Financing the 2022 Lightning Purchase - Add Your Options

[Pjlightning]

Shout out to the OP that posted about the CAFCU promotion.

I was able to 'soft-lock' the 1.74% with 20% down for 60 months 60-90 days ago. Then at the last minute I asked to change to $0 down and then offered 1.99%.

Was not the smoothest process, somewhat antiquated but we got it done!

The best I could fine elsewhere (in CA) was 2.39% with 15% down for 66 months.

Glad it worked out !

I’m happy to have stumbled into them right before I was about to take a higher rate from DCU.
I had my doubts too at times, they’re definitely a little antiquated, but the anniversary rate special could not be beat !

Really great to hear that they locked in these super low rates for people still awaiting delivery, in the face of a rapidly rising rate environment this summer.

now look for the handwritten “thank you” note from them in mail - a very nice touch at the end of it all that I wasn’t expecting to show up.

enjoy the truck ! It’s awesome

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[CRAIGC540]

Glad it worked out !

I’m happy to have stumbled into them right before I was about to take a higher rate from DCU.
I had my doubts too at times, they’re definitely a little antiquated, but the anniversary rate special could not be beat !

Really great to hear that they locked in these super low rates for people still awaiting delivery, in the face of a rapidly rising rate environment this summer.

now look for the handwritten “thank you” note from them in mail - a very nice touch at the end of it all that I wasn’t expecting to show up.

enjoy the truck ! It’s awesome

Thanks for the tip..
This forum has helped me get the lightning. All the tips and discussion really helped, Well that and a little luck.

 

[Pjlightning]

Thanks for the tip..
This forum has helped me get the lightning. All the tips and discussion really helped, Well that and a little luck.

glad to help. And agreed- I’ve gotten so much help from this forum too - really a terrific group of folks providing a resource to gather ideas, tips, how-to’s, and especially education on EV’s for a 1st timer like me.

 

[lightningforum6]

I learned about the Parsons rate here, so I thought I would share my experience in case it can help others.

07/24 - Applied online (I thought I applied for both the membership and loan at the same time)
07/26 - Received call/email about online account setup
07/28 - Called to check on loan status; discovered that despite clicking to apply for the loan and then saying I needed to apply for membership too, it only applied for a membership and not both; applied for the loan; got an email asking for paystubs; sent paystubs
08/01 - Called to check on loan status, but Brad was busy
08/02 - Talked to Brad; we discussed my planned loan amount and down payment; he said I was good to go at 2.19% for 84 months; asked about rate lock; he said only 30 days, not 60; said it would auto renew for another 30 days at current rate (2.29%) after that; he sent me an email and told me to stay in touch about timing of the truck delivery; they need the PO to complete the loan; they will expedite the check to the dealer after that

Overall, I think it has gone fairly smooth so far. I followed up more frequently than I normally would since rates were about to change due to the Fed meeting. Parsons has been pretty easy to contact in my opinion and the rate is far better than I have seen elsewhere. Based on my conversation with Brad, it sounds like they are getting a lot of inquiries about loans from soon-to-be Lightning owners.

 

[jpepper07]

I called my dealer today he says the lightning is built and awaiting shipping.
Also called EECU for 1.99@72 months and was told you do not have to live in there servicing areas. I did read while apllying online and getting auto approved that the vehicle has to be registered in California. I have to upload a signed perchase order, dealer say can not do that until it shows as inventory. So I sent him my order summary which shows my $500.00 deposit which she also said was needed. He will sign it and send it back to me. I also have to become a member and make a donation. The purchase order is needed to lock in the 1.99 which ends next week on the 30th.

https://www.myeecu.org/home/loans-credit-cards/auto-rv-boat#vehiclerates

Did they approve you even though you don't live in CA?

 

[CRAIGC540]

Did they approve you even though you don't live in CA?

I am in California.

 

[PiMatrix]

Did they approve you even though you don't live in CA?

I did write to them to try to get those fantastic rates. I live in NY, they replied:

Thank you for your email. We are locally based in the central San Joaquin Valley. If you have an account with EECU, you may apply for an auto loan, however the vehicle must be registered under California.

But registering in CA I think would remove any advantage of interest rate I think.

 

[jpepper07]

I did write to them to try to get those fantastic rates. I live in NY, they replied:

Thank you for your email. We are locally based in the central San Joaquin Valley. If you have an account with EECU, you may apply for an auto loan, however the vehicle must be registered under California.

But registering in CA I think would remove any advantage of interest rate I think.

I don't have an address in California to use. So I don't think I can register in CA. Not sure what pro or cons there would be if I could.

 

[olliegator]

I did the purchase process online - took the Ford financing (4.99% for 72 months). I have private financing lined up once I take possession through a local CU (at 3%, fine by me as I will pay off next spring).

One other note for those that have less-than-perfect credit: my buddy just completed his purchase and was able to get 8.99% for 72 months with ~600 score through Ford with 10% down. He does have high income ($300k/yr). Haven’t seen many posts talking about bad credit, so figured I would add that here.

 

[Aspesi4]

I should be taking delivery of my Lightning next week and have two credit unions lined up. Parsons at 2.49% 84 months and MVCU for 3.24% 84 months as a backup to Parsons. So far though, Parsons has been fine.

 

[Sdctcher]

Just a Repost of an idea for those who plan on putting down some cash and you have a Ford Visa Card:

My dealer will allow me to put up to $5,000 on my card (which I will pay off in a month or two when billed).

This will get me 50,000 Ford points to use to buy Ford Accessories and Ford Visa will give me a $200 credit if I spend $6,000 in a year.

Every dealer will have different limits though since they will be charged a fee on cards by Visa.

 

[Monsterdun]

I called my dealer today he says the lightning is built and awaiting shipping.
Also called EECU for 1.99@72 months and was told you do not have to live in there servicing areas. I did read while apllying online and getting auto approved that the vehicle has to be registered in California. I have to upload a signed perchase order, dealer say can not do that until it shows as inventory. So I sent him my order summary which shows my $500.00 deposit which she also said was needed. He will sign it and send it back to me. I also have to become a member and make a donation. The purchase order is needed to lock in the 1.99 which ends next week on the 30th.

https://www.myeecu.org/home/loans-credit-cards/auto-rv-boat#vehiclerates

I am based in CA and have family in the Central Valkey. How do u do the donation to become a member?
My lightning is built but not shipping until mid Sept.

 

[CRAIGC540]

I am based in CA and have family in the Central Valkey. How do u do the donation to become a member?
My lightning is built but not shipping until mid Sept.

I have to call to give donation.
I'm waiting for a signed copy of my order that they need.

 

[Monsterdun]

I have to call to give donation.
I'm waiting for a signed copy of my order that they need.

Thx.. can u pass me ur contact with the bank?
I just applied to see if I get approved

 

[CRAIGC540]

Thx.. can u pass me ur contact with the bank?
I just applied to see if I get approved

I was instantly aprooved online. I will be calling them tomorrow to finalize everything. My dealer sent me a signed copy of my order so I'm uploading it to them tonight. Everything is online except calling to give the donation to finalize membership.

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