0% interest available on 2011 Mustang V6 & GT...
4/6/10, 08:37 AM
#22
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It looks like Bank Of America is offering some very competitive rates also (at least in PA anyway). http://www.bankofamerica.com/vehicle...TextLink&type=
Today's Rates for Pennsylvania
*Rates quoted below include eligible discounts. See Assumptions for details.
April 05, 2010, 07:03 PM Eastern
Loan amounts from $7,500 up to $100,000
Annual Percentage Rates (APR) - As Low As*
Loan Type Up to 60 Months (%) 61 - 72 Months (%)
New car
2.84 3.40
Used car (franchise dealer2)
3.34 3.80
Used car (private party2)
4.59 5.39
Refinance
3.74 4.54
Lease buyout
5.24 6.04
*Assumptions - APR is the Annual Percentage Rate. Rates quoted above assume excellent borrower credit history and may include certain discounts that can range from .15% to .50% and vary by state. To qualify for these discounts, Total Amount Financed must meet state specific guidelines (ask your financing specialist for your states minimums), and / or the Total Amount Financed divided by the Collateral Value must be less than 90%
Actual APRs may vary for your state of residence and are subject to change based on individual credit history.
A loan fee may apply
Today's Rates for Pennsylvania
*Rates quoted below include eligible discounts. See Assumptions for details.
April 05, 2010, 07:03 PM Eastern
Loan amounts from $7,500 up to $100,000
Annual Percentage Rates (APR) - As Low As*
Loan Type Up to 60 Months (%) 61 - 72 Months (%)
New car
2.84 3.40
Used car (franchise dealer2)
3.34 3.80
Used car (private party2)
4.59 5.39
Refinance
3.74 4.54
Lease buyout
5.24 6.04
*Assumptions - APR is the Annual Percentage Rate. Rates quoted above assume excellent borrower credit history and may include certain discounts that can range from .15% to .50% and vary by state. To qualify for these discounts, Total Amount Financed must meet state specific guidelines (ask your financing specialist for your states minimums), and / or the Total Amount Financed divided by the Collateral Value must be less than 90%
Actual APRs may vary for your state of residence and are subject to change based on individual credit history.
A loan fee may apply
Edit: I'm in NY and I refinanced for 50 months
Last edited by jadedpony; 4/6/10 at 09:00 AM.
4/6/10, 08:54 AM
#23
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Ford has not publicly announced what I posted yet - sorry. I found it at Ford's dealer-only internal website when I was checking to see what new rebates/rates would be available for the 2nd quarter (most Ford programs ended April 5th with new ones starting today). I was pleased to see programs announced for 2011 models (Mustang, Fiesta, SD, etc.).
4/6/10, 09:50 AM
#24
Tasca Super Boss 429 Member
Oh OK that explains it. Thanks for replying! 
Ford has not publicly announced what I posted yet - sorry. I found it at Ford's dealer-only internal website when I was checking to see what new rebates/rates would be available for the 2nd quarter (most Ford programs ended April 5th with new ones starting today). I was pleased to see programs announced for 2011 models (Mustang, Fiesta, SD, etc.).
4/6/10, 12:19 PM
#26
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4/6/10, 12:21 PM
#27
MOTM Committee Member
4/6/10, 01:18 PM
#28
Tasca Super Boss 429 Member
I just approved online for a 28k 5 year loan from BOA at 3.64%. If Ford or another Bank is giving better rates when I go to pick up the car in another few weeks, then I'll go with them.......
4/6/10, 01:53 PM
#30
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4/6/10, 01:59 PM
#31
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If he wants a lower payment commit he should put money down. All too often people put 0 down, use the money they could have paid down on other things, then get upside down in their loans.
4/6/10, 02:09 PM
#32
Tasca Super Boss 429 Member
Yeah, a three year loan at zero per cent still results in a big payment. I just did one on the car I have on order as a example and the payment came out to be around $850 per month. lol 
4/6/10, 02:43 PM
#33
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Unless you are completely debt free money down at 0% is foolish. If you want a lower payment keep you money in an interest bearing account and draw off of it each month to make up the difference. Better yet, pay off other debt that isn't at 0%. You aren't going to get upside down in a 36 month loan after the first hand full of payments. I understand that someone may spend the money on something else if they don't use it as down payment but poor self discipline doesn't make wrong economic decisions correct.
4/6/10, 02:45 PM
#34
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good point --
I was thinking that I don't like payments that big; but I could keep the downpayment in the bank for a while, earn .005% interest (better than nothing, but not much) and use that to make some of the payments . . . in the end it would be paid off at the same time, same total cash flow out, except I got the use of more of Ford's money so my "net present value" of the cash flows is a little better.
You must be a financial advisor or MBA or something!
-- I was thinking that I don't like payments that big; but I could keep the downpayment in the bank for a while, earn .005% interest (better than nothing, but not much) and use that to make some of the payments . . . in the end it would be paid off at the same time, same total cash flow out, except I got the use of more of Ford's money so my "net present value" of the cash flows is a little better.
You must be a financial advisor or MBA or something!
Last edited by Bert; 4/6/10 at 02:46 PM. Reason: correction
4/6/10, 02:46 PM
#35
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I understand that the payment won't be manageable for most people but if the payment is doable you shouldn't put money down at 0%. If the payment isn't doable at 36 months take the rebate, do a longer term and put whatever down payment you can do to limit the overall interest you end up paying.
4/6/10, 02:47 PM
#36
Shelby GT500 Member
Unless you are completely debt free money down at 0% is foolish. If you want a lower payment keep you money in an interest bearing account and draw off of it each month to make up the difference. Better yet, pay off other debt that isn't at 0%. You aren't going to get upside down in a 36 month loan after the first hand full of payments. I understand that someone may spend the money on something else if they don't use it as down payment but poor self discipline doesn't make wrong economic decisions correct.
4/6/10, 02:50 PM
#38
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0% loan should NEVER have a down payment.
If you don't trust yourself, do this:
Deposit the large down-payment into an interest bearing checking account or savings account (open a new account).
Setup an automatic payment to pay ford credit to be withdrawn from that new account.
Setup an automatic transfer from your checking to your new account for the payment amount you would have had if you put that down-payment toward the loan amount. (or write a check every month if you prefer...)
On a $40,000 dollar car, with $10,000 down, you come out ahead $150 after 3 years with 1% rate of return. Larger down-payments equal larger amounts at the end of the loan. It's not a lot, but you also have access to that money. In case of emergency, it is faster than trying to get the equity out of the quickly depreciating car.
My feeling is that if you have been able to save 10k plus to put down, you can probably trust yourself to not spend it in the meantime...
BOT, I can't believe they have any incentives on a new car like this, I am pretty surprised...
If you don't trust yourself, do this:
Deposit the large down-payment into an interest bearing checking account or savings account (open a new account).
Setup an automatic payment to pay ford credit to be withdrawn from that new account.
Setup an automatic transfer from your checking to your new account for the payment amount you would have had if you put that down-payment toward the loan amount. (or write a check every month if you prefer...)
On a $40,000 dollar car, with $10,000 down, you come out ahead $150 after 3 years with 1% rate of return. Larger down-payments equal larger amounts at the end of the loan. It's not a lot, but you also have access to that money. In case of emergency, it is faster than trying to get the equity out of the quickly depreciating car.
My feeling is that if you have been able to save 10k plus to put down, you can probably trust yourself to not spend it in the meantime...
BOT, I can't believe they have any incentives on a new car like this, I am pretty surprised...
4/6/10, 04:39 PM
#39
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Thanks for the info Brian. This is EXACTLY what I expected Ford to offer. 4.9% or 5.9% for a 60 months loan. That's pretty good for today's market. For those who think they are too high, Read what Ray (warpedspazm) posted. Ford will loan the entire amount if your credit is good. No down payment needed if they deem you worthy enough. 4.9% from a manufacturer on a brand-new 2011 car is pretty darn good for 60 months. 