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Old 03-11-2013, 16:01   #1 (permalink)
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Finance Question re: Ford

Hello All,

I am considering purchasing a car from Ford, and my plan is to drop half the price of the car with cash, and the other half will come from a loan that is already conditionally approved by my bank.

Ford wants me to fill out their credit application. I am not so sure that I need to.

The car will need to be ordered as it is not in stock.

What do you guys think? I am located in NY, USA.

I plan on spending some time here and posting about my experience. I already own a 2012 Ford Explorer, so this would be my 2nd Ford.

Any help that you guys can provide is much appreciated! Ford is telling me that I must fill out this credit application, and I don't know if this is just a gig so that they can try to sell me a loan.

Best,
R
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Old 03-16-2013, 07:34   #2 (permalink)
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Re: Finance Question re: Ford

Since you're ordering the car and not buying one on the lot, they probably want to make sure that you are good for the money and less likely to back out of the deal.
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Old 03-16-2013, 09:53   #3 (permalink)
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Re: Finance Question re: Ford

With you putting down half in cash and going to arrange your own credit for the balance , I would tell them to stick it if they dont like it .
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Old 03-27-2013, 17:19   #4 (permalink)
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Re: Finance Question re: Ford

Hi Guys,

In the interest of world peace, I filled out the forms.

If they try to offer me some BS loan when I explicitly told them I wasn't interested, I will go in and speak to the manager and give him crap.

Thanks for the replies!

R
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Old 03-27-2013, 19:58   #5 (permalink)
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Re: Finance Question re: Ford

One of the local Ford dealers around here does, or used to do the same thing. They want all your personal info before they will price the vehicle to you.

I was trying to price a used Taurus once and they said they need that info in order to give an accurate price based on what I could pay.

CROOKS!!
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Old 03-27-2013, 20:23   #6 (permalink)
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Re: Finance Question re: Ford

The reason is that if you have poor credit, they may have to repo it and that costs them besides the bank. That's also why getting a loan has higher interest rates for poor credit ratings.
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Old 03-30-2013, 04:23   #7 (permalink)
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Re: Finance Question re: Ford

I would walk out if they wanted to dig into my credit history just for pricing.

For ordering the vehicle I understand it to some extent, I guess. I tried to get the bank to give me a letter or something to indicate that the loan was approved, but until finalized, it is only a conditional approval. Further the bank said that they never get this request.

I certainly didn't have anything to hide - I was just trying to minimize the queries into my records.

Switching topics a little, it really is odd how all of the Ford dealers for 100 miles who have ordered this car have used essentially the same configuration - even having multiples of the same config at the same location.

Moonroof, Navigation and Driver Support (BLIS, etc.). No adaptive cruise control.

I am 40 years old! I don't stray from my lane!!! :-) ... and I certainly don't want my car parking itself!

R
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Old 03-30-2013, 09:24   #8 (permalink)
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Re: Finance Question re: Ford

Typically what you get on the lot is one version that no one can afford (i.e a Shelby, maybe) and a bunch of cookie cutters that has a combination of the "popular" choices. It's getting more and more difficult to have a car that is unique unless you decide to make it that way once you get it home. Dealerships don't want to special order because that's one less car that won't leave their lot. There's incentives if they get rid of the ones that they have, so the ones on the lot are shipped with the most common options to supply you with a mediocre car that you'll settle for.

Yeah, I'm a cynic.
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