Question for car sales guys/gals 06 GT
3/5/06, 05:33 PM
#1
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I was out yesterday and stopped by a local dealer to look/test drive a 2006 Tungsten GT. Well one thing led to another and I had them pull my credit to see what type of rate might be possible. Well without going any further the sales guy told me roughly 15%. Now 2 years ago I had the same score and all and got 1.9% financing through FMC. I had negative equity for my trade back then as I do now and both were about the same. Does one dealership have more pull with Ford Credit then another dealer? I spoke to my sales guy at another dealer I bought my old 03 GT vert at. They're the one that got me the 1.9%. Good thing is that the dealer I went to yesterday didn't submit anything to FMC so I'm good to try tomorrow at my regular dealer. I have heard some dealers have whats called "floor plan" meaning Ford owns the cars on the lot. I've also heard these type of dealerships have a lot of flexibility on what can be attained through FMC. Anyone here have any insights to this?
3/5/06, 05:46 PM
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Probably an over generalization but I wouldn't trust a salesman as far as I could throw them.
I would get at least 1 different source of APPROVED financing before going to the dealer. I had everything approved through capitalone auto finance at 5.75%, 48 months and then went to the dealer. I never mentioned it while filling out all the paperwork and when I got to the FI office they had me all written up with some other company for ~7%. I told the guy I had already been pre-approved for the capital one rate and if he could find a better rate I'd give him the business. Well, after looking through his binder for ~2-3 minutes he found a company that beat my rate. Just simple and quick.
He told me that FMC was one of the worse rates that he usually sees.
Good luck
I would get at least 1 different source of APPROVED financing before going to the dealer. I had everything approved through capitalone auto finance at 5.75%, 48 months and then went to the dealer. I never mentioned it while filling out all the paperwork and when I got to the FI office they had me all written up with some other company for ~7%. I told the guy I had already been pre-approved for the capital one rate and if he could find a better rate I'd give him the business. Well, after looking through his binder for ~2-3 minutes he found a company that beat my rate. Just simple and quick.
He told me that FMC was one of the worse rates that he usually sees.
Good luck
3/5/06, 05:53 PM
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<div class='quotetop'>QUOTE(rjbaudie @ March 5, 2006, 7:49 PM) Quoted post</div><div class='quotemain'>
Probably an over generalization but I wouldn't trust a salesman as far as I could throw them.
I would get at least 1 different source of APPROVED financing before going to the dealer. I had everything approved through capitalone auto finance at 5.75%, 48 months and then went to the dealer. I never mentioned it while filling out all the paperwork and when I got to the FI office they had me all written up with some other company for ~7%. I told the guy I had already been pre-approved for the capital one rate and if he could find a better rate I'd give him the business. Well, after looking through his binder for ~2-3 minutes he found a company that beat my rate. Just simple and quick.
He told me that FMC was one of the worse rates that he usually sees.
Good luck
[/b][/quote]
Wow, I wouldn't have ever guessed FMC would have the worst rates. My best rates through the years have always been through either Ford or Chrysler.
Probably an over generalization but I wouldn't trust a salesman as far as I could throw them.
I would get at least 1 different source of APPROVED financing before going to the dealer. I had everything approved through capitalone auto finance at 5.75%, 48 months and then went to the dealer. I never mentioned it while filling out all the paperwork and when I got to the FI office they had me all written up with some other company for ~7%. I told the guy I had already been pre-approved for the capital one rate and if he could find a better rate I'd give him the business. Well, after looking through his binder for ~2-3 minutes he found a company that beat my rate. Just simple and quick.
He told me that FMC was one of the worse rates that he usually sees.
Good luck
[/b][/quote]
Wow, I wouldn't have ever guessed FMC would have the worst rates. My best rates through the years have always been through either Ford or Chrysler.
3/5/06, 06:14 PM
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I'm doing the same thing, pre-approved through my credit union @ 5.99%, when I pick the car up I will let them shop it see what they come back with. Best offer gets my business.
3/5/06, 09:31 PM
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Hey Scott. Are you sure the 1.9% wasn't a special incentive at the time? I purchased my 2005 F-150 and recieved 1.09% financing from FMC, but when I went to look at a 2006 GT Mustang the lowest Ford could offer me was 7%. I went to my local credit union and got my loan at 5.25%.
Good Luck!
Mike
Good Luck!
Mike
3/5/06, 10:19 PM
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<div class='quotetop'>QUOTE(trojanmike34 @ March 5, 2006, 11:34 PM) Quoted post</div><div class='quotemain'>
Hey Scott. Are you sure the 1.9% wasn't a special incentive at the time? I purchased my 2005 F-150 and recieved 1.09% financing from FMC, but when I went to look at a 2006 GT Mustang the lowest Ford could offer me was 7%. I went to my local credit union and got my loan at 5.25%.
Good Luck!
Mike
[/b][/quote]
It very well could have been. I'll be talking to my sales guy that sold me the 03 GT tomorrow. I'm hoping to have good news but only if the rate's in line. If not I'll look again in May
Hey Scott. Are you sure the 1.9% wasn't a special incentive at the time? I purchased my 2005 F-150 and recieved 1.09% financing from FMC, but when I went to look at a 2006 GT Mustang the lowest Ford could offer me was 7%. I went to my local credit union and got my loan at 5.25%.
Good Luck!
Mike
[/b][/quote]
It very well could have been. I'll be talking to my sales guy that sold me the 03 GT tomorrow. I'm hoping to have good news but only if the rate's in line. If not I'll look again in May
3/6/06, 06:44 AM
#7
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<div class='quotetop'>QUOTE(Scootr @ March 6, 2006, 12:22 AM) Quoted post</div><div class='quotemain'>
It very well could have been. I'll be talking to my sales guy that sold me the 03 GT tomorrow. I'm hoping to have good news but only if the rate's in line. If not I'll look again in May
[/b][/quote]
The "cheap" rates are factory enhanced specials. You won't find this on a GT currently. If your credit score is so low that the best they can do is 15%, waiting until May won't matter. Scores drop extremely fast and increase pretty slow. Talk to your own bank, credit union and see what you can get.
As for Ford credit, they currently have the highest standard rate of any of the lenders we do business with but they are pretty agressive with their approval policies.
It very well could have been. I'll be talking to my sales guy that sold me the 03 GT tomorrow. I'm hoping to have good news but only if the rate's in line. If not I'll look again in May
[/b][/quote]
The "cheap" rates are factory enhanced specials. You won't find this on a GT currently. If your credit score is so low that the best they can do is 15%, waiting until May won't matter. Scores drop extremely fast and increase pretty slow. Talk to your own bank, credit union and see what you can get.
As for Ford credit, they currently have the highest standard rate of any of the lenders we do business with but they are pretty agressive with their approval policies.
3/6/06, 08:46 AM
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Don't let dealers run your credit until your absolutely ready to buy, it will actually lower your score.
What I did was ran my own credit, you wont get a hit doing this, then took my FICO with me. If your score is above 720, you should be able to get a ~4-5% but not with Ford credit, their best rate was like 6.9 for four years when I was doing research last year to buy my GT.
Don't bother try to get those "free" credit reports, save yourself the hassle and possible $40 anual charge unless you opt out within a certain time. Just pay the $12 dollar fee and get one of the three credit bureaus print outs. It will save you money in the long run and give you a good idea whats a good rate for your score.
I doubt very much dealerships have any more or less pull with financing. They couldn't get me the rate I wanted so they managed to get a 4% from bank of america.
Good luck.
What I did was ran my own credit, you wont get a hit doing this, then took my FICO with me. If your score is above 720, you should be able to get a ~4-5% but not with Ford credit, their best rate was like 6.9 for four years when I was doing research last year to buy my GT.
Don't bother try to get those "free" credit reports, save yourself the hassle and possible $40 anual charge unless you opt out within a certain time. Just pay the $12 dollar fee and get one of the three credit bureaus print outs. It will save you money in the long run and give you a good idea whats a good rate for your score.
I doubt very much dealerships have any more or less pull with financing. They couldn't get me the rate I wanted so they managed to get a 4% from bank of america.
Good luck.
3/8/06, 09:36 AM
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<div class='quotetop'>QUOTE(nynvolt @ March 6, 2006, 9:49 AM) Quoted post</div><div class='quotemain'>
Don't let dealers run your credit until your absolutely ready to buy, it will actually lower your score.
What I did was ran my own credit, you wont get a hit doing this, then took my FICO with me. If your score is above 720, you should be able to get a ~4-5% but not with Ford credit, their best rate was like 6.9 for four years when I was doing research last year to buy my GT.
Don't bother try to get those "free" credit reports, save yourself the hassle and possible $40 anual charge unless you opt out within a certain time. Just pay the $12 dollar fee and get one of the three credit bureaus print outs. It will save you money in the long run and give you a good idea whats a good rate for your score.
I doubt very much dealerships have any more or less pull with financing. They couldn't get me the rate I wanted so they managed to get a 4% from bank of america.
Good luck.
[/b][/quote]
No flame intended here, but this is mostly incorrect. I am the Finance Director at a Ford dealership, and the absolute lowest rates I have seen (recently; rates kave risen continually the last couple of years) are in the mid 5% range, with this being the exception. Most rates are in the 6's. Also, none of our lenders use a FICO score; they use Transunion or Equifax. A dealer can only make a certain amount on financing, and I would guess that if 15% is the best they offered, you won't likely gett better than 9-10%, with the exception being a credit union that will make an exception. Dealerships do have more pull with financing companies; we send them millions of $ in business and can occaisionally get "favors" if there is good enough reason.
If you really want the car buy the car, not the rate. Get the best rate you can and if you can afford the resulting payment, get it on. You can always refinance later if your credit improves.
Hope this helps!!!
Don't let dealers run your credit until your absolutely ready to buy, it will actually lower your score.
What I did was ran my own credit, you wont get a hit doing this, then took my FICO with me. If your score is above 720, you should be able to get a ~4-5% but not with Ford credit, their best rate was like 6.9 for four years when I was doing research last year to buy my GT.
Don't bother try to get those "free" credit reports, save yourself the hassle and possible $40 anual charge unless you opt out within a certain time. Just pay the $12 dollar fee and get one of the three credit bureaus print outs. It will save you money in the long run and give you a good idea whats a good rate for your score.
I doubt very much dealerships have any more or less pull with financing. They couldn't get me the rate I wanted so they managed to get a 4% from bank of america.
Good luck.
[/b][/quote]
No flame intended here, but this is mostly incorrect. I am the Finance Director at a Ford dealership, and the absolute lowest rates I have seen (recently; rates kave risen continually the last couple of years) are in the mid 5% range, with this being the exception. Most rates are in the 6's. Also, none of our lenders use a FICO score; they use Transunion or Equifax. A dealer can only make a certain amount on financing, and I would guess that if 15% is the best they offered, you won't likely gett better than 9-10%, with the exception being a credit union that will make an exception. Dealerships do have more pull with financing companies; we send them millions of $ in business and can occaisionally get "favors" if there is good enough reason.
If you really want the car buy the car, not the rate. Get the best rate you can and if you can afford the resulting payment, get it on. You can always refinance later if your credit improves.
Hope this helps!!!
3/8/06, 10:00 AM
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<div class='quotetop'>QUOTE(PACETTR @ March 8, 2006, 11:39 AM) Quoted post</div><div class='quotemain'>
No flame intended here, but this is mostly incorrect. I am the Finance Director at a Ford dealership, and the absolute lowest rates I have seen (recently; rates kave risen continually the last couple of years) are in the mid 5% range, with this being the exception. Most rates are in the 6's. Also, none of our lenders use a FICO score; they use Transunion or Equifax. A dealer can only make a certain amount on financing, and I would guess that if 15% is the best they offered, you won't likely gett better than 9-10%, with the exception being a credit union that will make an exception. Dealerships do have more pull with financing companies; we send them millions of $ in business and can occaisionally get "favors" if there is good enough reason.
If you really want the car buy the car, not the rate. Get the best rate you can and if you can afford the resulting payment, get it on. You can always refinance later if your credit improves.
Hope this helps!!!
[/b][/quote]
That's the info I was looking for. Thanks!
No flame intended here, but this is mostly incorrect. I am the Finance Director at a Ford dealership, and the absolute lowest rates I have seen (recently; rates kave risen continually the last couple of years) are in the mid 5% range, with this being the exception. Most rates are in the 6's. Also, none of our lenders use a FICO score; they use Transunion or Equifax. A dealer can only make a certain amount on financing, and I would guess that if 15% is the best they offered, you won't likely gett better than 9-10%, with the exception being a credit union that will make an exception. Dealerships do have more pull with financing companies; we send them millions of $ in business and can occaisionally get "favors" if there is good enough reason.
If you really want the car buy the car, not the rate. Get the best rate you can and if you can afford the resulting payment, get it on. You can always refinance later if your credit improves.
Hope this helps!!!
[/b][/quote]
That's the info I was looking for. Thanks!
3/8/06, 10:07 AM
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<div class='quotetop'>QUOTE(Scootr @ March 5, 2006, 7:36 PM) Quoted post</div><div class='quotemain'>
I was out yesterday and stopped by a local dealer to look/test drive a 2006 Tungsten GT. Well one thing led to another and I had them pull my credit to see what type of rate might be possible. Well without going any further the sales guy told me roughly 15%. Now 2 years ago I had the same score and all and got 1.9% financing through FMC. I had negative equity for my trade back then as I do now and both were about the same. Does one dealership have more pull with Ford Credit then another dealer? I spoke to my sales guy at another dealer I bought my old 03 GT vert at. They're the one that got me the 1.9%. Good thing is that the dealer I went to yesterday didn't submit anything to FMC so I'm good to try tomorrow at my regular dealer. I have heard some dealers have whats called "floor plan" meaning Ford owns the cars on the lot. I've also heard these type of dealerships have a lot of flexibility on what can be attained through FMC. Anyone here have any insights to this?
[/b][/quote]
15%!!! Holy Scheit!! [img]style_emoticons/<#EMO_DIR#>/bs2.gif[/img]
Three words: CREDIT UNION DEVILDOG!!!
Navy Federal Credit Union will beat that!!! Screw the dealership! The ONLY thing a dealership is good for is separating you from your $$$$$. Shop around, I got quoted a rate five months ago for 5.9% from a dealer Maryland and called my CU and got 5% from them! Or you can hold off and hope they bring back the special financing, but they will probably exclude the Mustang again! Good luck. Simper Fi. [img]style_emoticons/<#EMO_DIR#>/iwojima.gif[/img]
I was out yesterday and stopped by a local dealer to look/test drive a 2006 Tungsten GT. Well one thing led to another and I had them pull my credit to see what type of rate might be possible. Well without going any further the sales guy told me roughly 15%. Now 2 years ago I had the same score and all and got 1.9% financing through FMC. I had negative equity for my trade back then as I do now and both were about the same. Does one dealership have more pull with Ford Credit then another dealer? I spoke to my sales guy at another dealer I bought my old 03 GT vert at. They're the one that got me the 1.9%. Good thing is that the dealer I went to yesterday didn't submit anything to FMC so I'm good to try tomorrow at my regular dealer. I have heard some dealers have whats called "floor plan" meaning Ford owns the cars on the lot. I've also heard these type of dealerships have a lot of flexibility on what can be attained through FMC. Anyone here have any insights to this?
[/b][/quote]
15%!!! Holy Scheit!! [img]style_emoticons/<#EMO_DIR#>/bs2.gif[/img]
Three words: CREDIT UNION DEVILDOG!!!
Navy Federal Credit Union will beat that!!! Screw the dealership! The ONLY thing a dealership is good for is separating you from your $$$$$. Shop around, I got quoted a rate five months ago for 5.9% from a dealer Maryland and called my CU and got 5% from them! Or you can hold off and hope they bring back the special financing, but they will probably exclude the Mustang again! Good luck. Simper Fi. [img]style_emoticons/<#EMO_DIR#>/iwojima.gif[/img]
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