Financing the 2022 Lightning Purchase - Add Your Options

[CRAIGC540]

I signed the papers on mine yesterday, 0% interest and a one time payment of $49,512.88.

Was this at Myeecu?

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[CRAIGC540]

I am also putting a big down payment, I will have to ask for this.

 

[mr.Magoo]

I did the purchase process online - took the Ford financing (4.99% for 72 months).

Somewhat unrelated to the thread I suppose, but I haven't seen much about this... is completing the purchase online an option for everyone/ most ?
Wouldn't this help against any dealer shenanigans at the time of purchase ?

 

[broncoaz]

Was this at Myeecu?

I am also putting a big down payment, I will have to ask for this.

I’m joking, I bought the truck outright. The remaining balance due on my Pro with max tow, tow tech, tailgate step, and spray liner was $49,512.88 after my $600 worth of deposits.

 

[SteelTerp87]

I’m joking, I bought the truck outright. The remaining balance due on my Pro with max tow, tow tech, tailgate step, and spray liner was $49,512.88 after my $600 worth of deposits.

Hahaha I got the joke the first time, well done sir!

 

[RidetheLightning]

I’m joking, I bought the truck outright. The remaining balance due on my Pro with max tow, tow tech, tailgate step, and spray liner was $49,512.88 after my $600 worth of deposits.

Well, this thread is generally for those financing the truck, but I guess buying outright is a “financing option.” I noticed your original post mentioned a 0% interest rate though - I might take another look at that number, unless you don’t have a way to invest the $49,512.88 that would return more than the interest rates being discussed here. There’s an opportunity cost to not having that money to invest.

 

[broncoaz]

Somewhat unrelated to the thread I suppose, but I haven't seen much about this... is completing the purchase online an option for everyone/ most ?
Wouldn't this help against any dealer shenanigans at the time of purchase ?

I saw that option and was intrigued when it invited my to input a X plan pin. Since invoice was $100 more than MSRP on my truck I didn’t see where X plan would benefit me. I didn’t complete my purchase online because I was concerned my small town dealer might have some issue with it. I had no concerns about ADM or any shenanigans. My sales contract only had the truck at MSRP, sales tax, dealer doc fee of $399, and two state fees for title and plates.

 

[broncoaz]

Well, this thread is generally for those financing the truck, but I guess buying outright is a “financing option.” I noticed your original post mentioned a 0% interest rate though - I might take another look at that number, unless you don’t have a way to invest the $49,512.88 that would return more than the interest rates being discussed here. There’s an opportunity cost to not having that money to invest.

I wanted the title in hand on the Lightning in case I decide it’s not for me long term. It can take over a month to get a title in MA once you submit the lien release. There was no resale clause from my dealer.

I could’ve financed the truck at 2.99% for 60 or 72 months through Navy Federal. True enough on the opportunity cost. I sold my rental property (former primary residence) a few months back and am sitting on the proceeds in a money market account at 1%. I’m gunshy about investing those proceeds in the current market when I’m on a short time horizon since I’m shopping for a new primary home. I couldn’t see paying $3854 in interest on the 60 month truck loan when that money is only earning me $1269 at 1% over the same period. My wife and I will replace the cost of the Lightning into savings in about 12 months.

I still have a loan on my Bronco from last year at 1.99% for 60. I kept that loan because of the lower interest rate. Unfortunately I lost the 2.25% 15 year mortgage when I sold my house, the current 15 year is 4.75%.

 

[RidetheLightning]

I wanted the title in hand on the Lightning in case I decide it’s not for me long term. It can take over a month to get a title in MA once you submit the lien release. There was no resale clause from my dealer.

I could’ve financed the truck at 2.99% for 60 or 72 months through Navy Federal. True enough on the opportunity cost. I sold my rental property (former primary residence) a few months back and am sitting on the proceeds in a money market account at 1%. I’m gunshy about investing those proceeds in the current market when I’m on a short time horizon since I’m shopping for a new primary home. I couldn’t see paying $3854 in interest on the 60 month truck loan when that money

Totally understand this line of thinking, and obviously you‘re doing something right if you can write a check for it. Getting close to buying a new house you probably don’t want another loan affecting your DTI so I get your approach there.

If you want to goose that 1% to something higher, I started during the early days of the pandemic looking at some of the very high interest savings accounts they talk about on doctorofcredit.com. After you spend some time on the site you can get 4% on $20k at one credit union, 3.3% at another for another $20k, and 3% at yet another for up to $100k, all with varying amounts of hoops to jump through. All FDIC insured. It’s up to the individual person if some of the requirements are worth doing for the extra interest, but I’ve got it pretty streamlined. I just hate to see my emergency fund/cash sitting so far behind inflation so I like doing the extra work to have it make *something*.

 

[monsterlag]

I wanted the title in hand on the Lightning in case I decide it’s not for me long term. It can take over a month to get a title in MA once you submit the lien release. There was no resale clause from my dealer.

I could’ve financed the truck at 2.99% for 60 or 72 months through Navy Federal. True enough on the opportunity cost. I sold my rental property (former primary residence) a few months back and am sitting on the proceeds in a money market account at 1%. I’m gunshy about investing those proceeds in the current market when I’m on a short time horizon since I’m shopping for a new primary home. I couldn’t see paying $3854 in interest on the 60 month truck loan when that money is only earning me $1269 at 1% over the same period. My wife and I will replace the cost of the Lightning into savings in about 12 months.

I still have a loan on my Bronco from last year at 1.99% for 60. I kept that loan because of the lower interest rate. Unfortunately I lost the 2.25% 15 year mortgage when I sold my house, the current 15 year is 4.75%.

I mean flipping the Lightning is an investment isn’t it? I would have paid cash too if I was doing that. Also a lot of dealers will accept Titles with just a lien release letter from the bank/CU.

 

[CRAIGC540]

I’m joking, I bought the truck outright. The remaining balance due on my Pro with max tow, tow tech, tailgate step, and spray liner was $49,512.88 after my $600 worth of deposits.

Okay gotcha..
I didn't get the joke, didn't know you had a pro for $49,512.88.

 

[broncoaz]

I mean flipping the Lightning is an investment isn’t it? I would have paid cash too if I was doing that. Also a lot of dealers will accept Titles with just a lien release letter from the bank/CU.

I’m not planning to flip mine. I will be using the Lightning as my work truck, I’m in talks with my employer on compensation for me vs my employer buying it from me in 2023 and adding it to the company fleet I manage. It seemed easier to have the title in hand.

 

[monsterlag]

oh man if the company has a fleet account definitely worth looking into if they can order a Pro ER.

 

[broncoaz]

oh man if the company has a fleet account definitely worth looking into if they can order a Pro ER.

Already on it. I’ve spoken to my Ford dealer about ordering a Pro ER whenever it’s available. I also had my Chevrolet fleet guy put me as first on his list for fleet Silverado EV. Our fleet Is 95% Chevy, so I have more pull where I buy 35 trucks per year.

 

[SmokingtheMeats]

As my truck is now through the plant, I am looking to start the financing search. Is Parsons still a pain to deal with or should I just go with them and their 2.49% rate?

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