Miami, FL. Monday 5 May 2025. The third event in SAMA’s Cafecito con Ford series was a presentation by Marcus Wilson, the Florida-based Business Development Manager for Ford Financial . SAMA members joined South Florida influencers and business people in what could be described as New Car Buying 101. Mr. Wilson’s sage advice and summary of the car buying process applies not only to Ford but to most any vehicle brand.
The important first step is Pre-Dealership Preparation. This includes researching different vehicles, determining your budget, reviewing your credit report and the time-saving step of loan pre-approval. Since less than 20% of new vehicle purchases are all-cash upfront, loans (whether from a bank, credit union or carmaker finance arm such as Ford Financial) are key. Of vital importance are the 3 “C”s of credit: Capacity (debt-to-income ratio), Character and Collateral.
There are, of course, several documents and pieces of information that are necessary for the new car financing process. These were reviewed by Mr. Wilson.
Awareness of any special incentives and programs is important. Some may be ongoing (such as College Student Purchase Programs). Others may be limited-time offers (such as Ford Financial Employee Pricing for All).
Once at the dealership, the test drive, price negotiation and reviewing the agreed-upon deal are crucial steps.
Buy or lease?
This is, of course, a key question. The pros and cons of each were discussed, as well as the varying financing length, which can be as short as 2 years for some leases or as long as 7 years for purchasing some pricier vehicles. In addition, Ford Financial offers the FlexBuy purchase plan which offers lower payments for the first 36 months This is followed by higher payments for the remaining balance (typically 66 or 75 months).
The car buying process may not always be the most fun or romantic. There are, however steps and preparation that can make it a more expedited and manageable process.
