Financing the 2022 Lightning Purchase - Add Your Options

[Monsterdun]

Another Kudos to MyEECU

Some recaps

1. You don't have to be in the area where they have physical branches , as long as your truck is going to be registered in CA, you are qualified.

2. Very easy to join, simply donate $5 to their charity organization, no relationship or affiliation needed.

3. Some of the nicest customer support representitives I've ever encountered, very polite and with loads of patience.

4. They are still offering 72 month @ 2.99% (not as good as last month's 1.99%, but considering all the interest rate hike lately, it's still a very decent deal)

5. We got approved instantaneously online (with several other docs to submit) , we had bad experience with CAFCU and Parsons , but MyEECU is the real deal.

Highly recommending to anyone who lives in California to use them to finance for F150 Lightning. We are going to pick up or truck this Saturday.

i got approved with EECU for the 1.99, but dealer could not get me POnto hold rate,so jumped to 2.99.
looked at USECU in San Diego and got 2.58 for 60 months.....

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[metroshot]

My local CU who I’ve been a member with for 10+ years is now 4.74%. I was stunned when I saw that

Looked at PenFed lately?

7%

 

[trackstar1319]

I'm located in Florida and I went with 4.20% with gap and payroll deductions from my State Employee CU. My Ford dealership couldn't do better than 4.45%. I was hoping for a percent less than that, especially with the lenders telling me I qualified for their "best" rate. Both lenders did mention they just had another rate hike recently. At the end of the day I'm ready to roll out when my truck arrives here in the next few days.

 

[Samoflange]

I was originally approved for 3.19 for 72 months back in June by NFCU (my credit isn't perfect, I think the rates started at 2.79 for 72 mo at that time) and I thought I was rate locked for 90 days, but turns out the rate re-assessed at whatever the rates are at the time of purchase, so when I went to pick up the truck on Saturday my rate was going to be 4.19 for 72 months.

I was surprised when the dealer countered with 3.9 for 72 months from Ford credit. I remember reading back in May/June that Ford credit was starting with something absurdly high, over 5%.

 

[PiMatrix]

I was originally approved for 3.19 for 72 months back in June by NFCU (my credit isn't perfect, I think the rates started at 2.79 for 72 mo at that time) and I thought I was rate locked for 90 days, but turns out the rate re-assessed at whatever the rates are at the time of purchase, so when I went to pick up the truck on Saturday my rate was going to be 4.19 for 72 months.

I was surprised when the dealer countered with 3.9 for 72 months from Ford credit. I remember reading back in May/June that Ford credit was starting with something absurdly high, over 5%.

This is great to know that there is wiggle room with Ford credit, thanks!

 

[metroshot]

.....
I was surprised when the dealer countered with 3.9 for 72 months from Ford credit. I remember reading back in May/June that Ford credit was starting with something absurdly high, over 5%.

When was your order placed with Ford?

You may have received price protection when your order was placed, before the new Ford standard rates applied.

 

[Samoflange]

When was your order placed with Ford?

You may have received price protection when your order was placed, before the new Ford standard rates applied.

I placed the order near the end of April. For what it's worth, I don't normally trust a word the finance guys at dealerships say, but he seemed surprised about it as well. He said they've been complaining about how uncompetitive Ford's rates had been.

 

[metroshot]

I placed the order near the end of April. For what it's worth, I don't normally trust a word the finance guys at dealerships say, but he seemed surprised about it as well. He said they've been complaining about how uncompetitive Ford's rates had been.

Same time I placed my order as well.

My dealer could not touch the 3.49% for 84 months so he said I got a good deal.

 

[RidetheLightning]

Update on my situation if anyone finds it useful/interesting - truck arriving next week.

1. Was approved for 65k/3.64% for 84 months or $65k/2.64% for 72 months from USE CU. (they are in California, truck will be titled and kept in OR.) I would have gone with that rate if the dealership accepted out of state cashier’s checks. They do not, only a wire transfer, and USE CU does not do wire transfers. Neither party would compromise, so I can’t use USE.

2. Looked at local credit unions here in OR, and they range from 3.74%-4.25% for 72-84 months. The dealership said yes, I can use them but there will be a 10 day hold while cashier’s check clears. (yes, the dealership seems particularly difficult to deal with, but there’s no ADM, so I guess you take the good and take the bad) Dealership proposes Ford financing or a 10 day wait while check clears.

3. Current plan is to go through the dealer to take delivery of the truck sooner and then turn around and refinance through a local CU unless Ford rates are great. I know they’ll lose the commission this way, but I can’t wait while Jerome Powell and the Fed keep raising rates to refinance my auto loan. I would definitely try for a win/win with the dealership, but it looks like staying with Ford financing for a month or 2 would be a win for them and a lose for me as interest rates creep up.

Looks like I’m getting close to the end of a long journey with financing that started with me assuming in 2021 that I’d just be using DCU. At least by this point I know about what I’ll be approved for and how finicky some dealers can be.

 

[VTbuckeye]

Unfortunately there are many of us waiting for ordered a d built trucks knowing that there is nothing that we can do to get the vehicle sooner. Knowing that interest rates are going up and there is nothing that we can do about it. J Powell is trying to almost tank the economy because stuff costs too much. Yes there was extra currency added to the economy over the past couple years, but excess demand is not driving to his inflation. China (where much of the stuff is made for the world) is still intermittently shut down. This creates a scarcity of supplies so prices go up (not because there are extra dollars in search of extra supply). Unemployment is very low, so labor is more expensive. Fuel costs are high (gasoline has improved, but diesel is still pricey). So the cost to make and deliver and sell most things is higher and therefore it costs more and there is less of it ergo inflation. So somehow raising interest rates, making borrowing more expensive and making things cost more is going to make inflation better? I will be done with big purchases for a while once the lightning is in my garage, but this waiting is costing real money and there is nothing that we can do about it. I'd lock in today's rates for 30 days, but I'm not convinced that I will have the truck in 30 days.

 

[RidetheLightning]

Unfortunately there are many of us waiting for ordered a d built trucks knowing that there is nothing that we can do to get the vehicle sooner. Knowing that interest rates are going up and there is nothing that we can do about it. J Powell is trying to almost tank the economy because

I’m not an economist, and only time will tell if this is really the medicine we need, but there’s definitely pain with this approach, and we’re certainly getting our fair share. It’s a painful waiting game for sure watching your monthly payment tick higher with every Fed meeting as you wait for delivery of your truck. I can point to the guys who already got their trucks and their loans and say how bad I have it compared to them, but then there is a long line of people behind me who can point to me and those guys and say how bad they have it, and so on. It’s a tough situation all around.

 

[timothyedwards]

I ended up using a local CU and got 3.6% here in Ohio.

 

[lightningforum6]

I closed the deal with Parsons this week with a 2.49% interest rate for 84 months. The process went smoothly and they overnighted the check to the dealership. I would definitely recommend them.

When I told the dealership the rate I got, they did not even try to offer me anything. Just asked where I got it.

 

[SmokingtheMeats]

I closed the deal with Parsons this week with a 2.49% interest rate for 84 months. The process went smoothly and they overnighted the check to the dealership. I would definitely recommend them.

When I told the dealership the rate I got, they did not even try to offer me anything. Just asked where I got it.

That’s my plan but I’m waiting to apply until my truck is shipped so it doesn’t go over 30 days

 

[newF150]

I finally got in touch with a loan officer at Parsons. Needed 2 most current paystubs, proof that I currently have insurance and the purchase agreement which I can't send until the paperwork is done at the dealer. The rate I got was 2.79% for 72 months.

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