Current Interest Ford Interest Rates?

[DCS]

I work at a Ford dealership. When covid hit, Ford automatically started locking your order in to price protection and any finance specials at that time because it was taking forever to get vehicles in with the microchip/parts shortage issues. If your dealer doesn't bring it up, you can ask the question about it and they have to honor it. If they don't, you can contact Ford Customer Assistance and file a complaint I believe. Lot's of issues with other dealers not honoring the prices and then people called in to complain. Ford fixed that by either mailing a check directly to the customer or the dealer can sell it to you at the agreed upon price and will then be reimbursed directly by Ford.

I ordered my Mustang in August last year and took delivery January 31st. I went back and looked at what the interest rates were back when I ordered it, and there was nothing available, and went with the the special rates they have now 1.9, 2.9, 3.9, 5.9. The 72 months actually got better after December 31st, when it was at 7.9.

Well it looks like a bit of a mixed bag.
When I ordered back in December, there was no "Stop/Start System" and the car was subject to the $1,000.00 "Gas Guzzler" tax (Manual Transmission). Now there is that system and I have seen new cars that have the system and the "Gas Guzzler" tax has been removed. Which price will be honored - Order price or delivery price?

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[Magic88]

Well it looks like a bit of a mixed bag.
When I ordered back in December, there was no "Stop/Start System" and the car was subject to the $1,000.00 "Gas Guzzler" tax (Manual Transmission). Now there is that system and I have seen new cars that have the system and the "Gas Guzzler" tax has been removed. Which price will be honored - Order price or delivery price?

Very good question there. Mine was built 1st week of December, so I paid the gas guzzler tax with no start/stop, manual transmission. I would assume that since it was built with the start/stop added, you're price is going to be cheaper because of no gas guzzler tax. Only time it would be an issue is if the base price of the car increased because of quarterly price increases or some option goes up in price. So if they try going back to your original order price, double check the window sticker to verify the start/stop, no gas guzzler tax, and tell them that is what you're paying

 

[area5179]

You were lied to.

1st, NONE of the numbers matter at the time of order. Price isn't locked in, interest rate sure as shit isn't locked in months out.

2nd, Ford's promotional rate is on their website, it's 3.9% for 60, 5.9% for 72 until April 2nd for Mustangs.

The only way to get 1.9% is to get the promotional rate, before April 2nd, and finance for 36 months.

According to the email I got from Ford when they gave me the production date for my order, you could lock in any price/interest rates/lease deals before taking delivery of you vehicle:

" When you apply now through Ford Credit, your credit approval and low APR, or current lease offers,* can be locked in and ready when your 2024 Mustang vehicle arrives. That’s one less thing on your to do list."
*:*Lock in your rate or lease offer on eligible Ford vehicles through a local authorized Ford Dealer. Not all buyers will qualify for Ford Credit financing. Residency restrictions apply. Some exclusions may apply. Check with your dealer for complete program details, including qualifications, available rates and terms, and current vehicle eligibility.

I would certainly check with your dealer to see about locking in rates or promotional offers. When I ordered my 2019 GT my dealer agreed IN WRITING that they would honor the best deal when my vehicle arrived at the dealership, whether it was from when I placed the order OR when I took delivery.

 

[Rapid_RedGT]

Apparently not here in Florida. The sales rep only showed me the rates back in early December because I asked.

You have to lock it in, just looking at it does nothing at the time. They should have told you to lock in on the rate, and you would not be going through all of this back and forth.

 

[DCS]

According to the email I got from Ford when they gave me the production date for my order, you could lock in any price/interest rates/lease deals before taking delivery of you vehicle:

" When you apply now through Ford Credit, your credit approval and low APR, or current lease offers,* can be locked in and ready when your 2024 Mustang vehicle arrives. That’s one less thing on your to do list."
*:*Lock in your rate or lease offer on eligible Ford vehicles through a local authorized Ford Dealer. Not all buyers will qualify for Ford Credit financing. Residency restrictions apply. Some exclusions may apply. Check with your dealer for complete program details, including qualifications, available rates and terms, and current vehicle eligibility.

I would certainly check with your dealer to see about locking in rates or promotional offers. When I ordered my 2019 GT my dealer agreed IN WRITING that they would honor the best deal when my vehicle arrived at the dealership, whether it was from when I placed the order OR when I took delivery.

Can't do it thru Ford Credit. I spoke with them and they cannot lock. I'll have to go to the dealer tomorrow.

 

[Rapid_RedGT]

Can't do it thru Ford Credit. I spoke with them and they cannot lock. I'll have to go to the dealer tomorrow.

That is STRANGE. I locked my rate with Ford Credit, and just went to the dealer and picked up my car when it came in. NO time spent at that place, just signed and left within 20 mins. Did Ford Credit give you a reason? Because you pick your rate when you apply...at least I did. I picked my term, it gave me my rate. Then I applied, and boom it was done in seconds. Got approved, and then just waited for my car to arrive.

I used this link, https://www.ford.com/finance/payment-calculator/Ford/Mustang/2024 I picked the car model that I ordered, and then put in my information. Hit apply online, done and done. It popped up on the screen right away, and give me the rate and amount I was financing.

 

[DCS]

That is STRANGE. I locked my rate with Ford Credit, and just went to the dealer and picked up my car when it came in. NO time spent at that place, just signed and left within 20 mins. Did Ford Credit give you a reason? Because you pick your rate when you apply...at least I did. Got approved, and then just waited for my car to arrive.

What link did you use?
Part of my problem is that I have a Freeze on my credit which prevents any Queries. I can unfreeze (thaw) my credit report online. However, there is a delay in making it to all three agencies. After I completed the application I was directed to call a number due to the freeze. That I did and the person I spoke with said they cannot lock in a rate.

 

[Rapid_RedGT]

What link did you use?
Part of my problem is that I have a Freeze on my credit which prevents any Queries. I can unfreeze (thaw) my credit report online. However, there is a delay in making it to all three agencies. After I completed the application I was directed to call a number due to the freeze. That I did and the person I spoke with said they cannot lock in a rate.

I used the link in my previous post. I keep my credit frozen too, and it's instant when unlocking. Been on that for years. Anyway, here is how you do it.

Goto this link: https://www.ford.com/finance/payment-calculator/Ford/Mustang/2024
Scroll to the bottom, and select Mustang.
Pick the car you are buying: Fastback, GT, Premium, EcoBoost, Dark Horse, etc. What is closest to your car.
Make sure it's on Finance, it should be by default.
Pick your term: 36 - 1.9%, 48 - 2.9%, etc.
If you are doing a downpayment, put it in. But just know, that whatever you put in for your downpayment, they will approve you that way. So if you change your mind at the dealer, you will have to submit it again through the dealer.
Once you do that, it will show you what your payments might look like.
Once you are happy, goto the bottom right, and hit apply online. Not prequalify, (it's not approved with this option).

OR, you can just skip all those steps above, and hit APPLY ONLINE. But you will still need to put in the same info, lol...so you might as well see what you are getting into before hand. That is what I did, and depending on your credit and funds for your deal...it will approve right away. My credit is 800+ But you know your credit, and you will set your limits how you want it.

After you get the instant approval, they will email you the approval code. Save it, or print it from the screen you are on. You can go back and check it up until you buy the car, and it's good for 6 months I think, or maybe 3 months. I forget. Anyway. Once you car arrives, take that code to the dealer and tell them to send it to Ford Credit. Let them know you are already approved. In most cases, they will see it before you even get there if you put in your VIN when doing the approval. I think I put mine in since I had it. I forget. Either way, once it's time to pick up your car...you should be in and out. Sign, and take your car home. LESS than 30 mins. depending on your dealer.

 

[DCS]

I used the link in my previous post. I keep my credit frozen too, and it's instant when unlocking. Been on that for years. Anyway, here is how you do it.

Goto this link: https://www.ford.com/finance/payment-calculator/Ford/Mustang/2024
Scroll to the bottom, and select Mustang.
Pick the car you are buying: Fastback, GT, Premium, EcoBoost, Dark Horse, etc. What is closest to your car.
Make sure it's on Finance, it should be by default.
Pick your term: 36 - 1.9%, 48 - 2.9%, etc.
If you are doing a downpayment, put it in. But just know, that whatever you put in for your downpayment, they will approve you that way. So if you change your mind at the dealer, you will have to submit it again through the dealer.
Once you do that, it will show you what your payments might look like.
Once you are happy, goto the bottom right, and hit apply online. Not prequalify, (it's not approved with this option).

OR, you can just skip all those steps above, and hit APPLY ONLINE. But you will still need to put in the same info, lol...so you might as well see what you are getting into before hand. That is what I did, and depending on your credit and funds for your deal...it will approve right away. My credit is 800+ But you know your credit, and you will set your limits how you want it.

After you get the instant approval, they will email you the approval code. Save it, or print it from the screen you are on. You can go back and check it up until you buy the car, and it's good for 6 months I think, or maybe 3 months. I forget. Anyway. Once you car arrives, take that code to the dealer and tell them to send it to Ford Credit. Let them know you are already approved. In most cases, they will see it before you even get there if you put in your VIN when doing the approval. I think I put mine in since I had it. I forget. Either way, once it's time to pick up your car...you should be in and out. Sign, and take your car home. LESS than 30 mins. depending on your dealer.

Thanks for the details. That's exactly what I did before. However, this time I unfroze my credit before I called. They managed to pull my credit. Decision within the hour. However, I still don't know IF I'm locked it at that rate & term. My rating is 805 last checked.

 

[Rapid_RedGT]

Thanks for the details. That's exactly what I did before. However, this time I unfroze my credit before I called. They managed to pull my credit. Decision within the hour. However, I still don't know IF I'm locked it at that rate & term. My rating is 805 last checked.

Once they approve you, THAT rate is YOURS. If you get an instant approval, it will take to a screen saying you are done. Take your ID with you to the dealer, and give them the code on the screen. See the screenshot of mine. (I found a screenshot I did) If you did not, they will email you anyway, and you can click on a link that takes you to this screen for the approval decision. BUT, I think you should be good.

 

[DCS]

Once they approve you, THAT rate is YOURS. If you get an instant approval, it will take to a screen saying you are done. Take your ID with you to the dealer, and give them the code on the screen. See the screenshot of mine. (I found a screenshot I did) If you did not, they will email you anyway, and you can click on a link that takes you to this screen for the approval decision. BUT, I think you should be good.

Last part of your reply cut off

 

[Rapid_RedGT]

Last part of your reply cut off

Once they approve you, THAT rate is YOURS. If you get an instant approval, it will take to a screen saying you are done. Take your ID with you to the dealer, and give them the code on the screen. See the screenshot of mine. (I found a screenshot I did) If you did not, they will email you anyway, and you can click on a link that takes you to this screen for the approval decision. BUT, I think you should be good.

 

[horned-toad]

The sales rep only showed me the rates back in early December

fire your rep.

non-finance rate incentives (eg. factory cash/rebate) the best deal wins. It helps if you write down the program code and effective dates.

 

[DCS]

Once they approve you, THAT rate is YOURS. If you get an instant approval, it will take to a screen saying you are done. Take your ID with you to the dealer, and give them the code on the screen. See the screenshot of mine. (I found a screenshot I did) If you did not, they will email you anyway, and you can click on a link that takes you to this screen for the approval decision. BUT, I think you should be good.

Still the end date of the promo is before I will get my car

Once they approve you, THAT rate is YOURS. If you get an instant approval, it will take to a screen saying you are done. Take your ID with you to the dealer, and give them the code on the screen. See the screenshot of mine. (I found a screenshot I did) If you did not, they will email you anyway, and you can click on a link that takes you to this screen for the approval decision. BUT, I think you should be good.

Approved. Problem is the offer expires 3/27/24.

 

[horned-toad]

Approved. Problem is the offer expires 3/27/24.

doesn't matter if "your approval" has language setting it's own deadline. Read the fine print. If the program expiration trumps the availability of the 'lock' it WILL say so.

Ford finance rate are likely to get more desperate the deeper toward summer we get just to move ANYTHING off the lots. The consumer is dead and can't afford anything. And Ford knows they are royally screwed. And double for the stupidity of agreeing to the Union terms.

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