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Leonardtown Ford Reservation Holders

Leonardtown Reservation Holders
WRF3MD
@NayNay , Hope you had an enjoyable week away from us miscreants. As things are moving along and folks are getting build date estimates, what's the rough idea on finance rates from Ford? Do you have to go through Ford Credit or do you shop around for better interest rates? I know it varies by person, but there was a conversation on the main forum that ranged from 1.75 to 6.9, as the Finance Director, just curious as to what things look like from your end. There was something mentioned on one of those financing threads that if you get multiple quotes within 30 days it only hits as one check. Just looking for a little information from a highly reliable source. Thanks again for everything.
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mcalpal
mcalpal
Good questions, I have a credit union and the rate would be 2.74 for 84 months (I want to drag it out as long as possible and just pay extra when I have it), but would be curious what else is out there too and what you're seeing.
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NayNay
NayNay
Great question but there are no simple answers. It's a balance. The bank looks at your history, credit score, loan to value, and debt to income.... aka LTV and DTI. It all plays a roll. The best rates a bank gives is generally with the least amount of risk. Usually.... about 95% of the time my credit unions beat navy fed, usaa, and the like. Do NOT, I repeat do NOT start running your credit a lot. Banks will and have declined people having multiple inquiries on their reports. Your credit unions should have posted rates. Read the fine print and their requirements. FMCC AKA Ford Credit never has good rates unless they're running a special. I do not anticipate them doing that with the Bronco. A finance person should give you options. If you plan on putting money down let the dealer know prior to them pulling your credit. Money down helps lower the rates because it lowers your LTV. Banks love that!! Make sure you disclose your income. Do not try and hide it, or lower it, and be sure you can prove it. The easiest way to know your monthly income is to take what you make per hour, multiply it by how many hours you work per week, then multiplythat by 52 then divide by 12, that is your monthly gross. I assume most of you have decent credit scores but it you do not don't panic, dealers have Banks that work with lower scores too. A dealership will compete to match or beat your credit union rates. Keep in mind people like myself do not get paid by the hour so if you finance with us (we will do our best to earn it) that is how I get paid. This isn't a guilt trip I'm just being honest. All the time and effort I place into this is to earn your business so I can pay my own bills. I think many times people do not realize the amount of time and effort someone will invest in trying to earn business and when they buy elsewhere or finance elsewhere how it hurts a dealership and the people who work there. As an example an individual who finances with my credit union let's say 50k I get a flat of 1% totalling 500 bucks. I get 12% of that which is 60 bucks before taxes IF more than 90% of the people I finance buy a warranty. Some credit unions pay 2% flats.... you see where I'm going with this..... so while many say people like me make a ton of money raping the little guy. I actually do not. My store does less than 50 deals a month, and I probably do 30 to 35 of those. The big box stores have teams of finance people and those guys see over 50 deals each a month and at times get bonuses. Sorry, I felt that I should disclose this to all of you to keep being fully transparent.
NayNay
NayNay
Ford currently is around 5 to 7% for their standard rates. My credit union is still running their special of 1.79 and 2.99 for up to 84 months. But it has to have a LTV under 80%. I will also have a 2.99 with over 80% LTV too. They also compete with credit unions too.
All-In
Can your credit unions finance out of state deals at the same rates?
Eharris55
Eharris55
Is this a credit union that you personally use or Leonardtown works with to get customers a loan?
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NayNay
NayNay
@Eharris55 I'm speaking about the banks and credit unions I utilize in my location for the customers.
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Krieger
Krieger
1.79% sounds amazing. If only I had a car to finance 😭😭

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