2022 Loan to truck value not great.

[MillieChliette]

The only disgusting thing here is how incompetent that loan officer is.

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[COrocket]

Took me a year and a half from Ford’s unveiling of the 2022 F150 Lightning for me to take delivery. My original cost was somewhere over $80,000. I decided a year and 8 months later to do a refi on my truck. The fist thing I ran into was the KBB and NADA Price for my exact truck is around $56,000. That’s including all the bells and whistles in my package. I asked if that included my $20,000 extended battery and the loan officer said there wasn’t an option for batter type. I decided to move forward with the refi to lower my original apr and ended up having to pay $11,778 down just to complete the refi. I’m seeing threads on totaled F150’s and I’m not seeing the value assigned, so how bad are we gonna get raped on resale? Just throwing it out there!! Sad!!

Keep in mind that $56,000 is a very conservative number. Basically if the bank had to repo the truck and send it to a used car auction that's what they'd think is a safe number to recoup. Obviously if you went to sell your truck you should be able to get a better number on trade in and even better number on a private party sale.

 

[LightningCanuckNB]

I don't think any of these numbers are worth the paper they are written on. These trucks are still very hard to get. People are still selling ~ 1 year old trucks at a profit. Ford still has not opened up volume orders. It will be quite some time before these start to depreciate significantly.

 

[Txxthie]

June 2022 and yes it’s the XLT And my original rate was 7.84. The new rate is 5.25. So well worth the quick refi. I paid the difference anyway since I could. And the loan went through. The reason for my thread was to generate discussion on resale value. If anyone else is getting low balled like that.

You bought at the height of the market when demand was high. Lots of people on these forums were clamoring to get $80K+ Lightnings, now not so much. FWIW: TMY was $67k in June 2022 and now it’s $53K plus a $7500 tax credit. You can also get one within a week now.

The average new vehicle car payment is $1k month which is only going to end badly.
Financing a $80K truck at 7.84% was a mistake and then paying a fee to refinance was also a mistake. Any EV savings are eroded from paying interest and fees. Refinancing makes sense for houses not vehicles. You should have sold the truck to lower your payment. You would have then found out what the actual resale was.

 

[eRockBoon]

Any EV savings are eroded from paying interest and fees.

Do people buy lightning to save money?

 

[jimfigler]

Took me a year and a half from Ford’s unveiling of the 2022 F150 Lightning for me to take delivery. My original cost was somewhere over $80,000. I decided a year and 8 months later to do a refi on my truck. The fist thing I ran into was the KBB and NADA Price for my exact truck is around $56,000. That’s including all the bells and whistles in my package. I asked if that included my $20,000 extended battery and the loan officer said there wasn’t an option for batter type. I decided to move forward with the refi to lower my original apr and ended up having to pay $11,778 down just to complete the refi. I’m seeing threads on totaled F150’s and I’m not seeing the value assigned, so how bad are we gonna get raped on resale? Just throwing it out there!! Sad!!

How bad was your original financing to make it worth doing this?

But I do agree about resale. People who paid big bucks, especially those 90k plus platinums are going to be in a world of hurt if they want to sell or trade in after a couple of years.

 

[Regular150]

When you finance/refinance, if the bank isn't going to adjust for options that's not a bank I would do business with.
F250 XLT gas truck is a lot less than F250 XLT Diesel by over $10k. If the bank doesn't adjust for as built I would leave.

 

[Tony Burgh]

Do people buy lightning to save money?

Some misguided individuals bought thinking they would make money on the truck. Then are anger that they didn’t.

 

[rdr854]

Vroom just quoted me $58K for my truck. No place to indicate whether it is a standard range or extended range. One can only assume that the VIN takes care of that for them since it allegedly had to be reviewed by staff before the quote was emailed out.

 

[RickLightning]

I don't think any of these numbers are worth the paper they are written on. These trucks are still very hard to get. People are still selling ~ 1 year old trucks at a profit. Ford still has not opened up volume orders. It will be quite some time before these start to depreciate significantly.

No, they are not hard to get.
Anyone paying more than MSRP for a new truck, or above MSRP for a used truck, isn't looking very hard.

 

[LightningCanuckNB]

No, they are not hard to get.
Anyone paying more than MSRP for a new truck, or above MSRP for a used truck, isn't looking very hard.

They are indeed very hard to get depending on the market you are in.

Not everyone wants to spend thousands of dollars shipping vehicles across the country.

Until you can walk onto any dealership lot in the country and buy one and leave the same day - like you can with any other high-end vehicle - they are supply constrained. Ford is not even taking orders on them.

 

[Zprime29]

No, they are not hard to get.
Anyone paying more than MSRP for a new truck, or above MSRP for a used truck, isn't looking very hard.

When I got mine in Feb, not a single truck within 500 miles of Tucson, AZ was even at MSRP. That said, no I didn't bother looking farther away. I was already a little hesitant about purchasing from out of state, as that was a big unknown process for me. If I were to do it again, I'd have looked nation wide. Might have been able to save $2000 or so. No regrets though, I'm quite happy with the purchase, even at $4k over MSRP I still saved over ordering a new 2023.

 

[Replika]

Some misguided individuals bought thinking they would make money on the truck. Then are anger that they didn’t.

My thought going into the purchase late last year was if I didn’t like it I probably wouldn’t get hammered on resale. I lost about $10k which isn’t bad, about what I expected.

 

[detansinn]

New Lightnings are very hard to come by. Those dealer listings you see are customer ordered vehicles and if you were to inquire, you would learn that the truck is actually not available. It’s a fluke of Ford’s dealer web solution that customer builds appear on site.

You can find used Lightnings (mostly standard range) that are being sold at or above sticker. The market for these trucks is strong at the moment, because the waits are long and trucks are so hard to come by. Transaction values reflect that. Ford increasing the price of new Lightnings will just further bolster used values.

That actual market value is not going to be reflected in a vehicle refinancing scenario. It’s not surprising that such a pessimistic value would be used in a refi scenario.

There’s nothing broken with Lightning resale values. I suspect that they will perform as well as or better than ICE F150s. Like the ICE trucks, long option sheets will be money out the window in the long term.

I intend to keep mine for a decade or longer. The value that I get out my truck is where I travel and what I haul in it. I will get much greater ROI enjoying it than flipping it for the next “thing”.

 

[jmc6020]

I picked up a ‘22 Lariat in December that was ordered by the dealer. At the time I asked them why they were able to order when I had a reservation and had not received an invitation. They told me that Ford allowed their top dealers to order one Lightning. Fast forward 4 months later and that same dealer has two trucks identical to mine sitting on the lot. They are both used and less than 2,000 miles and have been sitting there for weeks.

That is concerning to me because why did two people move on from their Lightnings after such a short time?

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