Financing the 2022 Lightning Purchase - Add Your Options

[EvEddy]

These rate hikes are brutal. Most places are over 4% now, even my local credit union is at %3.99. Most of the bigger folks are close to if not past 5%. Supposedly there will be another rate increase in December. Trying to lock in a rate ASAP.

I got approved at 4.49% @ bofa - dealer could only match with ford credit. Exactly a year ago bofa gave me 1.9%

Due to rate increase 85k@72mths you pay over $12,000 in interest vs $5,000 a year ago.

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[Dirtriderx99]

MYEECU.ORG did me good, they are in Fresno California and the vehicle will need to be registered in California.
To become a member you can donate to a teachers fund, when calling press 3 for loan dept and be patient they take a while to answer.

Thanks for posting this, I was all setup with them for a 2.99 loan while I wait for the truck. Now I'll ask them to drop it lower.

 

[lightspeed]

MYEECU.ORG did me good, they are in Fresno California and the vehicle will need to be registered in California.
To become a member you can donate to a teachers fund, when calling press 3 for loan dept and be patient they take a while to answer.

How does that work? According to their website, membership has requirements and they don't mention donations as working.

 

[CRAIGC540]

How does that work? According to their website, membership has requirements and they don't mention donations as working.

Yeah when you apply online there's a option for qualifying named "Other" and you can pick donation to teachers fund.
You can talk to a representative and they can talk you threw the process. It was kinda confusing to me when I did it.

 

[lightspeed]

Yeah when you apply online there's a option for qualifying named "Other" and you can pick donation to teachers fund.
You can talk to a representative and they can talk you threw the process. It was kinda confusing to me when I did it.

Did you apply directly for the loan or did you have to apply to be a member first?

 

[swngdncr]

Did you apply directly for the loan or did you have to apply to be a member first?

We have a rate lock with them. We got the loan approval before our membership was processed. Just be clear with them about what you need to submit. When I called after we finally were built they said they couldn’t honor the rate Lock because we hadn’t submitted something showing the truck was ordered before the incentive deadline. I had to escalate to a supervisor who honored the rate lock because we were never told to submit the order. That being said we haven’t signed on the dotted line yet. But our dealer said they will execute the purchase even if the truck isn’t here yet because our rate lock expires in two weeks. Truck is supposed to be here in 10 days.. tight. But we’ve been pretty happy with eecu so far.

 

[CRAIGC540]

I had a 90 day rate lock, I was instantly aprooved online and then went threw the process of becoming a member.

 

[JPro]

Just applied thru Parsons, truck arriving in two weeks. Anyone in Washington used them yet?

 

[Lime Green]

No ship date for my truck yet, but it's built... I just did the application thru Parsons.

I've had an auto loan with SSFCU in the past with a good rate, so I'm applying there too. I'll be raiding my savings to pay a big chunk or all of my Lightning though as I'd rather do that than sign up for a big auto loan with these current rates. Just shopping around as best I can, it seems like any rate under 5% is a gift right now. Sad.

 

[swngdncr]

Just an update, we signed on the line with EECU. They honored the rate lock from August, which was 1.99 for 72 months or 2.99 for 84 months... we went with the 84 months. We'll probably pay it off before then. They have a new incentive going now, 2.49% for 72 months I think it is. There was a bit of a hiccup, the rep we were dealing with was out on Thursday when the truck came in and we needed to get the ball rolling on the financing. He hadn't made any notes in the file, so the reps that were available and manager on Thursday couldn't commit to honoring the rate lock from August. But, the guy we dealt with was back today and everything went smoothly. So, just a reminder to document the conversations you have on critical stuff like this really well.

 

[CRAIGC540]

Just an update, we signed on the line with EECU. They honored the rate lock from August, which was 1.99 for 72 months or 2.99 for 84 months... we went with the 84 months. We'll probably pay it off before then. They have a new incentive going now, 2.49% for 72 months I think it is. There was a bit of a hiccup, the rep we were dealing with was out on Thursday when the truck came in and we needed to get the ball rolling on the financing. He hadn't made any notes in the file, so the reps that were available and manager on Thursday couldn't commit to honoring the rate lock from August. But, the guy we dealt with was back today and everything went smoothly. So, just a reminder to document the conversations you have on critical stuff like this really well.

Awesome news on the Lightning and the great financing!! I took the 1.99 from them and had no trouble with the process. I have a Mach E on order and will be dealing with them again whenever it gets delivered.

 

[YankeeCP]

Just an update, we signed on the line with EECU. They honored the rate lock from August, which was 1.99 for 72 months or 2.99 for 84 months... we went with the 84 months. We'll probably pay it off before then. They have a new incentive going now, 2.49% for 72 months I think it is. There was a bit of a hiccup, the rep we were dealing with was out on Thursday when the truck came in and we needed to get the ball rolling on the financing. He hadn't made any notes in the file, so the reps that were available and manager on Thursday couldn't commit to honoring the rate lock from August. But, the guy we dealt with was back today and everything went smoothly. So, just a reminder to document the conversations you have on critical stuff like this really well.

Do you have a contact or information on the incentive rate? The rate published online is much higher

 

[swngdncr]

Do you have a contact or information on the incentive rate? The rate published online is much higher

There are two EECU's... you have to go to right one: https://www.myeecu.org/home/home

 

[YankeeCP]

There are two EECU's... you have to go to right one: https://www.myeecu.org/home/home

Thanks- that was it. Doesn’t look like this one has a way to donate or join other than the few ways to Qualify. Bummer

 

[swngdncr]

Thanks- that was it. Doesn’t look like this one has a way to donate or join other than the few ways to Qualify. Bummer

Yes you just do a small donation to a teachers association, they will do it for you. Easy piezy, call their loan dept to start

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