It's all mine (payoff!)

[Buyer2021]

Congratulations! I paid off my ‘22 two years early, and my credit score immediately dropped over 40 points — what a scam.

Yeah, I got prompt notification of lowered credit score from both Experian and Chase Bank (I have no-fee credit monitoring from both).

For me the credit score 'hit' due to the truck payoff / account closing is ~9 points, down from ~830 to ~821. No worries, still in 'excellent' territory and I've got no plans to apply for credit in the foreseeable future anyway.

It helps a lot to have total credit usage in the 3% (low) range.

Sponsored

 

[ChuckNorris]

I don't "believe" in 0% financing. You still pay with a higher starting price than they'd give you for a cash deal.

In 2001 I bought a brand new Windstar as a "wholesale lease" at 7% and paid less overall than I would have with the 0% promotion at the time. It's all games.

You have to evaluate the numbers given for each offer and figure out which is best for your situation.

 

[UGADawg96]

I don't "believe" in 0% financing. You still pay with a higher starting price than they'd give you for a cash deal.

In 2001 I bought a brand new Windstar as a "wholesale lease" at 7% and paid less overall than I would have with the 0% promotion at the time. It's all games.

You have to evaluate the numbers given for each offer and figure out which is best for your situation.

Maybe that is a Canada thing.

 

[ChuckNorris]

Could be!
Somebody try negotiating a nice cash price, and then tell them you want the 0%.

 

[UGADawg96]

Could be!
Somebody try negotiating a nice cash price, and then tell them you want the 0%.

I've always negotiated the out the door price before discussing cash or finance.

And if not negotiating and ordering at x% below invoice or using of the AZXD plans, the price is fixed regardless of cash or finance.

 

[Buyer2021]

I don't "believe" in 0% financing. You still pay with a higher starting price than they'd give you for a cash deal.

Believe what you will but I know for a fact that my special order Granger sales price was settled and 'locked' completely independent of the method of payment, based solely on 'discounted invoice' pricing:

At the time of order when the sales price and amount due to Granger as shown on the above was agreed, Granger made it explicitly clear that the price was 'fixed' and would not change no matter how I paid for the truck at time of delivery, whether Ford Financing, cash, or otherwise. Nor would they agree to any lower price even if I committed to paying cash.

When I took delivery I had the choice of providing my own financing, paying cash, or taking either the rates Ford offered on date of order or on date of delivery, whichever worked best for me.

Ford offered $0 down / 0% APR on the date I placed my order, so that's what I picked, and the amount financed was exactly the sales price originally agreed.

BTW, no dealer local to me would come even close to that Granger sales price even if I paid cash.
______________

Some dealers try to play games tweaking the price based on method of financing. If a dealer won't negotiate bottom line sales price independent of financing, for me that's a 'red flag', indicating the dealer has some sort of undisclosed financing-kickback scheme, and I don't buy from that dealer. YMMV.

 

[My 2ND Ford]

Believe what you will but I know for a fact that my special order Granger sales price was settled and 'locked' completely independent of the method of payment, based solely on 'discounted invoice' pricing:

At the time of order when the sales price and amount due to Granger as shown on the above was agreed, Granger made it explicitly clear that the price was 'fixed' and would not change no matter how I paid for the truck at time of delivery, whether Ford Financing, cash, or otherwise. Nor would they agree to any lower price even if I committed to paying cash.

When I took delivery I had the choice of providing my own financing, paying cash, or taking either the rates Ford offered on date of order or on date of delivery, whichever worked best for me.

Ford offered $0 down / 0% APR on the date I placed my order, so that's what I picked, and the amount financed was exactly the sales price originally agreed.

BTW, no dealer local to me would come even close to that Granger sales price even if I paid cash.
______________

Some dealers try to play games tweaking the price based on method of financing. If a dealer won't negotiate bottom line sales price independent of financing, for me that's a 'red flag', indicating the dealer has some sort of undisclosed financing-kickback scheme, and I don't buy from that dealer. YMMV.

Yeah, the 0% for 36 months was just icing on the cake with The A plan on my 21 Platinum.

 

[sbi]

Congrats!!!

For my 2021 that I got 0% for 60 months, I still have 21 months remaining. I want to pay if off so bad, but with Fidelity paying 4% currently, just gonna let the loan bleed until dry.

Same boat as you are. 2021, 0% for 60 months, I have about 18 months left.

 

[dochawk]

I want to pay if off so bad, but with Fidelity paying 4% currently, just gonna let the loan bleed until dry.

I dealt with this on the new maverick we just picked up by creating a new Roth IRA at fidelity, and transferring the amount of the loan to it (actually, I called the support number for "Private Client Group" and transferred shares, which you can't do on line, since one of the ones I was using has been closed to new investors for almost 20 years).

Each month, an automatic transfer will draw the amount of the payment and put it in my checking account, which will make an automatic payment. (OK, for the coning months it will be manual, until I convert the transferred vanguard shares for one fund to fidelity shares; while fidelity can hold many funds from other places like vanguard, there are a couple that can't be redeemed that way, and have to manually sell)

My rough guess is that I'll still have about 40% left after the six years at 4.79%. (My Covid EIDL loan is set up the same way)

I've always negotiated the out the door price before discussing cash or finance.

Let alone trade in, or payment amount!

 

[gagliano7]

I also got 0% on my 2023 and the rate was locked in when I ordered the truck. I was going to pay cash because I hate payments but I couldn’t pass up 0%. I have 12 more payments until it’s all mine!

 

[Buyer2021]

Pleased to receive my 'clear' paper title from Texas DMV in this morning's mail, only 7 business days after payoff.

I'm sure all of this was handled by computer systems requiring no human intervention, but still, kudos to both Ford Credit and the state for the prompt processing.

Sponsored