Current Interest Ford Interest Rates?

[ArthurJGuy]

I think lots of people here own, and have purchased tons of cars. However, if it's in writing, it is locked. I got mine that way, and I always do if I feel it's gonna be a good deal. I mean, 0.9%, 1.9%, and 2.9% are pretty good considering this day and age of rates on cars. However, I do agree, we are not locked on having to buy it. We can walk at any time.

That's just it, there is nothing in writing regarding price, rate, or term required to order a car. Therefor it's not locked.

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[Rapid_RedGT]

That's just it, there is nothing in writing regarding price, rate, or term required to order a car. Therefor it's not locked.

Agreed. You can't lock in your price when ordering, as I didn't get my discount until after my car arrived. (4k off MSRP) BUT, my rate and term were. If you order a car, you need to pick it up. That is how I do it, and others should too. Why waste the dealers time, and product just to bail later? When ordering a car, we need to be SURE it's something you actually want. I think we are on the same page, and trying to get to the same place. Just on different roads...no biggie.

 

[horned-toad]

I don't think the GTs are overpriced at all.

depends on PoV. 300A stripper is now 45K (not as much bile inducing discounted 10%) but it was 36K back in 2019.

 

[roadpilot]

That's just it, there is nothing in writing regarding price, rate, or term required to order a car. Therefor it's not locked.

No, it is not a condition "required TO order a car". Nobody ever said that.

When your salesperson submits your order, he can "lock" any current promotions to the order (Smart VINCENT dealer connection, IIRC).

When the vehicle arrives, the salesperson goes back into Smart VINCENT and can change the order date to the current date (and vice versa), and it will bring up any/all incentive programs that are active now or were active at the time you ordered your vehicle, INCLUDING Ford Credit financing programs. If today's rate is better, you can choose to apply based on today's rates. If there was a program available when you ordered that offered better rates than today, you can choose to apply based on those rates. You can, of course, get outside financing, pay cash, or have the dealership try to find better deals at their connected lenders (other than Ford Credit).

Of course, every incentive program is model/program dependent.

This also only applies to special financing programs (e.g., Program #20068), not just "this was the standard rate I was quoted by Ford Credit @ the time I ordered".

I am personally aware of orders being delivered where the buyer was offered promotional financing that had expired but was in effect at the time of order.

 

[JINX]

When I ordered my GT in early December, I was quoted 1.9%. I am concerned that it was a teaser/intro rate.
I have been seeing 5.9% rates on cars these days. If that's the case, I'm walking from the deal.
What have you folks been seeing RECENTLY?

Bought early December '23 with 2.9% rates change constantly.

 

[Rapid_RedGT]

Bought early December '23 with 2.9% rates change constantly.

The rates don't change like that, they only change by quarter. lol

 

[LOTO1953]

The first dealer we spoke with about a 2024 GT told us she just approved a guy with an 800 credit score for 6.9% so we should expect about the same...this was about 30 days ago. We were only going to finance about 10k and she knew that....needless to say we did not buy from her or the dealership.

 

[DCS]

The first dealer we spoke with about a 2024 GT told us she just approved a guy with an 800 credit score for 6.9% so we should expect about the same...this was about 30 days ago. We were only going to finance about 10k and she knew that....needless to say we did not buy from her or the dealership.

6.9% is ridiculous! Ford is offering 1.9% for 36 months until April 2nd.

 

[LOTO1953]

When she quoted me that rate I should have just walked out then instead of wasting another 15 minutes with her. I found it unbelievable that she could say this with a straight face

 

[DCS]

When she quoted me that rate I should have just walked out then instead of wasting another 15 minutes with her. I found it unbelievable that she could say this with a straight face

This is why your own research can find the truth.

 

[roadpilot]

6.9% is ridiculous! Ford is offering 1.9% for 36 months until April 2nd.

Here in Michigan for sure, not sure about other regions/states:

Program #20068 - Effective 1/3/24 through 4/2/24 on select vehicles, including select Mustangs

1.9% for 36 months
2.9% for 48 months
3.9% for 60 months
5.9% for 72 months

 

[horned-toad]

she just approved a guy with an 800 credit score for 6.9%

you have to be below 600 to get raped like that.

 

[LOTO1953]

When she told me that rate for an 800 score I didn’t believe anything else she said.

 

[Interstellar]

When she told me that rate for an 800 score I didn’t believe anything else she said.

You haven't been paying attention to federal rates or auto rates for at least a year if you really feel this way.
6% is probably the lowest publicly available interest rate. By a bank or credit union. Incentivized rates only recently came out. For those of us who bought last year, 6.9% is/was pretty much the norm.

The fed interest rate is between 5.25% and 5.5%. That means anyone offering rates below that are losing on money compared to bonds with the feds.

 

[roadpilot]

you have to be below 600 to get raped like that.

Not at all. Rates are astronomical across all credit risk tiers. The only way you get a better rate is, for example, Ford runs a special financing offer, such as 0% or 1.9% for specific models they are trying to get rid of. Right now, they are offering 1.9% to 5.9% for certain Mustangs.

Keep in mind that, if you're getting quote through the dealership (Ford Credit or otherwise), they have the ability to charge a customer MORE than what the lender quoted, pocketing the difference. This is a greedy dealership, not necessarily a bad credit risk.

Over the past ~20 years, my credit union has consistently beat EVERYBODY we've looked into, including Ford Credit. I've bought over a dozen vehicles, purchasing more than I've leased. In the spring of 2021, I purchased a new 2021 F150 Platinum. My rate was/is 1.89% for 72 months from our CU. I/we have absolutely top tier credit (mid 800's at EFX/TU/EXP).

Here are the current top tier rates at our CU right now.

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