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Picking Up Bronco Friday! Dealer insisted on financing

Shifty

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My dealer contacted me to let me know my Bronco has arrived. They said that they will send over paperwork for financing. I told them that I will be paying cash no need for financing. They said they won’t sell any vehicle without financing through them.

i almost got worked up then thought and said OK as long as I can pay the loan off in advance Like in a couple months. we Signed the paperwork and I pickup the car on Friday. That’s not too bad…right could have been worse.
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Lexo52

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You make sure there was no penalty? Seems like something dealers would do atm lol
 

HotdogThud

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Honestly, if I had the cash in hand to buy it, I probably still wouldn't simply because I could then finance a super low amount to then boost my credit rating with.

"Why yes, I'll take a $75/month car payment!"
 

WuNgUn

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You realize, even if you pay the loan out right, you're probably still paying whatever interest that would of accrued over the term? A lot of financing scams work this way...
"No penalty"... If you pay the $12,000 interest"
Make sure you read the fine print!
Thats the only reason why your stealership would insist that the vehicle be financed. 🤷🏻
 

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treadlightly

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There's a guy on Youtube who makes videos about the car industry, claims to be a former insider, says never pay cash. He says to finance then pay off early without a penalty. The dealers are looking for their commission on the financing and saying you will pay cash means they need to make that money elsewhere.
 

The_Phew

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The VW dealerships in NoVA are all like this; they sell VWs for WAY cheaper than anywhere else in the country, but you have to finance through them. I believe the minimum was $10k, but no prepayment penalty and no minimum time to pay off/refinance. So I refi'd to PenFed at like 2% lower APR within the month, it only cost me a few bucks in excess interest to save like $3k on the GTI.

I didn't even feel guilty about it, because for every customer like me there are 10 that pay the stupid-high APR over the full term.
 

balucipher

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Double check the paperwork and if there really is no prepayment penalty pay it off when the first bill comes.
 

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smahones

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You realize, even if you pay the loan out right, you're probably still paying whatever interest that would of accrued over the term? A lot of financing scams work this way...
"No penalty"... If you pay the $12,000 interest"
Make sure you read the fine print!
Thats the only reason why your stealership would insist that the vehicle be financed. 🤷🏻
That’s not correct.
 

Jason

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They said they won’t sell any vehicle without financing through them.
It sounds like the least damaging of the recent last minute dealer shenanigans, but still a shenanigan. If the dealer has stipulations, it is up to them to make those known up front. This stuff needs to stop.
 
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Shifty

Shifty

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Make you finance.

it’s definitely another form of ADM but one that shouldn’t really cost me much. a little cautious but the reality is if they want they could rip my signed PS and signed DORA print out and markup the car and very little I could do other than complain. Ford is utterly useless..

so I figured this isn’t a bad solution.
 

Dewreckingcrew

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Ford did an absolutely horrendous job of explaining the new reservation system with these dealers. They act like it’s just business as usual, none of them understand these Broncos would not be on their lot we’re it not for the reservation holder. They were more than happy to say whatever they needed to secure reservation orders to secure allocation, then 13 months later conveniently forget this was not a typical car ordering scenario…Ford is 110% to blame for not communicating to their dealers what this new reservation system means to the customer, absolute total fail on Ford’s part. And if Ford did communicate properly, they need to hold these dealers accountable.
 

1975U15

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it’s definitely another form of ADM but one that shouldn’t really cost me much. a little cautious but the reality is if they want they could rip my signed PS and signed DORA print out and markup the car and very little I could do other than complain. Ford is utterly useless..

so I figured this isn’t a bad solution.
Smart play on your part.

Open loan and payoff. Be careful though. Terms usually are loan must be open for at least six months. Good luck and congrats!
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