05fordgt

Yeah, and explain to me why a manufactuer would want to give a brand-new car away at a super low rate like 2.9% or 3.9% when there are 2010s they need to get rid of 1st? I've been doing this job for a long while and to see that low of a rate (which at 4.9% is only 1.5% higher than a credit union which you must be a member of) on a car that isn't even out yet, and in pretty darn good demand is pretty darn good.

Remember, back in 2005, there was NO RATE at all from FMCC. It was their standard APR which is crazy high!!! It was whatever the banks offered at the time. They kept it that way almost all the way into 2006 model year (I know as I had to go through our local bank for a rate as Ford didn't have anything even remotely close). It will get better, in time. Remember, Ford isn't in the lending business first and foremost like a credit union. Their prime objective is to sell cars any way possible, even if this means letting the customer come with their own financing all setup. To get the financing, its a bonus that helps their bottom line in profit.

orange3.9stang

Just applied on BoA and it gave me a 3.73% rate on $14,000 for 60 months. Maybe Wisconsin residents do not get as good of rates. I should be able to get somewhere between 3 & 4% from the loan department at my dealer, so I'd rather go that route but I'm certainly glad I checked BoA out.

That 0% for 36 months through Ford Credit is quite tempting too, except I don't want the $388/mo payment $14k would be.

Doug

Skotty

As I noted, it's not all credit unions. My wife checked with her credit union and they were only offering 6%.

Falchion

Yes, I just got approved online this afternoon for a 3.64 loan for 28K. I think it is a max of 90% loan to value. Better then Ford is offering right now.

I do already have a mortagage, a online savings account, and a credit card with them though......

rk2112

Do you have to have other accounts with BOA to qualify for the lower rates? I know some banks give you a discount for auto withdraw from a checking account.

Bert

That is one thing that I find very annoying about BoA -- you have to apply to find out what the real rate is.

I tried and tried to talk with a human being to find out without having to apply, and after winding my way through about 15 aggravating phone menu mazes and managing to talk with two or three live humans, I got the consistent answer that "we can't tell you anything, you have to do the application on the internet to find out what the final rate will be" . . .. I guess to get their cheap rates you have to put up with ****-poor service.

You don't want to apply for too many loans; each time they check your credit it shows up on your report and it can reduce your score (I don't know how many times in what time period you have to apply for credit before it starts affecting your score.)

Adam

36-months for me. I refuse to pay for a car while it's not fully under warranty.

Falchion

No, I didn't mean to imply that. But, it usually does help if you're an existing customer.

montreal ponies

Rick, call up your guy iver at Chartrand to inquire about that possible 0% interest for a 3 year plan on both the GT and %00. Let me know what you find. I'M closing down on a deal for the '69, just a matter of days. Call me on my cell.
Dan

Ministang

Same here. I got 1.9% plus rebates on my '08 Mustang. I don't like having car payments for 2-3 years after the warranty is up, and I don't like extended warranties. For me that means a 36 month loan (or less) and a decent sized down payment.

Falchion

I just got this from my Sales guy. Looks like Ford is giving a small rebate, or interest rate as reported on the 2011. At least here in Texas......

Thanks Brian!

Currently Ford is offering a $500 rebate OR rates as low as 0.0% for 36 months/4.99% for 60 months on the 2011 Mustang GT's. These programs are scheduled through 6/1/10.

bruins004

Where are you guys seeing this at?
I looked on Ford Incentives and they dont even have the 2011 mustang listed yet.

I hope they continue this rebate for the summer, as some of our cars wont be delivered until after June 1st possibly.

Falchion

It's on a internal Ford Dealer site that we can't see. But it does look like we have this available, at least in Texas. You might want to check with your local Dealer.

Greenpiece1

When I bought my '05 in December of 2004, I got 3.9% for 60 months from Ford. I don't know how long that rate lasted, but I was glad I could get a low rate (considered low at the time) from Ford without having to deal with the banks, which had rates in the 6-8% range back then.

Lunatic

+1

New member here, after being a ford fan forever i bought my first mustang back in 01, was a 99 v6 red coupe mt

unfortunatly i get rid of it back in 04 and have been dying for a new mustang since the 05 body styles came out. Luckily it looks like ill be able to possibly afford a 2011 GT in a couple of months!!! Man the timing couldn't have been more perfect for me... now to check insurance rates...

Anywho, enough with the introductions, ive been lurking here for the better part of a month wondering if i should wait for the 5.0 or get a helluva deal on a '10, and i fell in love with the thought of a 5.0.

FMC has always treated me very fairly even during rough patches in my life i would not like to re-live. they already make great vehicles, and their financing practices (epecially recently) is just like icing on the cake for me

Falchion

Welcome to the forums!

Right now it looks like some of the banks are offering better then Ford Motor credit. I got approved by Bank of America for a 60 month car loan at 3.64% which is better then what Ford if offering. I'll go with BOA and take the $500 rebate to keep my payment where I want it.

If the Dealership loan officer can give me a better rate then that, I'll do that along with the rebate.

You can probably find a deal on the 2010's right now, but they are already going to be a year old, and they may not bring as much when you go to sell, to trade it in a few years. I would go with the 2011 if you can afford it. I almost couldn't! lol

jadedpony

After I applied on the "You Have Been Approved" or w/e page, it said something like 3.74% but then there is a way to call their loan officer dept. with your application number and the loan officer offered me an even lower rate of 3.5%. Just letting you know that the rate the site gives you might be different than the rate the loan officer will give you...

InsidiousGT

Not only that, they don't tell you the terms up front.

I applied and found out you have to have credit for 5 years (my oldest account is 4 years and 8 months) so I got denied outright even though my credit score is 765. But getting denied will now hurt my credit. ****ers....

And I've yet to hear of anyone who has actually gotten the advertised 2.84%...

No way to run your business BoA.... entice you with a ridiculous rate and then screw you...

Bert

sorry to hear that, that is exactly what I was afraid of

they should at least be able to talk to you and tell you what the conditions are before you apply, and then if you meet those conditions the terms should be what they tell you they will be . . . it does seem like a bit of a scam, but I'm still considering trying it; my credit score is about 800 with over 25 years of history so I should get that best rate if anyone does . . .

maybe I'll try one more time before I apply, by physically walking in to a BoA office and sitting down with one of the loan officers and asking them to show me on the computer how I can determine up front what the deal will be, before I damage my near-perfect credit score by applying

jadedpony

When the dealer applied for loans for me, I got a bunch of denial letters from banks and was like wtf. Biggest reason was length of credit history. Ironically BoA was the only one that accepted me for a loan

I felt the same way as you though, pretty pissed banks denied me but in the end it didn't affect my credit score. little to no change at all so I wouldn't be too worried. My score was and is still similar to yours for what it's worth.