My Dealer Set Me Up

[Min_Ahn]

I don't know if this has been said before but you could've just let them do their bullcrap and refinance at another credit union immediately.

When I took over my leased Mustang, Phil Long Ford of Denver did exactly the same thing to me and I just let them because I knew I could just easily refinance the car elsewhere.

They threatened me that I would lose my car if I didn't use their financing at ridiculously high interest rate (7.99% APR) because I'm a foreign national (with a valid SSN and 800 credit score lol) and no credit union would approve a loan.

I played by their shit, signed everything, drove straight to Colorado Credit Union, and got approved with 2.39% APR. My credit union was also very disgusted so they did everything they could in their power to make the dealership peoples lives harder.

TL;DL
Let the dealership do their shit and get your car, go to a credit union immediately, and get refinanced.
The dealership will work their ass off to get you your car as soon as possible if you tell them you'll use their financing (but you won't).

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[JimmyG]

Ok to try and address any questions or comments you guys had, yes maybe I should've gone in there with my own financing but maybe thats my fault being too trustworthy with them. Ive done business with them before and had no issues and they were straightforward with me during this process up until now. Ive bought plenty of cars and made it work in my favor using dealer financing, but times have changed and lesson learned. I wasn't getting the shaft like others were getting on here during my wait but didnt expect a lube job like I got. Some of you said you would of took the 10% rate to close the deal and refinanced later but I wasnt going to do that so the smartest thing for me and mine was to pass and let another sucker cave and im glad I did after finding out what I did. I can order another one somewhere else for MY24 and I will. Found out my neighbor is a senior sales manager at a Ford dealership well after mine was already ordered. Told him what happened and he was even shocked at they're practices. Maybe he was blowing smoke but I will be giving him my business when the order books open in September. But you better believe I'll have my guns loaded for any potential BS. If you get lucky enough to get me once, I guarantee you wont get a second chance. So the advice everyone has given on what I should've done, I will use that and go about it differently. Did it piss me off? Of course, but at the end of the day, its just a car that is massed produced and I will get mine the way I want it. I'll make sure to post a pic on this very thread when it happens.

Order one when you can. In the meantime, search around your area or within 100 to 500 miles (depending on how far you'll travel) for one that matches your specs. I suspect there's going to be some inventory available. Buyer beware on the ADM no matter what in your search. You're more likely to find what you want sooner on a lot than your MY24 wait.

We love to victim shame with this one, but seriously dealers should be held to the same business tactics as all of the accessory makers and other businesses in the automotive industry. Why we allow shady practices by dealers is beyond my comprehension.

Imagine ordering some steps for your bronco and when you go to pick them up they say, "Oh that's gonna be 20% higher than what you were quoted"

 

[Kos]

Given a credit score in the neighborhood of 700 and two lenders rejecting him before the third approved him at 10% with minimum 4k down, walking away may have been the best thing to happen for everyone

 

[carrellslake]

To anyone looking into outside financing:

If you can, figure out when your Bronco is going to show up at the dealership. When it's less than a month away, get pre-approved through a credit union on your own. The pre-approval expires, so you have to time it with when the Bronco actually shows up. I know that can be hard for some so it won't work for everyone.

When my Bronco arrived, I walked in with two checks: one from the credit union, and one of my own to cover my down payment. It made the financing conversation rather quick, but they still tried to sell me a BS price on an extended warranty.

 

[TNBronc4344]

I’m so sorry. That sucks. I went with Stephens for both of mine. I got the four door last year and the two door is being built next week. Stephens was amazing to work with and they honored their deal.

 

[TNTim]

Dude I’m really sorry for that bullshit. My dealer was giving me the run around on the price protection and then played games on providing me the sales sheet… finally got both after persistence and financed with my local bank.
@Ford Motor Company needs to do a better job governing these dealership and the games they are playing with us.

 

[Retro67]

I saw the handwriting on the wall last March that rates were going up. I went to my credit union and took out a loan against my house at 2.5% since I did not have a Vin # to take out a car loan( car loan would have been 1.99%). Everyone gave me a hard time about making payments on a vehicle I didn't have but I am glad I did. Finally got my Bronco last month.

 

[swooshdave]

Ok to try and address any questions or comments you guys had, yes maybe I should've gone in there with my own financing but maybe thats my fault being too trustworthy with them. Ive done business with them before and had no issues and they were straightforward with me during this process up until now. Ive bought plenty of cars and made it work in my favor using dealer financing, but times have changed and lesson learned. I wasn't getting the shaft like others were getting on here during my wait but didnt expect a lube job like I got. Some of you said you would of took the 10% rate to close the deal and refinanced later but I wasnt going to do that so the smartest thing for me and mine was to pass and let another sucker cave and im glad I did after finding out what I did. I can order another one somewhere else for MY24 and I will. Found out my neighbor is a senior sales manager at a Ford dealership well after mine was already ordered. Told him what happened and he was even shocked at they're practices. Maybe he was blowing smoke but I will be giving him my business when the order books open in September. But you better believe I'll have my guns loaded for any potential BS. If you get lucky enough to get me once, I guarantee you wont get a second chance. So the advice everyone has given on what I should've done, I will use that and go about it differently. Did it piss me off? Of course, but at the end of the day, its just a car that is massed produced and I will get mine the way I want it. I'll make sure to post a pic on this very thread when it happens.

Two years. I guess you didn't really want it. Which is fine too.

Good luck with the next one.

I was not kidding about the bad reviews.

 

[vzqhsg]

Whats up guys!!!! So its been almlost 2 months after I passed up on my Bronco after a 2 year wait. My bronco arrived about 3 days after Christmas and was super excited until I went to pick it up. Went to do the paperwork to finance the bronco, provided everything they wanted, proof of income, good credit score etc. They come back to tell me that the lowest rates they're getting is 7.99% for a 800 score, which I found outrageous. My score was 100 points lower and they told me that they're were going to try and get me that rate. They come back with I got financed with Ford and I had to put down a minimum of $4000 down. The kicker was that the interest rate was 10%. Immediately refused. The sales manager tells me thats the best your going to get. Now I requested for them to go with my credit union, which they didn't check at least while I was there. Now I'll say they did honor MSRP and my Price Protection. That's until I found out what they really were up to. I left it there and contacted my Credit Union myself. Not only did they only check 3 lenders and stop at Ford with such a high rate, they told me the object of the game was to go with who bites first and not the best rate. So the first 2 denied me. I contacted the sales manager back and told them my credit union is requesting the purchase order to proceed with the loan. They said they can send it to them and call me back with their decision, I said ok. All within the same day. They call me back and tell me they flat out said no. Im still baffled by this. I go up there and request my credit report that they pulled and see my Bronco now on the showroom floor with a $12k ADM attached. I laughed because at that point I knew they were with the games from jump. The set up that I just found out when I finally opened the letter from my bank was that when they reached out to my credit union on my behalf to send the purchase order, they requested over $87,000 when my Bronco was priced at $66,000 with everything I picked. That told me that they were trying to get an ADM out of me on the back end or put a price that would get me denied forcing my hand. Fuled my anger all over again when I thought they were a legit dealer when I bought from them before. Now I plan to order a MY24 come September with another dealer and same spec. Dont buy from Citrus Ford!!!!

Sorry had to vent lol

That's why you pay cash. If the interest killed the deal you probably couldn't afford it.

 

[mx6bfast]

That's why you pay cash. If the interest killed the deal you probably couldn't afford it.

read it again, not the interest that killed the deal.

 

[Sledge]

That bites. Although could you have taken the crummy 10% loan, and then paid it off or transferred it that same first month to a lower lender?

When I bought a new car a few years ago, I took the loan in order to qualify for 2k price reduction being offered. I made sure there was no fee for early payoff, and just payed it off the next month. But I could have also probably transferred it to a better lender, just something to think about.

The problem with that approach is that the lending institution for the refi no longer regards it as a new car, and The rates are different for used vs new cars.

 

[kodiakisland]

I'm here to defend the OP in regard to financing (since this appears to be the biggest deal to most of you).

In the last 20 years, I have worked with different dealerships to purchase the following cars:

- Two BMWs
- Two Cadillacs
- One GMC
- One Chevy

In each and every one of these interactions I have walked into the dealership WITHOUT any prepared financing. Why? Because why put the work in when the dealer is already equipped to shop rates and get you the best deal. It's a cost-benefit analysis.

However, the Bronco situation is different. Profiteering is rampant, and dealers, by and large, can no longer be trusted to truly want your long-term business.

Like the OP, until just recently I too was planning to simply walk in once my Bronco was delivered, negotiate a rate, and walk out. Times have changed it seems (not including the decline of the West and America's economy right now) -- I am working with several CUs this time around and am not planning to utilize Ford Credit.

Additional perspectives FTW.

If you never checked on financing prior to entering the dealership, how do you know you got a good deal? Many people go in unprepared and leave thinking they got a great deal. In most cases, ignorance is bliss.

 

[TrailRaider]

Im at Citrus as well. Based entirely on my reservation/order experience with them thus far, I am expecting the same kind of crap if I ever get a VIN. I have two previous purchases with them that went flawlessly, but they were 23 and 11 years ago. This is definitely NOT the same group of owners/employees that were there previously.

 

[Evolkidbell]

If they were going to honor MSRP and price protection, worst case was to buy at their crappy finance rate, and then refi after your first payment.
When I bought my F-150, I received extra incentives to use Ford credit. The sales manager, being a long-time family friend, told me to take the extra incentives and refi afterwards. Was a way better deal than financing outside of FMC.

 

[brutus]

The problem with that approach is that the lending institution for the refi no longer regards it as a new car, and The rates are different for used vs new cars.

Most institutions will honor new car rates when vehicle is less than 6 months or one year old and has less than a certain number of miles. What others are describing (taking dealer financing to obtain an incentive and they refinancing with a credit union in the first couple of months is very common). I've successfully done it myself a few times (and helped my parents navigate one as well).

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