Ford Flex Buy

[Motoxxxloak]

My mother reached out to me upset. Said that Ford is raising the payment on her Ford Edge from $613 to $824. They said it was part of her “Flex Buy” contract.

I have never heard of a this type of finance plan before. Did some google research and I understand the premise of it. However, it seems that you are just deferring paying down the principal this way. You spend the first 3 years paying interest and then boom are upside down…hard pass for me.

Question is, she said she would have never signed up for this kind of “loan/plan”. I agree, I know she never would. Is this kind of thing advertised or is it something that they sell and sneak in there to get you to come back and buy a new car when the payment shoots up.


Editing post to add that I’m not saying sunrise is shady. I think we’ve bought quite a few vehicles from them over the years and no issues. I just am trying to figure out how this flex pay stuff came into play and if it’s an upfront thing in the loan process or if they do it when they are trying to get you the lowest payment (at least for the first 3 years)

 

[DRYHEAT]

Sounds like a predatory lending scheme to me. Probably legit but took advantage of your mom.

 

[Blue Oval]

Is the contract thru a bank or Ford Credit?

 

[Motoxxxloak]

Is the contract thru a bank or Ford Credit?

It is thru ford credit

 

[paradise]

I'm sure the contract shows the original payment and advises that the payment will adjust down the road. No way they are 'hiding' this from people even if they may not have been the most forthcoming in the conversation.

It sucks but if you are financing something you better read the fine print...

 

[TimeBandit]

Again the slimy side of car dealerships..... I feel sorry for your mom.

36 months at the lower payment, then 30 months at the higher....

66 month payment plan, at those payments = $46,788.00

Plus the down payment or trade in.

 

[Cole Trickle]

I had a similar set up on a 2010 Ford flex when i bought it new. They explained everything at the time of purchase. I traded it in prior to the 3 years and was never upside down because i bought the Flex for well under MSRP with incentives.

You don't have to do it it was an option from what i remember.

 

[LargeOrangeFont]

That sucks. That said, people need to read what they are getting into. She should unload the car, take the hit and move on.

 

[DRYHEAT]

That sucks. That said, people need to read what they are getting into. She should unload the car, take the hit and move on.

The problem is even when people read the contracts they don’t understand them. Unfortunately, the contracts are written in lawyer speak so ignorant, uneducated folks like me have issues. (no offense to the lawyers on the board. I’m just sharing my opinion, don’t sue me )

 

[Blue Oval]

It is thru ford credit

I have never written one of those. Did not realize they where still around.

 

[Bobby Williams]

My mother reached out to me upset. Said that Ford is raising the payment on her Ford Edge from $613 to $824. They said it was part of her “Flex Buy” contract.

I have never heard of a this type of finance plan before. Did some google research and I understand the premise of it. However, it seems that you are just deferring paying down the principal this way. You spend the first 3 years paying interest and then boom are upside down…hard pass for me.

Question is, she said she would have never signed up for this kind of “loan/plan”. I agree, I know she never would. Is this kind of thing advertised or is it something that they sell and sneak in there to get you to come back and buy a new car when the payment shoots up.


Editing post to add that I’m not saying sunrise is shady. I think we’ve bought quite a few vehicles from them over the years and no issues. I just am trying to figure out how this flex pay stuff came into play and if it’s an upfront thing in the loan process or if they do it when they are trying to get you the lowest payment (at least for the first 3 years)

Sorry, just seeing this post.

The FlexBuy has been around for quite some time and was created by Ford Motor Credit to assist in getting buyers into vehicles for a lower initial payment, especially to those buyers that were uncomfortable leasing, and yes, with national average of buy to trade being 38 months the hopes of selling that buyer a new vehicle in 36 months. The contract is simple interest and she probably has a super low subvented APR (0% or 1.9%) so she should be good equity wise. She could always refinance it.

We don't do many of these contracts in the commercial department, but our retail sales department does quite a few of them monthly. Our retail department usually has printouts with multiple options they put in front of the buyer to choose program/term and it's pretty black and white.

Feel free to call me to discuss further and I'll do what I can to assist.

 

[zhandfull]

I have visions of the salesman coming in with his paper and pen drawing circles and asking how much you can put down and afford for a monthly payment.

Really pisses me off when salesman take advantage of woman and the elderly. And I’m not singling out car salesman. Those that come to your home invited/uninvited are even worse.

For what it’s worth Sunrise Ford has always treated me well.

 

[BabyRay]

I bought a new truck recently. The sales person was spinning the numbers so that it was confusing as hell. Took me a minute to figure out that he was trying to convince me the price was lower than actuality because I wasn’t paying sales tax on my trade-in value. I might have gotten a little testy with him, but at least he dropped the BS, and we were able to negotiate a deal. Still paid too much, but at least I knew it.

I’m sure a lot of people fall for that schtick, or are too timid to speak up.