments. I'd rather have a lower payment, be safe, and be able to pay extra (sometimes up to double) every month than have a substantially larger payment and possibly have trouble making it. I forget the exact numbers now, but even at the interest we're at, I'll still be ahead by paying $25 more on each payment and by paying every two weeks instead of every month. And if there's a month where we're a little lean, I can just pay that month at the normal, "lower" payment. I'm still fairly young, but I did learn what not to do, and what to do from my parents' and friends' mistakes with credit.

[Bimmer-Bob]

Originally Posted by WhiteTite

Not to make you feel bad...but my 19YO daughter bought a certified used 2010 Focus last December, never had a job, has no income, zero credit, going to college, had me co-sign the loan and she got a 1.9% 48 month loan thru Ford Credit using my 02 Ranger as down payment...I was surprised too...

Well, if you co-signed for her then she really didn't qualify for that rate - you did. At least that's my understanding. I mean, without a credit history or income, there's no other way they would have considered her but to have a co-signer.

[CajunR]

Originally Posted by Bimmer-Bob

I think the 1.9% is a special rate that isn't available with the $1500 incentive. Should be one or the other. I think in your case choosing the incentive was a better option than reducing your APR by a little over 1 percentage point.

Gracias. That was my thought exactly.