Financing the 2022 Lightning Purchase - Add Your Options

[RidetheLightning]

Series I bonds currently at 9.62%. Let’s stay on topic here, we’re talking financing vehicles not debating investment vehicles.

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[gorwell]

Even though I have enough income, I need to sell/trade-in my 2021 F150 Lariat PowerBoost. The dealership has my information, just waiting for him/them to process it. Any word on the Ford Options? My dealership said they have the information (ie residual), but no rates

Sell outside of dealer, will usually get a couple grand more.

Sold my 2017 cx5 to driveway for 23k. My offers ranged from 16-23k. Unfortunately driveway is super slow. Took about a month, but I got paid Saturday and the cx5 is still sitting in my..... driveway. I think they are so busy buying cars, they never even inspected mine.

Shift and carvana are faster, prolly a week.

Ford options is crap unless you have really bad credit I assume... Like best rates are 4-5%.

Really a shame as mach-e had good deals. Just not worth it for the lightning.

 

[Sdgolfer]

That 10 years is tempting. Having all that time would give you options to pay it down or pay it off when stocks and/or bonds are doing well, too - basically pay more when you want to instead of paying more when you have to on a shorter loan. Couple questions if you don't mind:

• Do you have a sense of how much less they gave you as a total loan amount compared to how much you would have gotten with a secured auto loan?

• Are personal loans or auto loans looked on more favorably by lenders down the road? I thought auto loans would look better on a credit profile because they're easier to explain and secured, but can't find a good discussion on it with a quick search.

It was surprisingly easy application and approval. Took about 2 weeks after submitting an application to approve.

Pretty crazy but they haven’t even posted the credit line to my credit file and it’s been 4 months! They did pull credit but I think until it turns into a term loan at 2 years maybe they don’t post it as an open line.

 

[the2ndday]

First republic bank has a personal line of credit for approximately 3% fixed rate on a 7 year term. Low 3s on a 10yr term and you can lock it today and use it when your truck comes in.

I opened one in March and locked 2.75% for 10yrs to use on my truck.

Thank you for the info. I set a call with their banker.

 

[SmoothJ]

Sell outside of dealer, will usually get a couple grand more.

Sold my 2017 cx5 to driveway for 23k. My offers ranged from 16-23k. Unfortunately driveway is super slow. Took about a month, but I got paid Saturday and the cx5 is still sitting in my..... driveway. I think they are so busy buying cars, they never even inspected mine.

Shift and carvana are faster, prolly a week.

Ford options is crap unless you have really bad credit I assume... Like best rates are 4-5%.

Really a shame as mach-e had good deals. Just not worth it for the lightning.

I tried driveway just now, and ironically the dealer offered me more. I guess it could be the area, and what they thought of my vehicle. There was a accident, in which there was a very slight side swipe on the drivers side, which could be the reason why it dropped so low. However everything was fixed and there wasn't any major body damage, just mainly paint and a very slightly dented fender (which came out).

Maybe another issue is that its "too new". I paid a bit over MSRP for the 2021 F150 Lariat PowerBoost, and put down quite a bit too. Now I find that my down payment is not really for the Lightning, but to pay off the leased 2021 F150 instead.

I guess the savings would be in the gas and the tax credit in the end.

 

[gorwell]

I tried driveway just now, and ironically the dealer offered me more. I guess it could be the area, and what they thought of my vehicle. There was a accident, in which there was a very slight side swipe on the drivers side, which could be the reason why it dropped so low. However everything was fixed and there wasn't any major body damage, just mainly paint and a very slightly dented fender (which came out).

It could very well be the accident reducing your value. My Egolf had some body work after a test driving motorcyclist fell into the back while it was parked.... But you 100% could not tell after work as done. The difference between noting it had an accident and not was $9K ($16k vs $25K). After researching, I found out that what happened didn't count as an "accident" by definition, so I didn't need to report it. I sold it to Shift just b/c they had local office and it was a single day transaction.

Surprised Driveway wasn't the highest, they usually offers the most... They never even looked at my car before buying it, I just noted it was in Good shape.

-----

My Driveway Timeline for those looking up Driveway (it's a slow process):

6/10 - Online Offer Given
6/14 - Had to ping them for next steps (I submitted the offer request so many times over the past few months, I think they were ignoring me)
6/14 - Asked me to Txt messaged my information to them(registration, title, odometer, drivers license). Yes, they are not automated like Carvana.
6/15 - They verified information recieved., and a Document Specialist will setup an appointment... [not sure what happened to this appointment, I think it was for car inspection but it never happened]
6/19 - Noted they reviewed all documents , and are preparing purchasing paperwork. 8-10 days to complete
[messaged them a few times about when paperwork would come]
7/7 - Got UPS Shipment notification that paperwork is coming
7/8 - Paperwork arrived (7 days to send it in)
7/12 - Mailed back paperwork (stopped Driving Car)
7/14 - Notified paperwork arrived and they would start processing payment.
7/16 - Payment in my account
7/19 - Local Dealer tells me he's with Driveway and looking to pickup car. Tell him today works. Signed away the car. Car gone. Driveway is Lithia Motors (the nations 3 largest dealer network), so they most likely have a dealer close by everyone.

This is a typical Driveway process based on my research. If you have the time to wait around, it works if they are the highest bidder for your car ($1,200 more for me). The process worked well for me as it allowed me to have a second car for a bit longer before my truck arrives. Was worried used car prices would go down over the Summer.

 

[SmoothJ]

So for whatever reason, Ford did not want to go with me for the financing, even though I have been with them and had many, many accounts... but my wife was approved as primary. Regardless of that though, they gave me a crazy rate of 6.99% over 84 months. I tried to get lower, but no dice.

It doesn't matter much as I plan to pay off the truck early anyway. I just was hoping for a bit of a lower rate.

 

[YankeeCP]

It was surprisingly easy application and approval. Took about 2 weeks after submitting an application to approve.

Pretty crazy but they haven’t even posted the credit line to my credit file and it’s been 4 months! They did pull credit but I think until it turns into a term loan at 2 years maybe they don’t post it as an open line.

First republic does not generally report to the credit bureau. When I have clients with loans at first republic we usually have to manually reach out to them

 

[greenne]

Saw on a FB group parsons fcu. Vehicle Loans | Parsons FCU

I have no affiliation with this CU, have not done any business with them..just passing along info I saw somewhere else.

2.19% is hard to beat(if confirmed)....

 

[RidetheLightning]

Saw on a FB group parsons fcu. Vehicle Loans | Parsons FCU

2.19% is hard to beat(if confirmed)....

Just FYI, I put in an application with them on Wednesday and emailed the loan agent they mention on that FB post - Bradley? - but got no response. I followed up yesterday (Friday) with my application number and they said they have gotten a lot of interest lately and are working through applications and to expect a call Monday or Tuesday. I asked about a 60 day rate lock and the rep explained it’s normally 30 day but is on a case by case basis so I mentioned that some people were seeing delays on their F150L orders and she made it seem like 60 day was a possibility.

 

[Tyler Durden]

First republic bank has a personal line of credit for approximately 3% fixed rate on a 7 year term. Low 3s on a 10yr term and you can lock it today and use it when your truck comes in.

I opened one in March and locked 2.75% for 10yrs to use on my truck.

This seems too good to be true? Unsecured loans usually have much, much higher rates. Is there something generally different about a personal LoC vs. a personal loan? Is there a pre-payment penalty--I'll want to pay down principal, or just pay off early at some point.

I saw the fine print---must open a checking account with 20% of the loan value (and presumably maintain 20% of remaining principal?) and setup direct deposit. I'm happy to do both of those if this is for real, and I'll just use this cash to buy my truck.

I filled out the pre-application, and they're going to call me on Wednesday.

 

[LightningShow]

DCU raised their rate 0.75% a week ahead of the Fed meeting anticipating the rate increase, now 3.74% including the 0.25% EV credit. I was waiting until my date came closer before locking in now i’m considering a different CU. The rate was 1.74% when i originally considered locking in before all of the delays started happening.

 

[LightningShow]

This seems too good to be true? Unsecured loans usually have much, much higher rates. Is there something generally different about a personal LoC vs. a personal loan? Is there a pre-payment penalty--I'll want to pay down principal, or just pay off early at some point.

I saw the fine print---must open a checking account with 20% of the loan value (and presumably maintain 20% of remaining principal?) and setup direct deposit. I'm happy to do both of those if this is for real, and I'll just use this cash to buy my truck.

I filled out the pre-application, and they're going to call me on Wednesday.

When something seems too good to be true…

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