Financing the 2022 Lightning Purchase - Add Your Options

[White Lightning]

Here’s a good deal:

CAFCU just started a special discount of 0.50% starting today,
June 6th to June 10th,

bringing their rate down to

1.74%

up to 60 months
(80% Loan to Value).

Promo code is: CAFCU83

It’s their 83 year Anniversary

(1.99% above 80% LTV)

Hey, just want to say thanks for putting this on here. I applied on June 6 and was approved today (didn't have my 2021 tax return until last week). 1.74% for up to 72 months for <80% LTV. I owe you a keg! Now, I just need Ford to put in my damn chips. Kinda sucks seeing all the other 5/16'ers and some 5/23'ers who are already on the road while mine is in purgatory.

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[GDN]

Hey, just want to say thanks for putting this on here. I applied on June 6 and was approved today (didn't have my 2021 tax return until last week). 1.74% for up to 72 months for <80% LTV. I owe you a keg! Now, I just need Ford to put in my damn chips. Kinda sucks seeing all the other 5/16'ers and some 5/23'ers who are already on the road while mine is in purgatory.

The is awesome. - I should have applied, but they didn't show a 72 month rate, only 60. You can't touch that anywhere else.

 

[vbaker4444]

The is awesome. - I should have applied, but they didn't show a 72 month rate, only 60. You can't touch that anywhere else.

It was around 2.2 for 72 months and 2.4 for 84. Insane deal.

 

[SmoothJ]

Doesn’t anyone have any fear you would NOT be approved for a loan? Yea you can have several thousand to put down, and your credit score is decent (ie above 650 FICO 8 Auto Score), but with the current economic situation, anything could happen.

 

[metroshot]

Doesn’t anyone have any fear you would NOT be approved for a loan? Yea you can have several thousand to put down, and your credit score is decent (ie above 650 FICO 8 Auto Score), but with the current economic situation, anything could happen.

You can always get approved - just have to either have a great credit score or have a large down payment.

 

[CRAIGC540]

You can always get approved - just have to either have a great credit score or have a large down payment.

I have both.. Score and big down, I should be good to go for a lower rate right?? Planing on financing 35G.

 

[Whammy Bar]

I have both.. Score and big down, I should be good to go for a lower rate right?? Planing on financing 35G.

Depends what its worth to you and where the breaks are. For example...
1.99 @ 80% LTV means I need to pony up 20k in cash.
Or, for another ~$1000 over the life of the loan, put nothing down and get a 2.19% rate.

IMO, I can make more than $1000 bucks in the market over 5 years with that $20k.

 

[Pjlightning]

Hey, just want to say thanks for putting this on here. I applied on June 6 and was approved today (didn't have my 2021 tax return until last week). 1.74% for up to 72 months for <80% LTV. I owe you a keg! Now, I just need Ford to put in my damn chips. Kinda sucks seeing all the other 5/16'ers and some 5/23'ers who are already on the road while mine is in purgatory.

Glad it worked out for you.

It seems there were a number of people that were able to jump on this while it was available - which is great.

Saving interest is huge - more money in our pockets instead of the bank (or credit union).

This particular CU seems very accommodating.

Out of curiosity, with your username of White Lightning, I assume your color choice was Oxford or Star-white ?
Same here- I went Star White, and got the plate: WT LTNG

now if the truck would only arrive ! Soon enough…..

have a great 4th!

 

[2000Firehawk]

I said this either earlier in this thread or somewhere else, but I actually ran into an issue with Bank of America and PenFed where they didn't recognize the MSRP of the ER lariat which put the LTV way out of whack. Neither would listen to the fact that I could provide them the window sticker showing the price they have in their system was not correct. Not an issue for me as there are plenty of other places, but was odd that the VIN lookup they have was just wrong.

 

[metroshot]

I said this either earlier in this thread or somewhere else, but I actually ran into an issue with Bank of America and PenFed where they didn't recognize the MSRP of the ER lariat which put the LTV way out of whack. Neither would listen to the fact that I could provide them the window sticker showing the price they have in their system was not correct. Not an issue for me as there are plenty of other places, but was odd that the VIN lookup they have was just wrong.

PenFed and WF are awful - rates just checked.

Going with my local CU at 3.49% - they said they can take the window sticker and get approval based on the amount I want financed even before the truck arrives. 60 day rate lock..

 

[White Lightning]

Glad it worked out for you.

It seems there were a number of people that were able to jump on this while it was available - which is great.

Saving interest is huge - more money in our pockets instead of the bank (or credit union).

This particular CU seems very accommodating.

Out of curiosity, with your username of White Lightning, I assume your color choice was Oxford or Star-white ?
Same here- I went Star White, and got the plate: WT LTNG

now if the truck would only arrive ! Soon enough…..

have a great 4th!

My rate is locked for 29 more days, so if Ford diddles around and I miss it I'm going to be super pissed. Maybe CAFCU will extend, but not counting on it, and a 0.75% rate increase will cost $1,700 more over the loan term.

My dad has a Star White F-250 and I was going to order that originally, but after seeing an Iced Blue Silver Escape on my dealer's lot I went with it instead. Would have liked to have seen a Smoked Quartz before I ordered, I think I would have liked it, but there wasn't one near me and I just couldn't order a color I'd never touched.

 

[MickeyAO]

Has anyone used CAFCU to purchase their Lightning? I ask because they seem to use antiquated systems. I have not been asked for near the number of documents from USAA and have already been approved for a certain amount on the loan from USAA. CAFCU will not give me a firm approval until I submit the actual purchase document from the dealership.

I know from past experience I can drive off the lot using USAA no matter the time of day, but I'm not as confident with CAFCU

 

[GDN]

Has anyone used CAFCU to purchase their Lightning? I ask because they seem to use antiquated systems. I have not been asked for near the number of documents from USAA and have already been approved for a certain amount on the loan from USAA. CAFCU will not give me a firm approval until I submit the actual purchase document from the dealership.

I know from past experience I can drive off the lot using USAA no matter the time of day, but I'm not as confident with CAFCU

I can't speak for them, but I can tell you it seems to vary widely from CU to CU. A CU I've used for years and have my home loan and previous loans at never asked for anything - just ran my credit, approved.

A new CU I applied at- truly the same one with the name of my employer on the building - ran my credit and required that I send them copies of my latest pay stubs for verification. That 30 day period ends on July 8 and they've already told me that if I finance after the 8th we will go through the whole process again requiring 2 more pay stubs. They also have sent documents of what it will take to finance. I must have insurance 100% updated with them as the lien holder and the MVPA - purchase agreement 100% filled out and signed before they will fund.

So I can only say some require more than others. Maybe because I'm a new member even though it is the CU connected to my employer.

 

[metroshot]

I can't speak for them, but I can tell you it seems to vary widely from CU to CU. A CU I've used for years and have my home loan and previous loans at never asked for anything - just ran my credit, approved.

A new CU I applied at- truly the same one with the name of my employer on the building - ran my credit and required that I send them copies of my latest pay stubs for verification. That 30 day period ends on July 8 and they've already told me that if I finance after the 8th we will go through the whole process again requiring 2 more pay stubs. They also have sent documents of what it will take to finance. I must have insurance 100% updated with them as the lien holder and the MVPA - purchase agreement 100% filled out and signed before they will fund.

So I can only say some require more than others. Maybe because I'm a new member even though it is the CU connected to my employer.

Yes, CUs vary all over the map.
I have been searching...

While PenFed was the easiest to apply on line, their rates are too high.
Wells Fargo was a pain - they wanted IRS authorization to pull my tax filings and high rates.
The next easiest is my local CU (Logix) on the phone - quick approval but rates are so so.
The more difficult CU has been NASA FCU - way too many restrictions and rates are skyrocket high.
My favorite I am going with is my employer connected CU: Schools First CU @ 3.49% 72 mos 100LTV.

 

[ryan]

Does anyone beat DCU today? 2.5% after direct deposit, 65 month term

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