Financing the 2022 Lightning Purchase - Add Your Options

[4Reeley]

Is that what you did?

The first time I signed anything with my dealer was when my truck was ready. I went in, signed the buyers order, and used that document to finish up with Parsons. If they could email that to you like @SmokingtheMeats said, that would help move things along but that's up to the dealer. Mine wanted me to sign in person and that was the first time I stepped foot in the dealership. Parsons might be able to overnight the check but may ask you to cover the additional shipping cost. I requested it but they ended up 3-day shipping it. I think they are just swamped over there.

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[jpepper07]

This is what I did. I went into the dealership on a Friday and signed all the paperwork and gave them my down payment. I then sent the signed purchase agreement to Parsons with insurance information. On the following Monday, I signed the paperwork with Parsons and they cut the check and overnighted it to the dealer. I got the truck the next day.

Thank you for your help. I'll try this.

 

[jpepper07]

The first time I signed anything with my dealer was when my truck was ready. I went in, signed the buyers order, and used that document to finish up with Parsons. If they could email that to you like @SmokingtheMeats said, that would help move things along but that's up to the dealer. Mine wanted me to sign in person and that was the first time I stepped foot in the dealership. Parsons might be able to overnight the check but may ask you to cover the additional shipping cost. I requested it but they ended up 3-day shipping it. I think they are just swamped over there.

Thanks I will try this.

 

[jpepper07]

I got my truck finally. I had to go through the dealer for financing because they refused to send a buyers order. They also would have needed to wait for the banks check to clear before letting have it. So going with their financing was the easiest. So I plan to refi asap.

 

[newF150]

I got my truck finally. I had to go through the dealer for financing because they refused to send a buyers order. They also would have needed to wait for the banks check to clear before letting have it. So going with their financing was the easiest. So I plan to refi asap.

Sorry to hear this. This should have been that long form that prints out with the cost, taxes, dealer fees, deposits, etc. It's basically the purchase agreement that every dealer has to sell a vehicle. They wouldn't give you that?

 

[jpepper07]

Sorry to hear this. This should have been that long form that prints out with the cost, taxes, dealer fees, deposits, etc. It's basically the purchase agreement that every dealer has to sell a vehicle. They wouldn't give you that?

Nope, their best thing was a decking sheet. Which pretty much had all that but no signatures. They said all the local CU accepted that so they didn't plan to do it for some bank in California that they didn't know.

 

[Drayday55]

Parsons never called me back after I created an account. So I emailed the loan officer and he said they denied me.. I got a 90k check in my house ( approved from navy fed but for 5%) I wanted the better rate from Parsons but they said they would only do 75k max for me with a co signer... f that. I have great credit and I only have a mortgage. Wasn't to impressed with them.

Parsons denied my loan application because I had changed employers in the past 12 months (so be aware of that!). I found a local credit union that has 2.99% for any term length and will be going with them.

Just a warning...Parsons' current rates are only effective through the end of the month and they may (probably will...) increase come October 1. Membership takes a few days, as does loan approval, so if you want to lock in the current rate for 30 days, move fast and hope you can get both approved before the calendar rolls over.

 

[jaykoolzboy]

Parsons never called me back after I created an account. So I emailed the loan officer and he said they denied me.. I got a 90k check in my house ( approved from navy fed but for 5%) I wanted the better rate from Parsons but they said they would only do 75k max for me with a co signer... f that. I have great credit and I only have a mortgage. Wasn't to impressed with them.

Parsons denied us also (820+ credit score), reason ? We had 1 hard inquiry within last 3 month. We went with EECU got an instant approval with 2.99% for 72 month.

Just try another CU

 

[sparta]

Damn, wtf. They told me they had too many loans coming in at 100% LTV so now they’re requiring 20% down, or 15% down if I buy their gap insurance.

They’re still the best rate I’ve found so I’ll probably do it anyway, but I’m a bit disappointed.

I was also told 20% down.

I went with CAFCU and got 3.49% for 84 months and only had to cover tax/title/ delivery out of pocket. Also able to have no payment for the first 90 days.

Scott was great and held the rate for me since applying in late August even though I'm not taking delivery until tomorrow.

Their rates are slightly higher now, but still close to that number.

They were very responsive and very familiar with the F150 Lightning group since they were mentioned in the forum.

 

[Jer]

Rate locked yesterday with Navy Fed for 90 days at 3.29 for 72 months.

 

[newF150]

Update on Parsons. I sent in my buyers order and haven't hear back since last Thursday. Sent a couple emails and left a couple voicemails.

 

[greenne]

Update on Parsons. I sent in my buyers order and haven't hear back since last Thursday. Sent a couple emails and left a couple voicemails.

I'm having the same problem. I have a preapproval from Parsons, but my dealer will not do a buyers order until it gets to the dealer lot. I have just a very basic question and wanted to confirm that all they needed was a buyers order. I am getting no reply to emails or phone calls to my Loan Officer.

The rate is so good I don't mind holding off a day or two while they process the loan and rush a check to the dealer...but I am worried because they have not been very responsive.

I'm worried I'll be in the same boat after I send the buyers order...

 

[newF150]

I'm having the same problem. I have a preapproval from Parsons, but my dealer will not do a buyers order until it gets to the dealer lot. I have just a very basic question and wanted to confirm that all they needed was a buyers order. I am getting no reply to emails or phone calls to my Loan Officer.

The rate is so good I don't mind holding off a day or two while they process the loan and rush a check to the dealer...but I am worried because they have not been very responsive.

I'm worried I'll be in the same boat after I send the buyers order...

I'll let you know how it goes. Going to call again today. And yes, I didn't get a buyers order until the vehicle was on the dealers lot.

 

[greenne]

I'll let you know how it goes. Going to call again today. And yes, I didn't get a buyers order until the vehicle was on the dealers lot.

What do you understand the process is from here? Do they (parsons) just send a check to the dealer after you submit the buyers order OR do they send you a more complete application/loan terms in writing before they close the loan?

Both the online application and the pre-approval were skimpy on details..

 

[newF150]

What do you understand the process is from here? Do they (parsons) just send a check to the dealer after you submit the buyers order OR do they send you a more complete application/loan terms in writing before they close the loan?

Both the online application and the pre-approval were skimpy on details..

From what I understand from others who have posted, they send a check to the dealer after the buyers order is sent to them.

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