• Welcome to F150Lightningforum.com everyone!

    If you're joining us from F150gen14.com, then you may already have an account here!

    If you were registered on F150gen14.com as of April 16, 2022 or earlier, then you can simply login here with the same username and password!

Sponsored

How upside down is everyone and how do you feel about it?

How upside-down are you with your Lightning loan?

  • $0 - 4,999

  • $5,000 - 9,999

  • $10,000 - 14,999

  • $15,000 - 19,999

  • $20,000 - 24,999

  • $25,000 +


Results are only viewable after voting.

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
I know some of us paid a lot over MSRP, but even if you didn't, the values of our trucks (along with most other EV) have tanked since 2022. I originally put nothing down on a 74k MSRP truck. Can't really afford to pay any more monthly to get on the other side of this. I'm roughly 25k underwater on mine at the moment. - outstanding loan value vs wholesale. That's fine, I'm comfortable with the payments as is, but making me wonder what everyone else is doing here. I'm pretty used to being upside-down buying new, but the numbers here seem high.

My 25k gap worries me a little bit. I have gap insurance, but that only cover 125% of value. If they say my truck is only worth 33k wholesale (maybe 36 retail), and I owe 58k, seems like worse case scenario my insurance company would only give me $41,500. So then I'm out 17k? Is that right?

I don't want to get rid of the Lightning, but what should we be doing to protect ourselves here?
Sponsored

 

BennyTheBeaver

Well-known member
Joined
Jun 18, 2021
Threads
39
Messages
1,966
Reaction score
2,088
Location
PNW
Vehicles
2023 Lightning XLT ER
Your chart doesn't take into account those that got great deals and are on the opposite side of that chart.
 
OP
OP
GunRack

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
Your chart doesn't take into account those that got great deals and are on the opposite side of that chart.
This is mainly for the people that really are upside-down.

If you paid 50% down in cash and got a bad deal in 2022, you still could be ok maybe. But if you financed 100% on a great deal recently, I guess you could be positive, but still kind of unlikely
 
OP
OP
GunRack

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
Don't know. Don't care. Not selling.
Its not about selling, its about insurance protection in worse case scenario. I would buy another Lightning, but I don't think I could afford it if I had to come up with 17k out of pocket all of the sudden.
 

Sponsored

Pioneer74

Well-known member
Joined
Aug 16, 2021
Threads
29
Messages
3,257
Reaction score
5,658
Location
Dearborn
Vehicles
2022 Lightning Lariat ER - 2022 Mach-E Premium
Occupation
Electrician
Its not about selling, its about insurance protection in worse case scenario. I would buy another Lightning, but I don't think I could afford it if I had to come up with 17k out of pocket all of the sudden.
There is GAP coverage for that.
 

BennyTheBeaver

Well-known member
Joined
Jun 18, 2021
Threads
39
Messages
1,966
Reaction score
2,088
Location
PNW
Vehicles
2023 Lightning XLT ER
This is mainly for the people that really are upside-down.

If you paid 50% down in cash and got a bad deal in 2022, you still could be ok maybe. But if you financed 100% on a great deal recently, I guess you could be positive, but still kind of unlikely
I traded in my Pro for $40k 2 months ago. I had price protection when I purchased the vehicle. I owned it for a little over a year. I'm not trying to rub anything in, I'm just saying alot of time has passed since those that paid over MSRP.

Your post was "how upside down is everyone". That's why I responded as I don't think everyone is upside down.

If I was upside down, I wouldn't be too worried. I was satisfied when I made the deal (otherwise I wouldn't of made it), and I love my truck.
 

mr.Magoo

Well-known member
Joined
May 27, 2022
Threads
20
Messages
514
Reaction score
567
Location
Michigan
Vehicles
2022 Lariat ER, AMB
Short of misery loves company, I wonder what the purpose of the survey is....

So you bought a platinum at the peak of the market with zero down and now you're 35K in the hole... sucks to be you.

Or you bought at the bottom of the market and put 90% down / trade.
Good for you.

Hardly anyone's circumstances are the same, making the survey kind of irrelevant / pointless.
 
OP
OP
GunRack

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
I think we're missing the point here - Its not about good deals or bad deals or the value of the trucks. Its about insurance protection given quicker than usual depreciation. Gap insurance doesn't cover the amounts we're talking about on our trucks. The cap is 125% with most major insurers.

So in that case, is anyone worried about this and what can we do to protect ourselves? I don't believe we could get stated value insurance on these which would typically be the solution for rare or vintage vehicles.
 

NCMike

Well-known member
Joined
Mar 24, 2022
Threads
4
Messages
174
Reaction score
246
Location
Raleigh, NC
Vehicles
2022 Red Lariat Lightning
I get what your worried about. I am not upside down as I paid a large down payment on mine but I am still worried/sickened by how much the value of the truck has dropped. If I get in an accident with my 22 with 40k miles, I'm only getting whatever insurance deems is the current value. (42k kbb trade in value). At least with your Gap insurance you will get 125% of that. From my vantage point if one of us gets into an accident, your better off than me. The sweet spot would be having a loan at 125% of the current value of the truck.
 

Sponsored

shutterbug

Well-known member
First Name
Joseph
Joined
May 20, 2021
Threads
6
Messages
1,220
Reaction score
1,197
Location
Phoenix
Vehicles
MME GB FE—Dead. F150L Lariat SR
I am not upside down as I paid a large down payment on mine but I am still worried/sickened by how much the value of the truck has dropped. If I get in an accident with my 22 with 40k miles, I'm only getting whatever insurance deems is the current value.
Ditto. I put in the large down payment.
42k kbb trade in value
I just recently had my 2021 MME totaled. The insurance covered current purchase value (higher than trade-in) minus deductible plus sales tax on that amount. I got $12K cash which I will use toward purchase of MME Rally in a couple of months.
.
 

Heliian

Well-known member
Joined
Mar 9, 2023
Threads
3
Messages
842
Reaction score
916
Location
Canada
Vehicles
2023 LR Lariat, code name "Boogaloo"
If you're that worried about an insurance gap on your truck then do not look at your house policy.
 
OP
OP
GunRack

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
I get what your worried about. I am not upside down as I paid a large down payment on mine but I am still worried/sickened by how much the value of the truck has dropped. If I get in an accident with my 22 with 40k miles, I'm only getting whatever insurance deems is the current value. (42k kbb trade in value). At least with your Gap insurance you will get 125% of that. From my vantage point if one of us gets into an accident, your better off than me. The sweet spot would be having a loan at 125% of the current value of the truck.
I hadn't really considered the from your side but you're right that its still bad. You may not owe money getting into a new one at least, but you're still out a lot more overall.

I think in normal times and with ICE vehicles, we typically saw LTV under 125%. I'd love to refinance and get within that range over a longer term, but here then is the rub - we're not going to find a bank will loan more than than the 125% value. So refiniacing isn't really an option either.

Its a little bit of a unique issue facing recent EV buyers just given how fast depreciation hit.
 
OP
OP
GunRack

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
If you're that worried about an insurance gap on your truck then do not look at your house policy.
Oh Im very much worried about that too. Whole separate anxiety. I had my insurer reduce my bathroom and bedroom count between renewals. I only caught it because I read through the paperwork. By changing me down to a 1 bed / 1 bath for insurance, they were calculating the rebuild cost lower. All while increasing the annual rate obviously. So it wasn't super clear what they had done since the overall annual rate still went up. I have a hard beliving it was a mistake between a typical policy renewal.
 
OP
OP
GunRack

GunRack

Well-known member
First Name
Peter
Joined
Jan 15, 2022
Threads
21
Messages
203
Reaction score
250
Location
Riverside, CA
Vehicles
F150 Lighting XLT, Model 3 RWD
Ditto. I put in the large down payment.

I just recently had my 2021 MME totaled. The insurance covered current purchase value (higher than trade-in) minus deductible plus sales tax on that amount. I got $12K cash which I will use toward purchase of MME Rally in a couple of months.
.
So they used current purchase price of a similar spec and mileage 21 MME? and then they added tax? The tax helps, I didn't know they put that in the calculation. Did you verify their number was similar to market sale prices? and Did you have to fight them on that at all or was the price fair out the gate?
Sponsored

 


 


Top