Financing the 2022 Lightning Purchase - Add Your Options

[PiMatrix]

Was quoted 4.9% for 72 months with Ford with 800+ credit on August 2nd. Went with a local CU for 1.99% for 75 Months.

Hi, which CU gave 1.99% for 75 mo in NY? Best I've found so far is 2.99 for 60mo for best rate avail.

Sponsored

 

[monsterlag]

Hi, which CU gave 1.99% for 75 mo in NY? Best I've found so far is 2.99 for 60mo for best rate avail.

First New York FCU in Upstate NY. The rate went up a few days after we got our Lightning.

Very quick turnaround as well. Had the check the same day as delivery. If you need a contact let me know.

Their rate now is still better than whatever you found though. 2.49 for 60 months, 2.74% for 72 months.

https://www.firstnewyork.org/home/borrow/auto.

 

[PiMatrix]

First New York FCU in Upstate NY. The rate went up a few days after we got our Lightning.

Very quick turnaround as well. Had the check the same day as delivery. If you need a contact let me know.

Their rate now is still better than whatever you found though. 2.49 for 60 months, 2.74% for 72 months.

https://www.firstnewyork.org/home/borrow/auto.

Thank you for the lead. Your CU looks excellent, unfortunately they don't cover my area in Orange/Dutchess. But this gives me hope to keep looking.

I did just find this website that looks very useful. You can vary location, terms. Be sure to click on rate column to sort Low to high rates and find the lowest! It seems to be missing some banks like the one above but there are a few good rates listed.

https://www.datatrac.net/rates/auto

 

[newF150]

Here's my update for account opening with Parsons CU.

Got a call as well as email from a rep, missed the call but essentially the email was instructions on registering for an online login.
Completed registration and logged in. I am able to see my account along with the deposit for the initial account opening. All told, this took about 5 days including the weekend.

I'll keep everyone apprised of my loan process once I initiate it. I think I'll plan on starting the process my build week which is 8/22.

So looking through the rates for auto loans, looks like I needed a checking account too for an extra .25% off. So signed up for that on Friday. Not sure how long that will take.

 

[dkf150]

Just got an approval for 3.99% on $65k over 72 months at Chase. Not great, but not terrible either. (In Virginia)

 

[Ruination]

I really should not have put all mya eggs in the Parsons basket

 

[RidetheLightning]

I really should not have put all mya eggs in the Parsons basket

How so? I still have a backup but Parsons gave me the advertised rate, just with a high down payment but it still makes more sense in the long run for me at that rate. I just have to get them the signed PO as soon as the dealer will get that to me.

 

[Ruination]

How so? I still have a backup but Parsons gave me the advertised rate, just with a high down payment but it still makes more sense in the long run for me at that rate. I just have to get them the signed PO as soon as the dealer will get that to me.

Lol. Because it's been over a week and they won't return my calls or emails...and my trucks just sitting at the dealership.

 

[RidetheLightning]

Lol. Because it's been over a week and they won't return my calls or emails...and my trucks just sitting at the dealership.

Did you get them a signed PO? Are you working with Bradley there?

 

[Ruination]

Did you get them a signed PO? Are you working with Bradley there?

I got an email from Bradley. Working would be a strong term.

He didn't ask for a PO, just where my truck was. And paystubs. I was already planning on 25% down.

 

[RidetheLightning]

I got an email from Bradley. Working would be a strong term.

He didn't ask for a PO, just where my truck was. And paystubs. I was already planning on 25% down.

Ok, did you get a specific loan amount and down payment from him yet? Here was my process last week. Let me know where you are in this process and hopefully this helps: (did you get past the Tuesday step yet?)

Monday. Bradley: “Thanks for your application. (I had already gotten them tax returns and pay stubs) Due to the size of the request the down payment would be 25%. If this is acceptable please let me know and we can move forward.” I immediately replied back asking about the rate and monthly payment.

Tuesday: “2.49% up to 84 months with payment drafted out of your Kasasa Checking at Parsons. Payment at X would be X per month.” I replied back immediately saying let’s do it and how does the process work. No response until Thursday.

Thursday: “I need the signed purchase order from the dealer and proof of insurance. The check will be fedexed to the dealer and loan documents are sent docusign. We will provide you with copies of the fedex label and check.”

So that’s where I’m at. I’m just going to email him once a week to say I’m still interested and send the PO when I get it.

Thanks,
Joe

 

[Ruination]

Ok, did you get a specific loan amount and down payment from him yet? Here was my process last week. Let me know where you are in this process and hopefully this helps: (did you get past the Tuesday step yet?)

Monday. Bradley: “Thanks for your application. (I had already gotten them tax returns and pay stubs) Due to the size of the request the down payment would be 25%. If this is acceptable please let me know and we can move forward.” I immediately replied back asking about the rate and monthly payment.

Tuesday: “2.49% up to 84 months with payment drafted out of your Kasasa Checking at Parsons. Payment at X would be X per month.” I replied back immediately saying let’s do it and how does the process work. No response until Thursday.

Thursday: “I need the signed purchase order from the dealer and proof of insurance. The check will be fedexed to the dealer and loan documents are sent docusign. We will provide you with copies of the fedex label and check.”

So that’s where I’m at. I’m just going to email him once a week to say I’m still interested and send the PO when I get it.

Thanks,
Joe

I'm no where. That's f'ing ridiculous.

 

[bryan995]

Shout out to the OP that posted about the CAFCU promotion.

I was able to 'soft-lock' the 1.74% with 20% down for 60 months 60-90 days ago. Then at the last minute I asked to change to $0 down and then offered 1.99%.

Was not the smoothest process, somewhat antiquated but we got it done!

The best I could fine elsewhere (in CA) was 2.39% with 15% down for 66 months.

 

[Lightninorian]

I purchased my lightning Thursday. I went with Parsons. I had applied and joined back at the end July when they were offering 2.19% for 84 months and got pre approved. They have gotten a lot of applications due to their great rates. They are slow to respond due to being a small bank. I applied last week of July for membership and loan. They asked me to fund the savings and checking account that first week. First week of August They asked for paystubs. They were hard to get any real info from but Catherine was pretty quick to get vague info from. They never told me what kind of a down was required. Bradley did the paperwork but I dealt with Catherine most of the time. They kept saying nothing could be done without signed purchase order. Wednesday the 17th I answered a bunch of questions from the finance guy at the dealership over the phone. He just entered Parsons in as the lender and I sent the dealer a copy of my insurance info. Thursday noonish I signed paperwork with dealer. I put 20% down. He sent everything to Parsons. I took the truck. Around 4 o'clock Catherine said check my email for docusign. I docusigned and they said check was fedexed for 3 day delivery.
All that to say, I got a great rate, just takes a little time. Not sure what the minimum down was. 20% was enough I guess. All said I am very happy with the outcome.

 

[CRAIGC540]

I called my dealer today he says the lightning is built and awaiting shipping.
Also called EECU for 1.99@72 months and was told you do not have to live in there servicing areas. I did read while apllying online and getting auto approved that the vehicle has to be registered in California. I have to upload a signed perchase order, dealer say can not do that until it shows as inventory. So I sent him my order summary which shows my $500.00 deposit which she also said was needed. He will sign it and send it back to me. I also have to become a member and make a donation. The purchase order is needed to lock in the 1.99 which ends next week on the 30th.

https://www.myeecu.org/home/loans-credit-cards/auto-rv-boat#vehiclerates

Sponsored