Dick move or no? In other words, if I do this am I screwing over the salesman?

Looking into a f150 and they're giving out pretty good rebates for financing thru ford. But the apr is something ridiculous like 6%

When I bought mine I didn't even wait 3 months...first payment came and sent a payoff check from local credit union to re finance. I specifically asked if there was a wait period and they said no.

I've done the same thing with GM vehicles under the salesman's advice. According to him, it had no effect on him or the dealership. I guess there are enough people out there who don't do anything to avoid the interest so the lenders don't get too worked up about a few folks paying off early or doing a refi.

Our sales guy suggested we take the rebate and refinance. He just requested that we wait until after the third payment. I can't recall exactly, but he said the dealer, or the salesman gets a negative mark or maybe some sort of penalty if it is paid off before three months.

Not a dick move at all. They'd put a restriction (or prepay penalty) around it if they weren't okay with it.

In reality, it still works for them because some people who were initially intending to pay cash or finance it elsewhere change their mind after it's all been set up.

[This message has been edited by DannyDuberstein (edited 8/11/2014 2:45p).]

thanks guys, this will be the route im taking then

all these incentives and rebates make a 2014 too good to pass up. And if I have to wait 3 months, i can have more time to sell my motorcycle and take out a loan for less anyway. Win win

Three payments is enough to cover the dealer for the incentives. Do it prior to that and the dealer takes a hit.

While there are no penalties for it, my credit union told me they won't refi before 90 days. They said the they were tired of dealers "misplacing" paperwork that always managed to string the process out past 90 days. They know the game so now they just wait so everything goes smoother.

Lmfao @ 3 months. I received something like 5.9% from Ford. I had my own place finance it the following week and it Ford Credit was paid off within 2 days. There was absolutely no need to make 3 payments to Ford Credit. Ford Credit did not hold up the transaction in any way.

I think most people will take the dealership folks at their word when they say you must make 3 payments to Ford before refi since your normal buyer just wants to get off the lot with a new vehicle. It is the dealership that gets stiffed (from Ford Credit) when the customer refinances.

As stated, it makes a lot of sense to take the dealer incentives to get a 2014 unless you are dead set on being one of the first with a 2015.

It is up to the buyer to either refinance and save money or overpay to Ford Credit. If you don't leave Ford Credit right away, you're basically invalidating the incentive you received.

[This message has been edited by 3rdCoastAg (edited 8/12/2014 7:33a).]

IIRC Ford financing requires 3 payments else they pull cashback rebates some cars thats nothing others its thousands. So send in 3 payments in 3 envelopes, once all three checks are cashed go to your CU and refi. does not have to be 3 mos.

Not a dick move. Your job is to get the best price you can and their job is to take you for as much as they can...including financing. If you take the rebate, they will stuff you with a 8%+ interest rate, regardless of credit score. I took Ford's rebate on my wife's Edge and refinanced it 3 months later to get a rate more in line with what my credit score deserves.

quote:

---

Lmfao @ 3 months. I received something like 5.9% from Ford. I had my own place finance it the following week and it Ford Credit was paid off within 2 days. There was absolutely no need to make 3 payments to Ford Credit. Ford Credit did not hold up the transaction in any way.

I think most people will take the dealership folks at their word when they say you must make 3 payments to Ford before refi since your normal buyer just wants to get off the lot with a new vehicle. It is the dealership that gets stiffed (from Ford Credit) when the customer refinances.

---

Actually, I knew full well that I could pay it off as soon as I left the dealership, but I got a great deal and had a really had a good experience working with the dealership and sales manager so I waited three payments. I told them I would and didn't see any reason not to honor my word. I think that most people know they are not legally obligated, but do so because if feels right.