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This is the first new vehicle I'll own. I'll be going on monthly payments which are automatically drawn from my account on the first of the month. So when my car arrives I'll go down and look over the paperwork and put down the rest of my down payment. Will I have to pay a percentage for the month of sept? Or will my first monthly payment come out oct 1st?

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The last time I bought a car was 6 years ago and financed through my credit union for a much better rate. I waited until I got the first bill to pay anything (other than the down payment.) I think it took 6-8 weeks to arrive. After paying that first bill, you can set up auto-pay. Some places will give you a small discount on the interest rate (like .25%) if you set up autopay.

Don't just accept Ford financing without shopping around even though the $500 off might be enticing. Ford rate for me is 4.9% for 60 month. My credit union is offering 2.74%. That's a huge difference in the long run and you can finance through Ford initially for the incentive and refinance somewhere else during month 3.
 

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I've never had my payments drawn automatically, but all of the cars that I have financed have had 1st payment due dates 1 month from the purchase date. Hope this helps.
 

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Best bet is to call your dealership, as they are the only one's who can give you an accurate answer. Anything you get here will be speculation.
 

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Uhh, usually they just postpone the first payment until the first of the following month--unlike say, prorated rent for apartment leasing. My bank postponed my previous first payment for two months free of charge. This may be an option if you financed through your personal bank.
 

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I haven't lived or bought a car in Canada since 1982.

I do know that no matter what country you are from, there are usually no
free lunches.

You will not escape Mr. Interest. He starts the day you drive off. Your payment start date can be flexable,
and they will just tac on your interest and adjust the payment amount.

Don't worry, you won't pay more than you owe.

PS - Mazda had a 90 day (no payment option) when I bought our CX-9. That is, they let us wait 90 days
until we started paying. For no extra cost.
 

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Ford offered me 45 days till the first payment even though I got financing through someone else. I highly doubt they are going to do a partial payment for 1 month.
 

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My first payment to Chase was 6 weeks from delivery... and the option to move another 14 days to match my paydays...
 

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Discussion Starter #10
I wasn't sure they would, I guess I'll tack "September's payment" onto the down payment and just put more down.
 

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Bought the car on 8/6, the first scheduled payment is 9/20 but I went ahead and paid it off anyway since I financed through BoA whom I have my account with. BoA has a program that if you use their authorized dealers you'll get a lower rate. My initial pre-approved rate was 2.29% with authorized dealer and 3.49% otherwise. At one point I considered using Ford financing's 2.9% for the 500 cashback. But the dealer, being an authorized BoA dealer, managed to negotiated a 2.09% rate with BoA. So kudos to them.
 

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If it is low enough i am not worried.
When it is 19% then worry.
And Ford Finance can (the dealer finance guy says) can go up to 45 days to first payment due. Not a day more...
 

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You might have already done so, but check the amount due at pick-up.

My contract with Ford Credit requires the deposit plus all sales tax up front. At 6.25% in Texas, that's not an insignificant amount.
 

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It will most likely be due 10/1 or 11/1. How about taking the $500 by financing through Ford Credit and then refinancing after a few weeks with your credit union (or whatever)?

I did that and ended up with the discount & 2.29% interest.
 

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I took Ford Finance for 36mo and I bought my car on June 16th. I didn't have to make my first payment until August. I have it set up to draw money automatically from my bank acc.
It takes the money on the 2nd of every month.

edit: I took the $500 rebate and got 2.90% for the 36mo. btw, it's my first car too
 

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You might have already done so, but check the amount due at pick-up.

My contract with Ford Credit requires the deposit plus all sales tax up front. At 6.25% in Texas, that's not an insignificant amount.
Up in Manitoba we have to pay 12% friggin' sales tax on our new Foci!!!

Also for those talking about the $500 financing credit...that's a US only promo.
 

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Ford's financing me at either 4.5 or 5, gotta double check that.

Tried to go through my bank, and the cheapest they can do is like 8.5. Lol..
 

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Discussion Starter #18
Ford's financing me at either 4.5 or 5, gotta double check that.

Tried to go through my bank, and the cheapest they can do is like 8.5. Lol..
4.49 on 60month and 4.99 on 72 month.
My CU is also 8.5%

Oh well, the way it works is you either get employee pricing at 4.5%, or you pay MSRP at 0-0.9%
Employee pricing is better in the long run, even at a higher rate.
 

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I used Ford Financing and paid zero down. The financing included nearly two grand in fees and taxes. No problem with Ford credit at 3.9% for 48mos. (no trade in either..).
I wonder if some states require the fees to be paid.
(however i remember my last car (1998!!) and the finance place would not finace the taxes or fees either back then... But that i think was the dealer's doing...
 
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