2022 Loan to truck value not great.

[Robo165]

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!!

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[frautumn]

Based on the price, it sounds like you have a Lariat with the 511A package (sun roof, ER battery, a few other things), which is probably what they included when pricing your vehicle. The 511A package cost ~$10k I believe. A base '22 Lariat was ~$67k before price increases. Factoring in the tax rebate you paid ~$72K, so $56k for a year old truck sounds about right to me. You don't mention mileage.

 

[Amps]

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.

It's not germane, but this time line doesn't add up. It's been less than two years since the unveiling May 19, 2021 and deliveries started about 11 months ago. The first truck delivered has a thread on this site directly from the owner.

As to the refi, how much did you lower the original rate? Loan rates have gone up a lot since the trucks were first being delivered. It sounds like you have an XLT if you paid $20,000 to get the Extended Range battery and the used value was computed assuming an SR battery. Try getting an offer for your truck on Carvana or Vroom. I'd complain to the bank if they low-balled you that much.

 

[Robo165]

Sorry. You are correct on my incorrect dates. I took delivery in 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.

 

[NCMike]

I just check nada for my larait and it showed mid 70s for my truck with 21000 miles. I think that's fair since I paid 80 for it before the tax credit. My loan rate back in july was 2.45 I think.

 

[astricklin]

Look at listings for used trucks, there's no way it's only worth $56k.

However if that's truthfully what they're going to be selling for soon, I'm totally not taking delivery of my $53k pro if I can get an ER truck for basically the same price that's less than 2 years old.

 

[kwalt21]

This is my Lariat EXT range today based off options and miles. More than I paid for the truck still! Though, I doubt it stays like this much longer.

 

[Amps]

I ran a kbb.com using Robo's zip code with XLT in Agate Black 10k mileage and got lowest price ~$61k with SR and $71k with ER battery and the package to get the XLT with an ER battery, no other options. That's not really a loan value, but it's as close as I can get without a VIN.

Barring any unusual factors, the loan officer didn't do the appraisal correctly. You can see on the kbb site how he could have breezed right by the Powertrain tab where the ER battery option is. I'd complain.

 

[PA Lightning]

Sorry. You are correct on my incorrect dates. I took delivery in 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.

Are you sure you are not confusing loan value with resell value?

 

[lakeguy55]

I'm still trying to understand your statement of $20K for the ER battery. That package has always been in the $10K range. If you paid $20K than that implies you paid dealer markup. Given most trucks are now going at MSRP, any ADM fees paid would be sunk cost having nothing to do with the actual value of the used truck.

 

[Zprime29]

I'm still trying to understand your statement of $20K for the ER battery. That package has always been in the $10K range. If you paid $20K than that implies you paid dealer markup. Given most trucks are now going at MSRP, any ADM fees paid would be sunk cost having nothing to do with the actual value of the used truck.

As @Amps pointed out, ER for XLT is a whopper of an upgrade. Builder shows $63,474 for SR and $80,974 for ER. Pretty darn close to $20k.

 

[F150ROD]

KBB won’t even give me a value ….. hmmmm

 

[Garyl]

I'm still trying to understand your statement of $20K for the ER battery. That package has always been in the $10K range. If you paid $20K than that implies you paid dealer markup. Given most trucks are now going at MSRP, any ADM fees paid would be sunk cost having nothing to do with the actual value of the used truck.

To get the ER battery upgrade ($10K) you also had to add an addition option package at $10K hence an ER equipped truck was $20K more expensive(round numbers).

 

[Replika]

I got $69k for my '22 Lariat ER ($82k MSRP) with over 10k miles. That was the best offer by $2k. Purchasing dealer is attempting to make $5k and good for them if they can.

Forget KBB, etc. since they don't buy cars. Dealers are looking at auctions for value.

Get a quote from CarMax, Vroom, Driveway, Carvana, etc. That's the market value.

 

[Oneand0]

Just tried Edmunds. $77,518
Lariat ER.

Thats 1k less than I paid for it, after my $7500 tax credit.

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