Like many captive lender programs, Ford Flex Buy is designed to make it easier to buy a car when you finance through Ford Credit. If you’re looking for lower monthly payments for a new Ford car, truck, or SUV without the hassle of leasing, this could be a good deal. However, there are some potential downsides to be aware of, as your payout amount may actually increase over time. Here is an overview of how it works.
When you choose Flex Buy, you get a reduced rate for the first 36 months of funding and higher payouts towards the end of your contract term. This exclusive payment program for borrowers comes in two different terms – 66 or 75 months. This allows for more flexibility and affordability when it comes to purchasing a new Ford vehicle. The discount amounts are 15% or 18% off your monthly cost for the first three years of your loan. However, the higher the discount you choose up front, the more you pay back later. The rates will increase on your 37th payment.
The program can be combined with Bonus Customer Cash, Open Bonus Cash or Ford Credit Retail Bonus Cash. In addition, eligible customers can also benefit from the low APR rates associated with Ford’s 60 and 72 month loans. These additional discounts available can make the price very attractive for eligible borrowers. The Flex Buy program is available on all new Ford vehicles.
According to a Ford Dealer Bulletin, for example, you can buy a new 2021 Ford F-150 on Flex Buy for just $ 540.28 per month for the first 36 months if you choose the 75-month plan. This deal includes the promotional 1.9% APR that came with their 72-month loans and a $ 500 retail bonus. This saves you $ 99.72 each month, beating the standard 72 month retail loan option for the first 36 months.
This program is suitable for buyers in several situations because you can choose the loan term and the amount of the discount that works for you. There is no mileage limit on this finance program, but its lower prices are competitive with current rental costs. This makes it a good alternative to leasing, especially if you plan to trade in your vehicle before the end of your term. Plus, it can help you build equity with every on-time payout, which is important when trading.
If you’re not sure if you can handle a larger payment later, or if this discount is the only way to buy your new car, you might want to reconsider this alternative to Ford’s standard purchase program. Ford Flex Buy is available nationwide except in certain states, so be sure to ask your dealership if this program is available to you.
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Pictured: 2021 Ford F-150