[scoobtothenoog]

Hey guys. Finalizing the deal on my FiST. My plan from the beginning has been to take the extra 500 incentive for using ford finance, but as we all know their rates suck. Plan is to immediately back door refi with my CU. The finance guy told me that I have to make 3 payments or there will be penalties/charge backs. Now I've heard on the forums that it's BS. Has anyone out there that has immediately refi'd (within 30 days) that can comment on this. Just want to know exactly what I'm walking into.

 

[BRGT350]

We did this with my wife's Escape, and I think the contract states something like 3 or 6 months before you can refinance. We went with the Ford Credit offer to the get the $500 off, and then refinanced with the CU, and then paid it off. Not sure if we will do that again with the Fiesta ST or not.

 

[CrookedRacer]

My sales guy said it was 90 days, which he translated to 2 payments, since the first one wasn't due for 45 days. I didn't quite wait the full 90 days ( maybe 75 or so ) and it was no problem, no penalty, not an issue.

 

[scoobtothenoog]

Do you remember it it was in writing on the incentive or finance paperwork?

 

[CrookedRacer]

Do you remember it it was in writing on the incentive or finance paperwork?

I couldn't find any no-repayment period anywhere in the contract. In fact, there was some language clearly stating in the loan that there was no penalty for pre-payment.

So I think if you're really concerned, then just hold it for 3 payments, or 90 days, or whatever they point out to you in the paperwork when you ask about it. The difference in rates will probably only be a few bucks for that period. You're certainly saving more than that by taking the incentive.

 

[scoobtothenoog]

Just need to refi as quickly as possible. My CU has a rate special that end soon is my main concern.

 

[Ronbo]

I couldn't find any no-repayment period anywhere in the contract. In fact, there was some language clearly stating in the loan that there was no penalty for pre-payment.

There was no pre-payment penalty on the contract I signed. I also financed with Ford to get the $500 incentive, even though I planned to buy the car outright. I ended up paying off the car with my first payment to Ford without any penalty. Unless the contracts have changed since last December, refinancing should be the same.

 

[scoobtothenoog]

Cool. Thanks for all of the input guys. Pick her up tomorrow. Stoked!

 

[FiSTpump]

Re-Fi before you get your first bill from Ford. I too have a credit union that pays me $250 bucks to re-fi a loan to them. (navy federal)

 

[scoobtothenoog]

Ya that is the plan. Need to before the end of the month. Guess I just need to wait for it to be on the books after purchase.