Financing the 2022 Lightning Purchase - Add Your Options

[Ruination]

Is no one considering longer than 60 month terms? If not, why not? I realize it's more time you're paying interest on a balance, but the monthly payment difference on a 60 month vs 84 month term is significant.

One of the things that makes options appealing to me is stretching to 6 or 7 years at a lower rate.

The longer the loan the more risk you take however.

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[gorwell]

Do you think these low rates will still apply when the Lightning actually gets delivered ???

With the Fed rates going up, I am afraid...

The Ford Options rates were certainly scary But, they've always been notably higher than market rate. I think the lowest rate for mach-e was ~2.25% when you could find loans under 1%.

For Ford's regular financing for the F150, rates are still good: .9% 36 months, 1.9% 48 months. Those are valid til end of month. Ford does not show any financing rates for F150L right now on the site. I'm not clear if the "Always-On Rate" financing rates Ford released is only what's available from Ford for the Lighting.

We've just has historically amazing interest rates lately, but they are still good.

It seems like getting a loan ~2.5% would still be doable in the next 1-2 months (at least for me in CA and my credit score).

 

[REDHORSECA]

REDHORSECA and I also got $50 a piece from the Referral Promo

Logix are quick, the Referral Bonus Promo has already been posted to my Logix account.

Thanks gorwell!! I like free money. I’ll get to top off the Lightning battery 2-3 times at a DC fast charger.

I’m definitely going to finance my Lightning through Logix.

Hopefully in 3-4 weeks when my truck is built and delivered to my Dealership.

 

[rlbussard]

I am probably going with one of my two credit unions for a vehicle loan.

Logix 1.74% APR.*
USAA 3.19% APR.

Hit me up if you plan to join + do a loan from the Logix Credit Union. They'll give us both $50 (refer a friend link). lol * New member must open the auto loan within 30 days of joining Logix.

It is time to move on from USAA, they are no longer a great company as they used to. They have turned more into a for profit company instead of being for the soldier/veteran. I just switched over all of my DDs to Navy Federal, they have 3 year 2.29%, 5 year 2.49%, and 6 year 2.79%. USAA rates have been going up for years now, just like their insurance premiums have skyrocketed.

 

[hturnerfamily]

I don't need any options, my new LIGHTNING is already paid for.


I started payments way back when I first reserved the truck. It's been so long, it's got to have been paid off by now, right?

 

[JLee]

Is no one considering longer than 60 month terms? If not, why not? I realize it's more time you're paying interest on a balance, but the monthly payment difference on a 60 month vs 84 month term is significant.

DCU's rates go up significantly on terms past 65mo.

 

[sotek2345]

DCU's rates go up significantly on terms past 65mo.

Yeah, this is my issue. My credit union holds rates through 72 months but they double at 84 months.

 

[RainorshinePNW]

Interesting. My credit union rate only goes from 2.74 to 3.24 when going from 60 to 84 months

 

[Carminus]

If someone needs to finance a truck for 84 months they probably shouldn't be buying it.

 

[bryan995]

If someone needs to finance a truck for 84 months they probably shouldn't be buying it.

The longer the loan, the more time on your side to have inflation eat away at the payment!

 

[metroshot]

The Ford Options rates were certainly scary But, they've always been notably higher than market rate. I think the lowest rate for mach-e was ~2.25% when you could find loans under 1%.

For Ford's regular financing for the F150, rates are still good: .9% 36 months, 1.9% 48 months. Those are valid til end of month. Ford does not show any financing rates for F150L right now on the site. I'm not clear if the "Always-On Rate" financing rates Ford released is only what's available from Ford for the Lighting.

We've just has historically amazing interest rates lately, but they are still good.

It seems like getting a loan ~2.5% would still be doable in the next 1-2 months (at least for me in CA and my credit score).

Since the Lightning is almost at retail delivery, I am getting antsy with Ford Options announcement of rates & terms.

Ford Options would be ideal as the monthly rate adds sales tax to that month's payment only.

If I have to finance which I rather not because you have pay sales tax (9.5%) into the loan.

The advantage of using Ford's subvented or low APR offer is that it makes sense to use the bank's money at low APRs....

 

[sotek2345]

Since the Lightning is almost at retail delivery, I am getting antsy with Ford Options announcement of rates & terms.

Ford Options would be ideal as the monthly rate adds sales tax to that month's payment only.

If I have to finance which I rather not because you have pay sales tax (9.5%) into the loan.

The advantage of using Ford's subvented or low APR offer is that it makes sense to use the bank's money at low APRs....

Sorry, you pay full sales tax with Ford option. It is a loan, not a lease.

Source: my Mach-e options loan paperwork.

 

[metroshot]

Sorry, you pay full sales tax with Ford option. It is a loan, not a lease.

Source: my Mach-e options loan paperwork.

Wow, thanks for the clarification!

So Ford Options is actually a finance with a balloon and lease terms when the note is due ?

 

[hturnerfamily]

it's basically financing the first 'half' of the purchase, with a big balloon payment in 36 to 48 months, if you wish to keep it. So it's like a rental/lease if you DON'T decide to keep it, with the typical 10-12k miles restrictions, OR it's a purchase if you DO decide to keep it - either refinance the balloon, pay it in full in cash, or TRADE in the truck for another Ford vehicle,(or, sale it privately)...

 

[sotek2345]

Wow, thanks for the clarification!

So Ford Options is actually a finance with a balloon and lease terms when the note is due ?

Correct - it is a balloon loan with a pre-determined buy back price (equal to the balloon payment) based on mileage and general condition (like a lease). The buyer takes full ownership and has to pay interest on the full balance of the loan.

That said, it does transfer the residual value risk to Ford - if the value tanks for any reason (new technology, first year was a lemon, etc.) then Ford has to eat the difference. For the Mach-e they also offered some pretty good rates and a rebate as well (1.4% and $2,500 for our Mach-e). Made using it a no-brainer. If Ford really uses the 4.9% rate and no rebate for the Lightning, it really doesn't make sense as compared to traditional financing.

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