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Discussion Starter #1
When I bought my Focus, Ford offered a $500 rebate for owners who recently graduated from, were currently enrolled in, or about to enroll in College.

Since my daughter is in College I figured what the heck, I'll get that rebate too. The only catch is that she would be listed as primary on title and loan.
Not a problem for me. She will probably get the car in a couple of years anyway when she graduates.

Big Catch: Ford Credit uses the students credit rating to set the interest rate.
Since most students don't have credit history, they jack up the rate. I thought I would be getting the 4.9% advertised 60 month rate.
Noooooo, they said rate would be 12.9%.

So as I was getting up to leave and cancel the entire deal, they said wait a minute while we talk to somebody.

Then they came back and said, Oh, we can give you the 4.9%.

Don't let Ford Credit hoodwink you. As co-signer, your credit rating should be
used to determine the rate.
 

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When I bought my Focus, Ford offered a $500 rebate for owners who recently graduated from, were currently enrolled in, or about to enroll in College.

Since my daughter is in College I figured what the heck, I'll get that rebate too. The only catch is that she would be listed as primary on title and loan.
Not a problem for me. She will probably get the car in a couple of years anyway when she graduates.

Big Catch: Ford Credit uses the students credit rating to set the interest rate.
Since most students don't have credit history, they jack up the rate. I thought I would be getting the 4.9% advertised 60 month rate.
Noooooo, they said rate would be 12.9%.

So as I was getting up to leave and cancel the entire deal, they said wait a minute while we talk to somebody.

Then they came back and said, Oh, we can give you the 4.9%.

Don't let Ford Credit hoodwink you. As co-signer, your credit rating should be
used to determine the rate.
I don't have much of a credit history and I bought the car using the College rebate. My brother cosigned for me and I did get the 2.90% for the 36mo loan. Didn't face any issues there. I'm 24 btw
 

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My Ford sales guy told me that the college grad financing deal allowed them to use an 800 beacon score for the grad. That would qualify them for the lowest rate possible (they had to have graduated in the last 24 months).

I was looking into it for my son, but he finally went with a Mazda 6 at 0% for 60 months. He qualified for that program through Mazda and Chase Bank with a very short, although decent credit history.

I also don't recommend ever co-signing a loan. It creates all kinds of problems with insurance, liability, and can also ruin your credit if the person defaults on the loan.
 

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My Ford sales guy told me that the college grad financing deal allowed them to use an 800 beacon score for the grad. That would qualify them for the lowest rate possible (they had to have graduated in the last 24 months).

I was looking into it for my son, but he finally went with a Mazda 6 at 0% for 60 months. He qualified for that program through Mazda and Chase Bank with a very short, although decent credit history.

I also don't recommend ever co-signing a loan. It creates all kinds of problems with insurance, liability, and can also ruin your credit if the person defaults on the loan.
Well maybe some people trust their children more than you do. If I had a kid I couldn't trust to pay his car loan there would be bigger questions than whether I should cosign on a car with him.

Like how he's sustained so many smacks in his life and still maintains his stupidity.
 

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Well maybe some people trust their children more than you do. If I had a kid I couldn't trust to pay his car loan there would be bigger questions than whether I should cosign on a car with him.

Like how he's sustained so many smacks in his life and still maintains his stupidity.
He's 4.0 College Grad. He qualified for 0% at 60 months based on his own income, which is probably better than you got...[:)][:)][:)][:)][:)][:)][:)]. I said I didn't recommend co-signing, not that I did and got burned.
 

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Well, duh. They're of course going to give you different rates. Somebody 20 years old is freaking worlds different credit risk than a 40 year old. The sad truth of age. The break they give college grads is just a cherry. It's equivalent to what? 0.2% difference in interest rate?

That said, 12.9% is retarded on a new car. You'd have to have like a 500 credit score to get that.
 

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When I bought my Focus, Ford offered a $500 rebate for owners who recently graduated from, were currently enrolled in, or about to enroll in College.

Since my daughter is in College I figured what the heck, I'll get that rebate too. The only catch is that she would be listed as primary on title and loan.
Not a problem for me. She will probably get the car in a couple of years anyway when she graduates.

Big Catch: Ford Credit uses the students credit rating to set the interest rate.
Since most students don't have credit history, they jack up the rate. I thought I would be getting the 4.9% advertised 60 month rate.
Noooooo, they said rate would be 12.9%.

So as I was getting up to leave and cancel the entire deal, they said wait a minute while we talk to somebody.

Then they came back and said, Oh, we can give you the 4.9%.

Don't let Ford Credit hoodwink you. As co-signer, your credit rating should be
used to determine the rate.
Not quite sure about that one (the credit rating issue), mine was around a 3.49% Still higher than my bank, but not too bad considering the economy. But that was about 2 years ago.

Another catch is that you can only use the rebate ONCE IN YOUR LIFETIME. As in, they track it with your information (name, address, SSN, etc). I blew mine 2 years ago on my 2010 Focus, so I didn't get it this time (wish I knew then what I know now... could have saved me an extra $500 on a more expensive car).
 

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Discussion Starter #10
I still don't have my check for 500 clams yet.

I hope I don't get a gift card, good only on my next Ford purchase.
 

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the finance guy was probably the one trying to hose you not Ford. They tried to do that to me when I was buying a car and getting the first time buyer rebate. They tried it again a couple years later when I was getting the college grad rebate. It didn't work either time. You just have to be ready to walk if they try that crap. Plus, it doesn't hurt you to hold out on giving them the information for a credit check. The longer you hold out giving the information, the more time they have to invest in you. The dealership will be even more pissed if they spent all that time and did not get a car sold because of it.
 

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That is why I like my $500 military rebate get it every time I buy a car. I do have to agree with the co-sign comment. I was real hesitant to co-sign for my son but being the father that I am I did, but he knows if he misses a payment just once the car will be in my driveway and he will be using his LPC's to get everywhere.
 

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Discussion Starter #13
I am the co-signer, and driver. Just put daughter on there to get the money.
She may eventually get the car, but only after I break it in real good.
She drives our Honda Civic.
 

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I still don't have my check for 500 clams yet.

I hope I don't get a gift card, good only on my next Ford purchase.
That sort of strange. Every Ford credit rebate I've taken, the dealer has just subtracted fro mthe price of the car... never had to wait to get a check. Maybe in different states it differs. I know that the way rebates are calculated can vary from state to state.
 

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Discussion Starter #17
That sort of strange. Every Ford credit rebate I've taken, the dealer has just subtracted fro mthe price of the car... never had to wait to get a check. Maybe in different states it differs. I know that the way rebates are calculated can vary from state to state.
I should have pushed for it. I was just glad to get my car after waiting.
 

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Depends on the offer. "Private cash" or "Cashback" is a post-sale rebate. "Incentives" are taken directly off the purchase price.
 

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Depends on the offer. "Private cash" or "Cashback" is a post-sale rebate. "Incentives" are taken directly off the purchase price.
not true, I used private cash and a rebate and both were applied at the dealership without me having to do a lick of work. It's entirely up to the dealership if it want's to put forth the effort to do the paperwork on behalf of the customer.
 

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not true, I used private cash and a rebate and both were applied at the dealership without me having to do a lick of work. It's entirely up to the dealership if it want's to put forth the effort to do the paperwork on behalf of the customer.
I'm not talking about paper work. I'm talking about where the money is applied. Check your finance docs. I didn't have to fill out anything either, but I'm still waiting for my private cash check in the mail.
 
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