Financing the 2022 Lightning Purchase - Add Your Options

[PiMatrix]

Hi, I just wanted mention an option that at least some dealers are willing to do that may remove some uncertain timing stress. I received a 2.99 60 mo rate good for 55 days. That expiration is happening on Monday and my truck is 60 miles away after getting off the train so won't be here in time. Expiration means at least a 1 point rise in rate. So I was able to fill in the purchase contract, including trade-in, insure car using VIN number, send all the info to the bank, and they overnighted a cashiers check to me make out to dealer....locking in the great rate. I'll just bring check after truck is prepped hopefully this week. The dealer would have been willing to do this a week or more ago. So maybe an option for people on cusp of losing their rate lock. P.S. My dealer in NY, my bank in California from when I lived out there in grad school.

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[KndrTH]

I was able to lock 1.99 from myeecu.org
That has since expired but I was finalizing my loan and found out the rate is 2.45 now, you have to open a account and have auto pay.
Be prepared to wait for a loan officer they are slow to answer. Call
559-437-7700 option 3 for the loan dept. They are located in Fresno California and the truck has to be registered in California. Also to qualify for membership you can make a $10 donation the a teachers fund.

How long was the rate of 1.99 locked for you?

 

[Dirtriderx99]

How long was the rate of 1.99 locked for you?

I just locked the 2.99 rate with them for 90 days. It’s 3.49 now.

 

[SmokingtheMeats]

Anyone know how long it takes to get the shipping information from Parsons? I can get my truck tomorrow and I have docusigned everything to Parsons. My dealer needs the tracking number of the check so I can drive off the lot. I didn’t hear back after I did the docusign, so wanted to know if I should expect it tomorrow morning?

 

[4Reeley]

I got it within 2 hours but I sent an email to Bradley requesting it, as soon as I completed the docs.

 

[KndrTH]

I just locked the 2.99 rate with them for 90 days. It’s 3.49 now.

Oh, okay. I locked the 1.99 rate at the end of August when they had the promotion. My delivery ETA is 10/12-10/18. They told me it’s locked for 60 days, and another 30 days if I have my credit checked again. But I notice on the approval letter it said 30 days. So I hope what was verbally explained holds up.

 

[CRAIGC540]

How long was the rate of 1.99 locked for you?

It was 60 day lock wuth another 30 day with a 2nd credit check.

 

[jpepper07]

Call until your get through, just remember their business hours are Pacific time. Ask about rates and lock period and you’ll get an answer. Literally everything is verbal until you submit your final buyers order. Then you get a DocuSign starting terms, they Fedex a check directly to the dealer and provide tracking. It’s up to the dealer whether they let you drive off before the check arrives.

Can you help me? Parsons wants a "signed purchase agreement" and ford dealership says it is against policy to provide that. I called ford credit and they said the same thing! So I am stuck.

 

[4Reeley]

Parsons wants a "signed purchase agreement"

Is your truck at the dealer? You get the buyers order at the dealer when the vehicle is ready. Then send it to Parsons and they process the check. Mine took a few days to FedEx deliver across the country. Depending in the dealer they may let you take delivery or they may wait until they get the check. Some will be ok with tracking info. All preapprovals were done with my online order/pricing confirmation. I just needed final paperwork to close the loan.

 

[jpepper07]

Is your truck at the dealer? You get the buyers order at the dealer when the vehicle is ready. Then send it to Parsons and they process the check. Mine took a few days to FedEx deliver across the country. Depending in the dealer they may let you take delivery or they may wait until they get the check. Some will be ok with tracking info. All preapprovals were done with my online order/pricing confirmation. I just needed final paperwork to close the loan.

Yes it is at the dealer. I will ask them for a buyers order or some final paper work. This is stuff they should know how to handle. I doubt they are okay with tracking info. I am sure they will want check in hand.

 

[jpepper07]

Is your truck at the dealer? You get the buyers order at the dealer when the vehicle is ready. Then send it to Parsons and they process the check. Mine took a few days to FedEx deliver across the country. Depending in the dealer they may let you take delivery or they may wait until they get the check. Some will be ok with tracking info. All preapprovals were done with my online order/pricing confirmation. I just needed final paperwork to close the loan.

Dealership said a buyers order is a final purchase agreement and that I would have to come into the dealership to sign using their signature pads and everything. Is that what you did?

 

[SmokingtheMeats]

Can you help me? Parsons wants a "signed purchase agreement" and ford dealership says it is against policy to provide that. I called ford credit and they said the same thing! So I am stuck.

My dealer emailed me a signed buyers order, I signed it, sent it to Parsons. I had the check tracking information the next day and was able to provide that to my dealer to drive the truck off the lot.

 

[jpepper07]

My dealer emailed me a signed buyers order, I signed it, sent it to Parsons. I had the check tracking information the next day and was able to provide that to my dealer to drive the truck off the lot.

Can you tell me your dealers name? I would like to call and ask them about it.

 

[SmokingtheMeats]

Can you tell me your dealers name? I would like to call and ask them about it.

Winner Ford, Cherry Hill NJ. They were great to work with.

 

[lightningforum6]

Dealership said a buyers order is a final purchase agreement and that I would have to come into the dealership to sign using their signature pads and everything. Is that what you did?

This is what I did. I went into the dealership on a Friday and signed all the paperwork and gave them my down payment. I then sent the signed purchase agreement to Parsons with insurance information. On the following Monday, I signed the paperwork with Parsons and they cut the check and overnighted it to the dealer. I got the truck the next day.

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