✅ 9/11/2023 Lightning Build Week Group (MY2023)

[nldoty]

So I spoke to my dealership. This is a thing thats available, at least in NJ, but it does forclose on financing deals. So if you are paying cash, great, huge savings. If you plan to finance and have access the previous cheap rates, this is not as a great a deal.

It actually still is a good deal - if you've got numbers I'm happy to run a cost comparison for you. Even at an 8% interest rate over 60 months it's still a financial win. I've got a spreadsheet with numbers ready to go.

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[Acuna4MVP]

So I spoke to my dealership. This is a thing thats available, at least in NJ, but it does forclose on financing deals. So if you are paying cash, great, huge savings. If you plan to finance and have access the previous cheap rates, this is not as a great a deal.

I'm planning on taking all the rebates I can get, and eventually refinancing with my local credit union. That's the plan anyways.

 

[nldoty]

I'm planning on taking all the rebates I can get, and eventually refinancing with my local credit union. That's the plan anyways.

This is my plan as well. I have good credit so YMMV, but some of the local rates I've seen for a 60 month term are:
Ford Credit: 6.49% (3.9% if you don't take the credit deal)
NASA FCU: 7.34% (had to include them, sorry)
United States Senate FCU: 5.4%
PenFed CU: 6.09%
Navy Federal: 4.74% but not everyone qualifies for membership

 

[Lucky26]

It actually still is a good deal - if you've got numbers I'm happy to run a cost comparison for you. Even at an 8% interest rate over 60 months it's still a financial win. I've got a spreadsheet with numbers ready to go.

Well if you get a different calculation that I did, I'd love to see the math, thank you. High level its either a $79,800 truck with 2.99% financing over 3 years. Or a $72,300 truck with 5.79 - 7% financing over 3 years. Either rate on the cheaper truck still shows a savings on the more expensive truck for me.

 

[lerthe61]

My Last Updated was changed to yesterday, but no visible changes on progress. Except I can now click on "Activate" in FordPass. Out of boredom I click on it, but I think it is time to call Ford and ask what is going on.

 

[nldoty]

Well if you get a different calculation that I did, I'd love to see the math, thank you. High level its either a $79,800 truck with 2.99% financing over 3 years. Or a $72,300 truck with 5.79 - 7% financing over 3 years. Either rate on the cheaper truck still shows a savings on the more expensive truck for me.

I can absolutely run those numbers - are you looking at per month cost or just cost of interest in general?

 

[Lucky26]

I can absolutely run those numbers - are you looking at per month cost or just cost of interest in general?

I really dont care about the monthly cost, just the total cost of the car at the end. i.e. how much actually came out of my pocket at the end of the deal.

 

[VTHokies]

Sunrun installed the charger today, now I just need my truck!

still “in production” since 9/15

 

[nldoty]

I really dont care about the monthly cost, just the total cost of the car at the end. i.e. how much actually came out of my pocket at the end of the deal.

Here are the numbers: I didn't include sales tax, down payment, title/registration etc so I only used the numbers you previously provided.

Loan: $79,800
APR: 2.99%
Term: 36 mo

Total interest cost: $3,731.84
Total cost of vehicle: $83,531.84

----------------------------

Loan: $72,300
APR: 5.79%
Term: 36 mo

Total Interest cost: $6,634.80
Total cost of vehicle: $78,934.80

----------------------------

Loan: $72,300
APR: 7%
Term: 36 mo

Total Interest cost: $8,066.91
Total cost of vehicle: $80,366.91




Just for numbers sake, your break-even APR where it doesn't matter if you take the higher APR with the $7500 or take the 2.99% APR without the $7500 discount is 9.63% give or take a dollar or two.

 

[Dave70]

Here are the numbers: I didn't include sales tax, down payment, title/registration etc so I only used the numbers you previously provided.

Loan: $79,800
APR: 2.99%
Term: 36 mo

Total interest cost: $3,731.84
Total cost of vehicle: $83,531.84

----------------------------

Loan: $72,300
APR: 5.79%
Term: 36 mo

Total Interest cost: $6,634.80
Total cost of vehicle: $78,934.80

----------------------------

Loan: $72,300
APR: 7%
Term: 36 mo

Total Interest cost: $8,066.91
Total cost of vehicle: $80,366.91




Just for numbers sake, your break-even APR where it doesn't matter if you take the higher APR with the $7500 or take the 2.99% APR without the $7500 discount is 9.63% give or take a dollar or two.

Those with Lariat orders, that 7500 is great! With my XLT order the numbers are a wash between the better finance Ford credit deal vs the 1500 off deal.

 

[Lucky26]

Here are the numbers: I didn't include sales tax, down payment, title/registration etc so I only used the numbers you previously provided.

Loan: $79,800
APR: 2.99%
Term: 36 mo

Total interest cost: $3,731.84
Total cost of vehicle: $83,531.84

----------------------------

Loan: $72,300
APR: 5.79%
Term: 36 mo

Total Interest cost: $6,634.80
Total cost of vehicle: $78,934.80

----------------------------

Loan: $72,300
APR: 7%
Term: 36 mo

Total Interest cost: $8,066.91
Total cost of vehicle: $80,366.91




Just for numbers sake, your break-even APR where it doesn't matter if you take the higher APR with the $7500 or take the 2.99% APR without the $7500 discount is 9.63% give or take a dollar or two.

Thank you, I will have to go back and double check my math as I had the interest higher at 5.79. Thanks for the help.

 

[ddimit]

It actually still is a good deal - if you've got numbers I'm happy to run a cost comparison for you. Even at an 8% interest rate over 60 months it's still a financial win. I've got a spreadsheet with numbers ready to go.

Id like to see your spreadsheet, I had started working on one but not there yet. Pm me if your willing to share

 

[nldoty]

Id like to see your spreadsheet, I had started working on one but not there yet. Pm me if your willing to share

Let me make a working copy.

 

[nldoty]

Id like to see your spreadsheet, I had started working on one but not there yet. Pm me if your willing to share

Link to Google Sheet

A couple notes:
You can copy/paste rows 15-19 and they are locked to the above fields so you can calculate multiple bank terms/APRs as you like.
For line B25, the discount of 7500 is hard-coded. If you have an XLT and want to look at your discount, just change the formula value to (I believe) 1500 from 7500.

 

[ddimit]

A couple notes:
You can copy/paste rows 15-19 and they are locked to the above fields so you can calculate multiple bank terms/APRs as you like.
For line B25, the discount of 7500 is hard-coded. If you have an XLT and want to look at your discount, just change the formula value to (I believe) 1500 from 7500.

For some reason, it looks like it's just a screenshot here. I did find an online tool that did the same.

It seems counterintuitive as most just look at the interest cost versus the total cost.

For me, the total cost difference on a 5-year at mid 6's loan versus the promo rate was net $4732 savings on taking the $7500.00 This number also does not count if you pay it off early or refi at lower costs.

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