Update 4/6: Is Lou Fusz Ford Being Shady…

[Marauder]

This is the best answer here. Make sure they acknowledge that if they don't give you that cash off now, they'll be sending you a check for the amount shortly, and you'll have to negotiate with the dealership how they're going to handle that.

Yeah, I even had the guy initially my clause. My only regret is that I didn’t write a note under the financing terms.
Maybe they’ll accept my witness (Dad), who was there in case I didn’t take delivery

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[Marauder]

They want to pick up a few point of rate on you. From buy rate to sell rate, so they want you to finance a small amount. We used to ask people to finance 5k to help us out

Which might have been fine, but that’s not the bill I was sold. They wouldn’t allow me to add a nickel more to the existing down payment made in my original order date (2/2/2021)

 

[BC overlanding]

In my case, I can’t put down a down payment, nor can I go with the Credit Union, where I already have approved financing.

according to them, I MUST go with their financing for whatever rate they deem appropriate for me to buy my Bronco

That is total BS sounds like they are just being assholes but they hold all the cards unfortunately. Sounds like they are making it hard in hopes you back out so they can mark it up.

 

[Marauder]

That is total BS sounds like they are just being assholes but they hold all the cards unfortunately. Sounds like they are making it hard in hopes you back out so they can mark it up.

I got that feeling, too. Basically, I got $1220 ADM, cloaked in $700 Interest and the dealership’s $520 kickback.

then I get to refinance 3-months from now for a different (higher) rate.

 

[First BaseMan]

@Marauder You mind if I ask who the dealer is? You can PM if you don't want to blow them up, I just want to know what I may be getting into if we are at the same dealer...

 

[SubmarineNuke]

In my case, I can’t put down a down payment, nor can I go with the Credit Union, where I already have approved financing.

according to them, I MUST go with their financing for whatever rate they deem appropriate for me to buy my Bronco

WTF! I bought my Bronco over the weekend and the finance guy was overjoyed when I said I’d already been pre-approved dor 2.29% with NFCU. He said he couldn’t touch that with Ford or any other financial institution he was gonna shop it out to. Best he could do was 2.89, and he was happy to let me use NFCU. All he cares about was that his dealership got their money.

 

[phocion]

More likely dumb or uninformed than shady, but yeah.

Upon further evaluation, they have been upgraded to shady. Your dealer sucks, OP.

 

[Squatch]

Which might have been fine, but that’s not the bill I was sold. They wouldn’t allow me to add a nickel more to the existing down payment made in my original order date (2/2/2021)

Get in the box, finance, and call a lawyer on speaker as he's printing up documents.

 

[sgraing1]

If there isn't an early payoff penalty provision then pay the loan off next week.

 

[kje22kje]

@Marauder You mind if I ask who the dealer is? You can PM if you don't want to blow them up, I just want to know what I may be getting into if we are at the same dealer...

Same here. Many of us StL metro folks might be interested.

 

[BenderSquatch]

LoL… I like your style. I tried 3 pennies

Reminds when I'd buy candy bar to get cash back on my debit card.

 

[David196]

Bare in mind, I can also make the full payment, but they are forcing me to finance something for a minimum of 3 months

Quickest and simplest answer. The lending institute they're going to give you will give the dealership a "commission" per say if you keep the loan for 90 days. If you finance and transfer or pay the loan off the dealership won't get any money for selling you the loan

 

[BC overlanding]

I got that feeling, too. Basically, I got $1220 ADM, cloaked in $700 Interest and the dealership’s $520 kickback.

then I get to refinance 3-months from now for a different (higher) rate.

yep sorry that sucks

 

[GoTigersGoBronco]

The loan contract likely says “no prepayment penalty” and does not contain a prepayment penalty within the Truth in Lending Disclosure box. You can pay off the day it is funded. They’ll get the reserve charged back

 

[Mpatient1]

I got that feeling, too. Basically, I got $1220 ADM, cloaked in $700 Interest and the dealership’s $520 kickback.

then I get to refinance 3-months from now for a different (higher) rate.

why would you refinance higher?

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