What does "Rule of 10 and Standard Rules of Eligibility apply" mean? Cash back question for car finance?
Never heard of the rule of 10. Or cash back for car finance. Rule of the 78s is bad. I looked it up. Found nothing. 20/4/10 rule is not what you are talking about I don't think. =============== Further research suggests its some kind of ford finance thing. And nobody knows what it is, They probably don't want the details getting out online for obvious reasons. They want to hammer you in person before you have time to research. Call & ask the finance manager and see if he will send anything by email. If not, STAY AWAY.
I have financed cars, RVs and homes over the years so let me explain something about financing to you. You can ask what the APR or financing rate is to get an idea what each place charges. You can also tell the dealer or bank, "I already have a lower rate at another place" and quote the rate you have to them. But the final question you want to ask is, "When I finance this amount with you for x number of years what will my monthly payments be"? Identical interest rates will NOT ALWAYS produce identical payments. Some lenders add on loan initiation charges and other fees which are added in and raise the monthly payments. Some financing places the financing up front so that ALL the interest must be payed off first before the principal begins to go down. There is an old saying that "Figures never lie but, liars often manipulate figures". The overall end amount (principal + interest) is all that matters regardless of the "QUOTED" interest rate.