My Dealer Set Me Up

[Evolkidbell]

If they were going to honor MSRP and price protection, worst case was to buy at their crappy finance rate, and then refi after your first payment.
When I bought my F-150, I received extra incentives to use Ford credit. The sales manager, being a long-time family friend, told me to take the extra incentives and refi afterwards. Was a way better deal than financing outside of FMC.

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[brutus]

The problem with that approach is that the lending institution for the refi no longer regards it as a new car, and The rates are different for used vs new cars.

Most institutions will honor new car rates when vehicle is less than 6 months or one year old and has less than a certain number of miles. What others are describing (taking dealer financing to obtain an incentive and they refinancing with a credit union in the first couple of months is very common). I've successfully done it myself a few times (and helped my parents navigate one as well).

 

[Coldsmoke]

That is really shady, but kinda par for the course.

You need to walk in with your financing already in place. The dealer is not your friend as you found out. Anything they do, they are not doing for you, they are doing for themselves. I can almost guarantee 10% was not the "buy rate" that Ford offered on the loan. It was the "sell rate" the dealer offered to you. This means Ford probably agreed to finance you at 7 or 8 percent, and the dealer tacked on extra percentage points that go right into their pocket. Look at us, were good guys and not charging you ADM. Yeah right. Shady, but that is the way the world works. Next time go to your credit union yourself. I guarantee the result will be much more satisfactory.

What he said. Always get your own financing and walk in prepared with that. The dealer still has the option to beat it, but rarely will they because its one of the ways they make more $$.

 

[KnappyRedd]

That's why you pay cash. If the interest killed the deal you probably couldn't afford it.

So thats what you got from all this is that I cant afford it because I chose to not pay a high interest rate and be another sucker just to say I got mine? Thats would of been financially smart. I guess some would need to just to validate themselves

 

[KnappyRedd]

Im at Citrus as well. Based entirely on my reservation/order experience with them thus far, I am expecting the same kind of crap if I ever get a VIN. I have two previous purchases with them that went flawlessly, but they were 23 and 11 years ago. This is definitely NOT the same group of owners/employees that were there previously.

And thats how felt going in because I bought my explorer from them 6 years ago and it went fine. Boy was I wrong lol. Good Luck on yours though.

 

[G-Waggin]

Whats up guys!!!! So its been almlost 2 months after I passed up on my Bronco after a 2 year wait. ... They come back with I got financed with Ford and I had to put down a minimum of $4000 down. ...Now I'll say they did honor MSRP and my Price Protection.... they requested over $87,000 when my Bronco was priced at $66,000 with everything I picked. ...

Sorry had to vent lol

Am I understanding that you priced out a Bronco at $66K (before dealer fees and taxes), but wanted to put down less than $4K? Why not a lease?

 

[BroncoWTFAN]

So thats what you got from all this is that I cant afford it because I chose to not pay a high interest rate and be another sucker just to say I got mine? Thats would of been financially smart. I guess some would need to just to validate themselves

Can anyone who is buying a Bronco for personal use say it's financially smart?

I bought it because I could afford it and I wanted it. Everything has been said already so I won't repeat any of the previous comments. My guess is that you lost interest and are just using this as an excuse to feel better about walking away. Have read many threads like this one and the narrative is always the same. Wish you luck on whatever path you take. Should you get a Bronco now or later, hope to see you on the trails.

Good Luck!

 

[swooshdave]

Can anyone who is buying a Bronco for personal use say it's financially smart?

The first person who says yes is lying.

 

[mx6bfast]

The first person who says yes is lying.

Saves us from buying 2 higher priced cars.

 

[KnappyRedd]

Am I understanding that you priced out a Bronco at $66K (before dealer fees and taxes), but wanted to put down less than $4K? Why not a lease?

No, the dealer had me financed with Ford at a 10% rate and said I had to put a minimum of $4K down. My build came out to be $66k after my price protection with a 700 score. I refused because I felt it was outrageous and over the past 2 months, I’m finding out the shadiness they were doing when I found out they requested $87k threw my credit union, $21k over, so that makes me wonder why the first 2 they checked denied me? Probably because they put in the same purchase price with them as they did with my bank, trying to grab the ADM on the back end as they were “honering MSRP and price protection“. They actually sold it $12k over. Go figure

And I drive too much for a lease

 

[KnappyRedd]

Can anyone who is buying a Bronco for personal use say it's financially smart?

I bought it because I could afford it and I wanted it. Everything has been said already so I won't repeat any of the previous comments. My guess is that you lost interest and are just using this as an excuse to feel better about walking away. Have read many threads like this one and the narrative is always the same. Wish you luck on whatever path you take. Should you get a Bronco now or later, hope to see you on the trails.

Good Luck!

No I didn’t lose interest, just not that stupid lol! There is nothing else I want so I’m going to order another for MY24 somewhere else and definitely be prepared for the BS

 

[josh1121]

So I’m going to put in a shameless plug for the dealer I worked with, Sewell Ford in Odessa, TX. I live in SoCal too and have had nothing but issue in the past with my local dealers. Sewell ho ores the price protection, sent me great goodies along the way, and were super communicative along the way. They even shipped the Bronco out to me on their dime. They had originally offered to fly me out to pick it up, etc, but I couldn’t get away. If you are interested, PM me and I’ll give you more details. I have no affiliation with them except this purchase, but in the 925 days from reservation to delivery, they were the only bright spot.

 

[Pseudoko]

The first person who says yes is lying.

financially smart? No… but I am emotionally happy until I add up how much in aftermarket parts I’ve spent and then look like this

 

[DefNotBuddyLee]

It sounds like the "have your financing lined up first" has been well covered, so I will not add too much to that pile except to say doing a little legwork ahead of time can save you alot of time and headache. I have experience in the dealer direct networks used by dealers to fund loans through financial institutions (at least in my area), so if you really want to open that box I can.

First question...when your info was submitted to your choice lender, did you have any agreement on the price in writing? If not, it could be that they assumed they were charging you ADM and you were not aware. $87k could have been the legitimate price all along. If not, and if you have something that shows the terms on the Ford approval that shows the $67k financing amount along with terms (rate and length of financing), you are in good shape for this piece of advice...
...submit an unfair practice claim to the Consumer Financial Protection Bureau. This is not a toothless BBB type organization. They are the regulatory wing that manages complaints for lenders in regards to unfair and deceptive practices. Forget the FDIC or NCUA, CFPB can wreck your day as a lender or large FI.
You can do an online complaint on their website at https://www.consumerfinance.gov/complaint/
In your complaint, focus on the factual deceptive part. Don't say they offered me a bad rate with Ford. Instead, focus on that you asked them to submit an application to your preferred lender and they submitted an application with an incorrect sales price to your credit union in order to create a denial to push you to another lender that was offering a rate substantially higher than market with different terms.

 

[KnappyRedd]

It sounds like the "have your financing lined up first" has been well covered, so I will not add too much to that pile except to say doing a little legwork ahead of time can save you alot of time and headache. I have experience in the dealer direct networks used by dealers to fund loans through financial institutions (at least in my area), so if you really want to open that box I can.

First question...when your info was submitted to your choice lender, did you have any agreement on the price in writing? If not, it could be that they assumed they were charging you ADM and you were not aware. $87k could have been the legitimate price all along. If not, and if you have something that shows the terms on the Ford approval that shows the $67k financing amount along with terms (rate and length of financing), you are in good shape for this piece of advice...
...submit an unfair practice claim to the Consumer Financial Protection Bureau. This is not a toothless BBB type organization. They are the regulatory wing that manages complaints for lenders in regards to unfair and deceptive practices. Forget the FDIC or NCUA, CFPB can wreck your day as a lender or large FI.
You can do an online complaint on their website at https://www.consumerfinance.gov/complaint/
In your complaint, focus on the factual deceptive part. Don't say they offered me a bad rate with Ford. Instead, focus on that you asked them to submit an application to your preferred lender and they submitted an application with an incorrect sales price to your credit union in order to create a denial to push you to another lender that was offering a rate substantially higher than market with different terms.

Love this. Im on it. Now they were honoring MSRP and my Price Protection. Had that in writing from the beginning when I placed my order for a 22 and when I had to resubmit when got pushed to a 23. What I didnt see was what they were sending to the first 2 lenders that denied me and Ford who approved me. Looking at the letter from my CU and the amount that they requested, which makes me think they sent the $87k to the first two as well. When I asked them for the PO that my CU requested to process the loan, because when I left, I applied to get a better rate, they offered to send it, and now im seeing exactly what they sent which im pretty sure got me denied to get me out of it.

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