GEN 2 Current Ford Credit Interest Rate

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Johnkn

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They're not terrible we just got used to ridiculously low rates for so long. Historically they're still very low.

Ding, ding, ding..... Correct. Btw the interest rate on a 30 year fixed conventional loan on my first house in 1982 was over 16%. The high rates tended to drive property values down. I refinanced 2x, sold it after 7 years for 2.6x of what I paid for it. We've been spoiled for a long time, rates are still very low.
 

GCATX

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When I got mine, I called my CU and told them that purchase was imminent in next day or two, they gave me a rate of 2.89 up to whatever $ amount I needed. Went to dealer, they offered to match the rate, I said okay. After sitting around for 45 minutes they said they could do 2.99, I stripped a gear and said "you kept me waiting to come in higher than what I already had?? Anyway, they ended up doing 2.89 also.

Two days later, girl from the CU calls and says they never received the purchase order, I told her the dealer had matched her offer and the truck was in my driveway. She told me to hold on, came back and said they would do 2.49. I told here nothing would make me happier, after my ****** buying experience.

She took care of everything from there on out. This was in late August, that was by far the best rate I could find after shopping around, with excellent credit.

Anyway, like Johnkn said, money is still cheap, a point or two isn't a huge deal.
 

Braaaaptor

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Reviving an old thread, first time car buyer here. I got 2.99% for 60 months from the dealer after I told the dealership that USAA would do 3%. Yesterday I received a notice from SunTrust that they were not able to finance my loan. Is this normal for a bank to deny you and how many banks does Ford Credit farm out to (how many times should I expect a letter like this)?
 

smurfslayer

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Reviving an old thread, first time car buyer here. I got 2.99% for 60 months from the dealer after I told the dealership that USAA would do 3%. Yesterday I received a notice from SunTrust that they were not able to finance my loan. Is this normal for a bank to deny you and how many banks does Ford Credit farm out to (how many times should I expect a letter like this)?

that’s not typical unless there’s some mitigating factors. debt to income ratio, high unsecured debt, employment, etc.
 

Braaaaptor

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Can't quite figure it out myself. 774 credit score, steady income (military) and zero debt. Only thing I can think of is this obviously spikes my debt to income ratio but I'm single with no other obligations aside from rent and a dog.... had I known this would happen I could've just had a higher down payment and I'm weary because this is how yo-yo scams start.

Took at look at my credit report and there's 5 hard inquiries from different banks (SunTrust being one of them). Looks like there's a few more chances and I still have my USAA financing for another 14 days. That letter gave me a sinking feeling that I'd have to give the truck back.
 
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Pikser

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Ford credit is Ford. I have never heard of them doing anything like this. I expect it is the dealer.
 

GCATX

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Can't quite figure it out myself. 774 credit score, steady income (military) and zero debt. Only thing I can think of is this obviously spikes my debt to income ratio but I'm single with no other obligations aside from rent and a dog.... had I known this would happen I could've just had a higher down payment and I'm weary because this is how yo-yo scams start.

Took at look at my credit report and there's 5 hard inquiries from different banks (SunTrust being one of them). Looks like there's a few more chances and I still have my USAA financing for another 14 days. That letter gave me a sinking feeling that I'd have to give the truck back.

That's all on the Finance guy at the dealer. They are scum. They will shop your application around with however many banks they want, looking for the best deal for them, not you. They will promise you xx percent rate, then look to see if they can get a spiff ($$) from a lender.
In the end though, if they can match the rate you can get on your own, it's no skin off your back.
My next door neighbor is head of finance at a European brand dealer. He does very well.
 
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