Financing the 2022 Lightning Purchase - Add Your Options

[metroshot]

Just purchased my Lariat yesterday and dealer could not touch my CU financing at 3.49%.
Ford rate was 6.9% for 84 months.

My trade in was way underpriced as well.

Glad I had the CU financing ready to go - didn't even have to bring purchase order nor a check to the dealer. All connected using "Fast Track" bank to dealer electronically.

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[JediGamerCT]

Is there no price protection on rates from time of order? That was how it worked with my Mach E purchase, and my dealer seems to be indicating that would be true with the Lightning. He said he thought I could do Ford Options at 2.9%

 

[SeanOC]

Is there no price protection on rates from time of order? That was how it worked with my Mach E purchase, and my dealer seems to be indicating that would be true with the Lightning. He said he thought I could do Ford Options at 2.9%

We’ll see. I mentioned to my dealer that I had outside financing locked in the low 2% range and he said he be able to match it. That was a few weeks ago so who knows..

 

[metroshot]

Is there no price protection on rates from time of order? That was how it worked with my Mach E purchase, and my dealer seems to be indicating that would be true with the Lightning. He said he thought I could do Ford Options at 2.9%

Yes, there is price protection on the Lightning but your order would have had to been earlier in the year.

If you did get in a wave 1-4 order then you should be able to have the dealer pull the finance rate at that order time from Smart VINCENT.

Otherwise, there was no Ford Options incentives nor subvented rate on the Lightning ever.

I could not get my $100 D&D fee under price protection so I was not happy at my dealer.

 

[RidetheLightning]

I applied for Parsons yesterday after trying to create an account (just for the credit union as a prerequisite for applying for the loan) Thursday, calling them Friday after no one got back to me, and then being told that they would get back to me Monday or Tuesday on the call. No one called, so yesterday I called back first thing and it turns out the agent I talked to had my Docusign ready (just for the credit union mind you) but hadn't sent it. ? Anyway, applied yesterday so I'll report back on what rates I get - it will be for 84 months if I can get it. https://www.parsonsfcu.org/exclusive-electric-and-plug-hybrid-car-financing-program

 

[metroshot]

I applied for Parsons yesterday after trying to create an account (just for the credit union as a prerequisite for applying for the lona) Thursday, calling them Friday after no one got back to me, and then being told that they would get back to me Monday or Tuesday on the call. No one called, so yesterday I called back first thing and it turns out the agent I talked to had my Docusign ready (just for the credit union mind you) but hadn't sent it. ? Anyway, applied yesterday so I'll report back on what rates I get - it will be for 84 months if I can get it. https://www.parsonsfcu.org/exclusive-electric-and-plug-hybrid-car-financing-program

Yes, please let us know - I was considering joining Parsons (Pasadena, CA) to get their rates, but when my Schools First CU came in at 3.49 for 84 months I took it because I already have a relationship with them.

 

[Dalton]

It seems like most of the CUs have requirements to join. Are you all meeting these requirements or do you not need to be a member for a loan? I’ve never financed a purchase outside of a dealer before so I’m admittedly a bit behind the curve here.

 

[RidetheLightning]

It seems like most of the CUs have requirements to join. Are you all meeting these requirements or do you not need to be a member for a loan? I’ve never financed a purchase outside of a dealer before so I’m admittedly a bit behind the curve here.

Most credit unions have some condition you can fulfill like "join this organization for $5" and it's fine. I think I did one for Parsons as well.

 

[metroshot]

It seems like most of the CUs have requirements to join. Are you all meeting these requirements or do you not need to be a member for a loan? I’ve never financed a purchase outside of a dealer before so I’m admittedly a bit behind the curve here.

Depends a lot on the CU themselves.

For example I am member of PenFed CU which is wide open w/ $5 to open but their rates stinks.

Navy Fed is a great military CU - I used my father's DD214 I used to open an account and their rates are pretty good.

I work in a public education and PERS retirement so I have free access to Schools First CU and Chaffey FCU.

I took the Schools First CU loan as they pull Experian 09 (best credit score) and already have my checking account linked to the loan for easy mindless payments.

Parsons CU is free to join an organization without cost.

 

[rdr854]

Yes, there is price protection on the Lightning but your order would have had to been earlier in the year.

If you did get in a wave 1-4 order then you should be able to have the dealer pull the finance rate at that order time from Smart VINCENT.

Otherwise, there was no Ford Options incentives nor subvented rate on the Lightning ever.

I could not get my $100 D&D fee under price protection so I was not happy at my dealer.

My understanding is that protection for interest rates was only for special/promotional rates, not for standard financing. And, since Ford did not have any special/promotional rates for the Lightning, there is nothing to protect.

Navy Federal still has 2.99 for 60 months.

 

[teaguem32]

I applied for Parsons yesterday after trying to create an account (just for the credit union as a prerequisite for applying for the loan) Thursday, calling them Friday after no one got back to me, and then being told that they would get back to me Monday or Tuesday on the call. No one called, so yesterday I called back first thing and it turns out the agent I talked to had my Docusign ready (just for the credit union mind you) but hadn't sent it. ? Anyway, applied yesterday so I'll report back on what rates I get - it will be for 84 months if I can get it. https://www.parsonsfcu.org/exclusive-electric-and-plug-hybrid-car-financing-program

Same here applied early this week and no response. I tried calling was on hold forever, then I was asked to leave a message. Not good.

 

[teaguem32]

I'm going with America first credit union out of Utah. 3.49 for 84 months, or 2.99 for 72. This is lowest rate received out of several other credit unions I've applied for. No requirements to sign up. They create a savings account and deposit $5. Super easy.

https://www.americafirst.com

 

[LightningShow]

The Parsons rate looks really good but the customer service issues are concerning.

 

[JediGamerCT]

I was able to get 3.49 for 84 with Schools First FCU and they definitely were on top of their customer service, applied on Thursday had decision on Friday. Now let’s just hope my truck arrives in the next 60 days.

 

[metroshot]

I was able to get 3.49 for 84 with Schools First FCU and they definitely were on top of their customer service, applied on Thursday had decision on Friday. Now let’s just hope my truck arrives in the next 60 days.

Same exact rate and approval !

90 day deferred first payment is cool too!

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