How will you pay for your Lightning?

[sotek2345]

So I just thought of something... what if you order your vehicle, and when you go pick it up you are denied for financing and you have no one else besides your spouse to help you out with the credit application.

Same as when you go to purchase any vehicle and can't afford it / can't get financing. The dealer keeps it and sells it to someone else.

Sponsored

 

[sotek2345]

I believe that's what the Wave Ordering process is hoping to avoid. They are matching orders to specific build capacity hoping to avoid the MME issues.

That would be great! Let's hope it works out.

 

[SmoothJ]

Same as when you go to purchase any vehicle and can't afford it / can't get financing. The dealer keeps it and sells it to someone else.

Yea, I know... just would stink to wait all this time, and not being able to get what you waited for.

 

[shutterbug]

Ford Options, get all rebates possible (State, throw tax return at it, Ford Options?) and then finance the loan with DCU for 1.24% for 72 months.

I think that rate at DCU is good for up to 65 months. 72 month rate is 2.24%

 

[Fordskeptic]

Yea, I know... just would stink to wait all this time, and not being able to get what you waited for.

Probably lose your deposit too. Need to figure the affordability before signing the order agreement, but even so circumstances can and do change. Few people absolutely need a new truck/vehicle. I've gotten by buying mostly used cars.

 

[broncoaz]

I can see the appeal of the Ford Options plan. It looks like a lease by another name with different ownership options to collect the tax rebate. I don’t want to pay the extra fees involved for the leasing option, but will look at the numbers when the time comes. If I were past the 200K to get the tax rebate I would certainly consider leasing a vehicle like this.

I’ll probably put 20% down and finance the rest at the lowest rate possible for no longer than 60 months and then pay it off in 1-2 years because I remembered how much I hate car payments. If the truck ends up being a dog on resale value maybe I’ll take my lumps, but hopefully I’ll be able to figure that out for myself while resale demand is strong. The key might be getting rid of it before Lightning 2.0 is announced.

So I just thought of something... what if you order your vehicle, and when you go pick it up you are denied for financing and you have no one else besides your spouse to help you out with the credit application.

If this is a significant concern you probably shouldn’t be buying a new $40-90K vehicle?

 

[RavenYZF-R6]

If it's anything like the MME, I don't see why everyone wouldn't use Ford Options. Get an extra amount off, then refinance out of/pay off if you want.

With ford options are they giving you the federal credit off the top or do we still file for it?

 

[astricklin]

If it's anything like the MME, I don't see why everyone wouldn't use Ford Options. Get an extra amount off, then refinance out of/pay off if you want.

The biggest downside to Options would be you end up paying more in interest. Especially if you carry it to the full term and then refinance the remainder for even longer.

 

[jtownsend2266]

Whatever has the lowest interest rate/fees.

Same here. My local credit union's interest rate is half of what Ford is advertising on B&P

 

[astricklin]

With ford options are they giving you the federal credit off the top or do we still file for it?

Currently, you will have to file for it. With the Options plan, you own the vehicle.
If things stay the same as with the mme, then Ford will not offer a traditional lease. If you lease through a third party you will need to find out if they will pass through the tax credit.

Tax credit is subject to change by the end of 2022 so things could be different come tax time.

 

[tbinmd]

Really depends on timing of everything and what's happening with interest rates. Will be trading in my current F150 and it's paid for. So that's a sizable down payment. I like the idea of Ford options (did a similar thing in the past with an Audi that I turned back in rather then pay the ballon payment, car was actually worth less on the market then the ballon payment, so it was easier to just walk away). Technology and options are going to change fast and in 3 years, I'm sure I'll be itching to get into a newer truck.

 

[astricklin]

'other'..... selling a kidney or two. ?

 

[sotek2345]

Same here. My local credit union's interest rate is half of what Ford is advertising on B&P

Don't go by B&P - that is known to be wrong. Ford is offering 1.4% for the GT and 2.9% for all else for the Mach-e

 

[shutterbug]

The biggest downside to Options would be you end up paying more in interest. Especially if you carry it to the full term and then refinance the remainder for even longer.

I don't know what is happening with it now, but when I was buying MME, Ford gave out either $1,000 or $2,500 rebate for people using Optons financing. That negated or significantly reduce difference in total interest.

 

[gwrace14651]

Our last two vehicles were purchased with 60 month zero percent financing. I don't expect that with the Lightning or the Silverado EV. I do know I'm not paying 90-105K for any pickup truck. As Dave Ramsey says buying any vehicle is the worst investment you can make.

Sponsored