Financing the 2022 Lightning Purchase - Add Your Options

[kab]

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?

Parsons membership took me about 3 days from application to making the initial $5 deposit into my account.

I haven't applied for a loan yet (my blend date is 9/11), but they told me that it takes up to 72 hours from application to pre-approval. They said they'll need signed documents with the purchase price and proof of insurance when you're at the dealer to finalize it all, but said that's just a quick easy step when that time comes.

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[SmokingtheMeats]

Parsons membership took me about 3 days from application to making the initial $5 deposit into my account.

I haven't applied for a loan yet (my blend date is 9/11), but they told me that it takes up to 72 hours from application to pre-approval. They said they'll need signed documents with the purchase price and proof of insurance when you're at the dealer to finalize it all, but said that's just a quick easy step when that time comes.

Guess I should apply now!

 

[kab]

Guess I should apply now!

Parsons loan rate locks for 30 days upon approval. Loan rates are set for each calendar month...so I am waiting until later in September to apply for my loan to make sure the 30 days doesn't run out before delivery and I'm stuck with October's possibly/probably higher rate.

 

[SmokingtheMeats]

Parsons loan rate locks for 30 days upon approval. Loan rates are set for each calendar month...so I am waiting until later in September to apply for my loan to make sure the 30 days doesn't run out before delivery and I'm stuck with October's possibly/probably higher rate.

Yeah that's fair. It's possible my Truck is Shipped next week. I'd like to get the process started

 

[SmokingtheMeats]

Parsons membership took me about 3 days from application to making the initial $5 deposit into my account.

I haven't applied for a loan yet (my blend date is 9/11), but they told me that it takes up to 72 hours from application to pre-approval. They said they'll need signed documents with the purchase price and proof of insurance when you're at the dealer to finalize it all, but said that's just a quick easy step when that time comes.

I just applied and was able to fund the account immediately. I didn't get an email confirmation however.

 

[Who764]

I just applied and was able to fund the account immediately. I didn't get an email confirmation however.

Check your spam folder. I also applied and funded and there was a confirmation email in my spam. I called and they said it was 24-72 hours for full approval for the new account.

 

[kab]

I just applied and was able to fund the account immediately. I didn't get an email confirmation however.

Ah, yes, I forgot that the website eventually timed out at the last step for me - that must be where I would have funded the account in the application process. I did that over the phone upon approval.

 

[sparta]

I just applied and was able to fund the account immediately. I didn't get an email confirmation however.

Did you put any money down? I was told they require a 20% down payment as of the beginning of this week. They did respond to the loan application within 24 hours though.

 

[SmokingtheMeats]

Did you put any money down? I was told they require a 20% down payment as of the beginning of this week. They did respond to the loan application within 24 hours though.

All I did was create my account. I plan on putting more than 20% down

 

[4Reeley]

I think they are trying to pare down some applications with the 20% requirement. When we got to the approval I was asked again what I wanted to put down and the loan officer said we could go below 20%. I ended up closer to 16% or 17%.

 

[RidetheLightning]

So my financing experience lately has been full of insanity at every turn. Here are a few examples:

1. Parsons is obtuse about income sources and can't seem to figure out my DTI correctly from W-2 and rental income correctly and simply stopped responding because they probably have simpler applications.

2. Got approved by USE CU but then my dealership sprung on me at the last minute that they now require *wire transfers* if the bank is out of state and won't accept an overnight check from out of state, even waiting until it clears isn't sufficient. Not sure why they are being so difficult to work with. USE can only do an overnight check.

So I'm back to the drawing board - looking at local credit unions in OR and looking at out of state ones that can accommodate this odd wire transfer request and *also* loan on vehicles registered in a different state. I never knew when I started out ordering the Lightning that it would be this difficult to get a decent rate - my initial plan was to just use DCU that I was already a member of but then their rates got a lot higher.

 

[VTbuckeye]

So my financing experience lately has been full of insanity at every turn. Here are a few examples:

1. Parsons is obtuse about income sources and can't seem to figure out my DTI correctly from W-2 and rental income correctly and simply stopped responding because they probably have simpler applications.

2. Got approved by USE CU but then my dealership sprung on me at the last minute that they now require *wire transfers* if the bank is out of state and won't accept an overnight check from out of state, even waiting until it clears isn't sufficient. Not sure why they are being so difficult to work with. USE can only do an overnight check.

So I'm back to the drawing board - looking at local credit unions in OR and looking at out of state ones that can accommodate this odd wire transfer request and *also* loan on vehicles registered in a different state. I never knew when I started out ordering the Lightning that it would be this difficult to get a decent rate - my initial plan was to just use DCU that I was already a member of but then their rates got a lot higher.

I was originally planning on dcu as well. I've been a member since 1998. I've financed three cars with them. The rates have more than doubled in the last 7 months. I'll probably use a different local crediting union. Rates will probably be in the mid to upper 3s. Let's just get these trucks delivered.

 

[jaykoolzboy]

Another Kudos to MyEECU

Some recaps

1. You don't have to be in the area where they have physical branches , as long as your truck is going to be registered in CA, you are qualified.

2. Very easy to join, simply donate $5 to their charity organization, no relationship or affiliation needed.

3. Some of the nicest customer support representitives I've ever encountered, very polite and with loads of patience.

4. They are still offering 72 month @ 2.99% (not as good as last month's 1.99%, but considering all the interest rate hike lately, it's still a very decent deal)

5. We got approved instantaneously online (with several other docs to submit) , we had bad experience with CAFCU and Parsons , but MyEECU is the real deal.

Highly recommending to anyone who lives in California to use them to finance for F150 Lightning. We are going to pick up or truck this Saturday.

 

[SmokingtheMeats]

I was originally planning on dcu as well. I've been a member since 1998. I've financed three cars with them. The rates have more than doubled in the last 7 months. I'll probably use a different local crediting union. Rates will probably be in the mid to upper 3s. Let's just get these trucks delivered.

My local CU who I’ve been a member with for 10+ years is now 4.74%. I was stunned when I saw that

 

[Dparke55]

72 mo.s 4.9 FMC Was too easy to resist.

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