2022 Loan to truck value not great.

[GunRack]

I refinanced my 2022 $74,000 XLT (out the door) for 70k no problem two months ago.

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[GunRack]

Im glad the trucks are available. Worse case if my truck get totaled somehow I can get another one. I was apprehensive about driving mine the first six months knowing I couldn't get another back in 22.

 

[swajames]

What is a rebate exemption? (The hot pink states in the first image)

The graphic is a bit confusing, pink is just "rebate", the word "exemption" on the graphic belongs to text description for the light blue box ("excise or sales tax exemption")

 

[jimfigler]

What is a rebate exemption? (The hot pink states in the first image)

Youre mixing top and bottom lines. Its sales tax exemption

 

[Amps]

The graphic is a bit confusing, pink is just "rebate", the word "exemption" on the graphic belongs to text description for the light blue box ("excise or sales tax exemption")

Youre mixing top and bottom lines. Its sales tax exemption

Oops, I see that now, thanks. As pointed out by @rdr854 , it existed in law but not reality. Repealed before it was in effect.

https://law.lis.virginia.gov/vacode/title67/chapter19/

 

[Artificial Intelligence]

Sorry. You are correct on my incorrect dates. I took delivery in June 2022 and yes it’s the XLT And my original rate was 7.84. The new rate is 5.25. So well worth the quick refi. I paid the difference anyway since I could. And the loan went through. The reason for my thread was to generate discussion on resale value. If anyone else is getting low balled like that.

I’d have never paid $80k for an XLT. You got the live with the decisions you make.
That explains poor resale.

 

[Robo165]

I got every bell and whistle Ford makes and I’m happy with my purchase. It’s a good thing I don’t plan to sale it. Lol

 

[Robo165]

You bought at the height of the market when demand was high. Lots of people on these forums were clamoring to get $80K+ Lightnings, now not so much. FWIW: TMY was $67k in June 2022 and now it’s $53K plus a $7500 tax credit. You can also get one within a week now.

The average new vehicle car payment is $1k month which is only going to end badly.
Financing a $80K truck at 7.84% was a mistake and then paying a fee to refinance was also a mistake. Any EV savings are eroded from paying interest and fees. Refinancing makes sense for houses not vehicles. You should have sold the truck to lower your payment. You would have then found out what the actual resale was.

I understand the height of the ford EV buying frenzy but it wasn’t a finance fee they had me pay the loan principal itself which wasn’t a problem and I’m happy with the refi.

 

[Robo165]

Keep in mind that $56,000 is a very conservative number. Basically if the bank had to repo the truck and send it to a used car auction that's what they'd think is a safe number to recoup. Obviously if you went to sell your truck you should be able to get a better number on trade in and even better number on a private party sale.

True thank you for the reply!

 

[Robo165]

Are you sure you are not confusing loan value with resell value?

You are correct. There are so many options on resale and that’s the number I was given for the loan value. Thank you! Makes sense.

 

[Robo165]

Look at listings for used trucks, there's no way it's only worth $56k.

However if that's truthfully what they're going to be selling for soon, I'm totally not taking delivery of my $53k pro if I can get an ER truck for basically the same price that's less than 2 years old.

As someone else quoted me. I confused resale value with loan value. Prices have also dropped drastically. You should be fine with a purchase now.

 

[Robo165]

Based on the price, it sounds like you have a Lariat with the 511A package (sun roof, ER battery, a few other things), which is probably what they included when pricing your vehicle. The 511A package cost ~$10k I believe. A base '22 Lariat was ~$67k before price increases. Factoring in the tax rebate you paid ~$72K, so $56k for a year old truck sounds about right to me. You don't mention mileage.

I actually got the XLT with sprayed in bed liner and all the bells and whistles Ford offered for that model when they first came available. I also have confused resale value with loan value. I stand corrected.

 

[Amps]

I also have confused resale value with loan value. I stand corrected.

I don't know if it's possible for the thread starter, but maybe change the title of the thread?

Thanks!

 

[Robo165]

Took me a year and a half from Ford’s unveiling of the 2022 F150 Lightning for me to take delivery. My original cost was somewhere over $80,000. I decided a year and 8 months later to do a refi on my truck. The fist thing I ran into was the KBB and NADA Price for my exact truck is around $56,000. That’s including all the bells and whistles in my package. I asked if that included my $20,000 extended battery and the loan officer said there wasn’t an option for batter type. I decided to move forward with the refi to lower my original apr and ended up having to pay $11,778 down just to complete the refi. I’m seeing threads on totaled F150’s and I’m not seeing the value assigned, so how bad are we gonna get raped on resale? Just throwing it out there!! Sad!!???

I stand corrected on my initial statement. The loan officer on my refi used KBB or NADA to formulate my loan-truck value and I was not happy with the outcome. Some people responding to this thread think I paid loan fees or a penalty. It was $11,778 towards my principal not the loan company. Also, my vehicle IS a 2022 XLT with every add on Ford had at the time and I had 15,000 miles at the time of the assessment.

 

[detansinn]

I stand corrected on my initial statement. The loan officer on my refi used KBB or NADA to formulate my loan-truck value and I was not happy with the outcome. Some people responding to this thread think I paid loan fees or a penalty. It was $11,778 towards my principal not the loan company. Also, my vehicle IS a 2022 XLT with every add on Ford had at the time and I had 15,000 miles at the time of the assessment.

KBB doesn’t appear to have values for the Lightning. NADA does not allow you to select any Lightning options. This is why the value was so off base.

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