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Ford Motor Credit did me right


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Last year I put my intelligence on hold and got myself into a 7 year note on a used '05 Chrysler Pacifica. I hated the car pretty much right away but I was stuck, not only with it but also with the 18.9% interest rate Centrix Financial was hitting me with.

When I got the Pacifica, my scores were in the 520-540 range. Yesterday, I went to Don Davis Ford in Arlington, TX and told them I wanted to trade in my Pacifica and put no money down on a new, fully loaded, F150 Lariat with a sticker of 37k. I fully expected to be laughed out of the building but much to my surprise they gave me 1k more for my trade than Edmunds showed it was worth, plus FMC financed me with a 3.9% interest rate! What a difference a year can make. My EQ FICO was only 644.

Now whats interesting is that while my payment when up due to the much larger loan, I'll wind up paying about the same for the new truck as I would have the Pacifica due to the much lower interest rate. The finance charges on the Pacifica were around 17k whereas the finance charges on truck are only around 5k. Pretty durn cool if you ask me.

Just thought I'd share. :D

-Lee

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Hey CallMeLee,

I live in Arlington and I was going to check out Don Davis Ford myself. How is that dealership and how was the salesman you delt with? Did they have any more good deals on the trucks or cars? Did you have to put money down due to being upside down?

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Congrats on the new truck!

I think you got a good deal. But for the other readers out there, don't forget it is usually a rebate or a special apr. This can be good or bad.

Example 1:

37k truck at 3.9% or a 1,000 rebate

If you took the rebate, you would need an apr of 5.02% to get the same payments financing 36k

Example 2:

20k truck at 3.9% or a 1,000 rebate

If you took the rebate, you would need an apr of 6.0% to get the same payments financing 19k

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Hey CallMeLee,

I live in Arlington and I was going to check out Don Davis Ford myself. How is that dealership and how was the salesman you delt with? Did they have any more good deals on the trucks or cars? Did you have to put money down due to being upside down?

I thought the dealership was great. My sales person was Terrance and he was low key and low pressure.

I didn't put any money down, but of course that just means that I'm going to pay more in interest in the long run.

The rebates ended on the 5th of July, but I bet they'll do something else soon.

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Congrats on the new truck!

I think you got a good deal. But for the other readers out there, don't forget it is usually a rebate or a special apr. This can be good or bad.

Example 1:

37k truck at 3.9% or a 1,000 rebate

If you took the rebate, you would need an apr of 5.02% to get the same payments financing 36k

Example 2:

20k truck at 3.9% or a 1,000 rebate

If you took the rebate, you would need an apr of 6.0% to get the same payments financing 19k

You're right, in my case it was 41.5k @ 8.5%APR or 44.5k at 3.9%. I haven't done the math but I think it works out to a better deal; especially if I keep the truck for most or all of the 72mo.

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