Financing the 2022 Lightning Purchase - Add Your Options

[newF150]

So some of you applied to open Parsons account and had to wait to be approved? Or was it for the loan?
I opened an account and was approved online, or so it seems. I've only got one email from them saying Thanks. Could anyone let us know what your experience and process was?

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[RavenYZF-R6]

So some of you applied to open Parsons account and had to wait to be approved? Or was it for the loan?
I opened an account and was approved online, or so it seems. I've only got one email from them saying Thanks. Could anyone let us know what your experience and process was?

It looked like I was approved as well for an account but then needed to be called to complete set up. Then I applied for a loan and am waiting on that. Been two weeks or so thus far.

 

[Dalton]

Anyone have a recent rate from ford? My CU just quoted 3.25 for 72 months

 

[RidetheLightning]

In any case, I put in an application at Merrimack Valley Credit Union (mvcu.com). They actually have a branch right on the way to my office and my ex-wife had been a member there years ago. They happened to come up in my search and currently have 2.99 up to 60 months and 3.24 up to 84 months. I went with 84 months at 3.24. It's a pretty good rate for that duration, why not?

Closing the loop on Merrimack - it looks like it’s only for locals, there seems to be no way to join by donating to a local organization or anything.

My Parsons saga continues - applied a couple weeks ago, got an email asking if I was able to provide my 2021 tax returns which my accountant filed an extension on. Emailed them, asking “can I provide any other proof of 2021 income?” called them back, no response, bugged my accountant to finish them. Basically I learned that after X date you’ll need your tax returns with some credit unions so that’s something I learned throughout this process. Got them the returns on Weds, followed back up with them Thursday - they said they didn’t get them until that morning, and it can take 2 or 3 days because they’re backed up. Nothing by the end of the day Friday, will call them today if I don’t hear back by mid-morning.

In the meantime, I applied to Allegacy for their advertised rate of “as low as 3.29% for 84 months” with payroll deduction or automatic draft and Affinity FCU for ‘as low as” 3.36% for 84 months. Will report back what I actually get. One note: Affinity asks for the VIN so don’t know if that will be a good or bad thing for the rate/loan amount. Probably good considering what the resale value is looking like so far. It’s costing $5-10 to join each CU and a likely Chex record of a new bank account but I’d at least like to have a few rates/loan amounts to compare. My method right now is to just go down the list of “credit unions anyone can join” here, check out their auto loan rates, and if they’re low enough, apply:

https://www.depositaccounts.com/credit-unions/anyone-can-join/

Also looking at this list, figuring that if they have high yield savings accounts, maybe they’ll have some good auto loan rates? Worth a shot just to cover all my bases.

https://www.doctorofcredit.com/high-interest-savings-to-get/

 

[metroshot]

Anyone have a recent rate from ford? My CU just quoted 3.25 for 72 months

When I went into my dealership, they quoted 6.99% for 84 months.

My CU (Schools First CU) had preapproved me for 3.49%.

Dealer said I got a good rate and did not try to get me to switch.

 

[metroshot]

I have a idea on how to pay for my Lightning when it is delivered next week. My down payment will be about $27,000 (which I have already in cash) but I think instead I will pay the dealer $12,000 in cash and put $15,000 on my Ford Visa card (I have that amount available unused on the card). My 2.89% financing is already in place.

Since my Visa closing date in the 4th of the month I will not be billed until next month and will not have to pay until October. Plus I will get a bunch of Points and also earn a $200 cash credit bonus from Ford Visa because I have spent the required amount this year. When I am billed I will pay the whole amount to Visa and therefore am getting a bunch of perks and free use of $15,000 for almost 2 months.

@Sdctcher
How much were you able to put down using the Ford VISA when you took delivery ?

I put down $5K on my Ford VISA and the rest was my deposit + reservation fee + State POS credit.

 

[RidetheLightning]

My CU (Schools First CU) had preapproved me for 3.49%.

I told my dealer what Parsons was advertising (not quoting) and they couldn’t match that. One thing I wanted to point out though, is that if you know that your CU limits membership to locals only, or you know the membership requirements in general, that that could help to post here for others. Schools First looks like it’s for educators only, families of educators, etc: https://www.schoolsfirstfcu.org/gateway/schoolsfirstfcu/join/become-a-member/how-to-join

 

[RidetheLightning]

Anyone have a recent rate from ford? My CU just quoted 3.25 for 72 months

Who’s your CU and what are the membership requirements? Just a name helps but a page with membership requirements would be cool too.

 

[Dalton]

Who’s your CU and what are the membership requirements? Just a name helps but a page with membership requirements would be cool too.

I went with Christian Community CU - here’s membership reqs:

https://www.mycccu.com/membership/

 

[RidetheLightning]

Quick update on Parsons: after I submitted the final documents to them, which was last Wednesday, I called them on Friday and asked about the status. They said it usually takes 2 to 3 days with how backed up they are. I called them this morning and they said they were “inundated” with loan requests and it was in underwriting so would be 72 hours more from today. So almost 6 working days from when you apply - be prepared. I still have no idea what the actual approved rate will be.

 

[newF150]

Quick update on Parsons: after I submitted the final documents to them, which was last Wednesday, I called them on Friday and asked about the status. They said it usually takes 2 to 3 days with how backed up they are. I called them this morning and they said they were “inundated” with loan requests and it was in underwriting so would be 72 hours more from today. So almost 6 working days from when you apply - be prepared. I still have no idea what the actual approved rate will be.

Thanks for the update. I'll post any updates on my experience as well. I put in my application last Friday.

 

[ExCivilian]

I'm currently trying for this 2.29 rate from Parsons but if you are in San Diego, or otherwise a state employee, you should check out USE Credit Union. They've been a great credit union over the decades with competitive, not always the lowest but lowest isn't necessarily best, rates.

Their current loan offerings are 2.44%.
https://www.usecu.org

 

[FordLightningMan]

Anyone have a recent rate from ford? My CU just quoted 3.25 for 72 months

I got 5.84% for 60 months at the dealer. In order to close before the Inflation bill is signed, I closed on this last Saturday. I will be refinancing with the following this week:

Date Applied. - 8/9/22
Region Where You Live - Buffalo, NY
Minimum Percent Down Required. - None
Interest Rate Quoted for What Length of Time. - 2.74% for 72 months
Credit Score Required for the Lowest Rate. - 720 (I think)
Name of Lender and Type (Credit Union/Bank/Other).- Amherst Federal Credit Union
URL of Lender if Available. - https://amherstcu.com/?utm_source=NEXT Ad&utm_medium=GMB Page

 

[djteotancolis]

I'm currently trying for this 2.29 rate from Parsons but if you are in San Diego, or otherwise a state employee, you should check out USE Credit Union. They've been a great credit union over the decades with competitive, not always the lowest but lowest isn't necessarily best, rates.

Their current loan offerings are 2.44%.
https://www.usecu.org

Do you know how long they will give you an rate lock till?

 

[ExCivilian]

Do you know how long they will give you an rate lock till?

USE? I believe they locked us for 60 days.

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