Well, you can quit making payments for one. Not saying it’s a the best solution but could help if it is like a lemon law issue etc. once it’s paid for, your all in
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Maverick financing vs investment challenge
- Thread starter Maverick123
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You'd trash your credit score because some Ford dealer didn't see your point of view on a warranty issue or something?
I've financed a lot of cars, but I've never met a bank or credit union that cared about much other than payment due dates once the loan was executed...
Lemon laws apply regardless if its a cash sale or financed. Stopping payments is a bad idea. It will get your truck repossessed. You'll have no truck, bad credit and a bunch of additional cost to get it back.
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- #19
I will not prepay my house because I have a 2.625% interest rate and I could get more on my money in a money market account and just use that money to pay off the house should the need arise.
But my opinion is to pay off anything that loses value as soon as possible. So, I personally would have not financed if I had the cash to buy it outright. After all, you invest to have money to buy things. So, buy thing.
But my opinion is to pay off anything that loses value as soon as possible. So, I personally would have not financed if I had the cash to buy it outright. After all, you invest to have money to buy things. So, buy thing.
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- Thread starter
- #21
Also, isn't mortgage interest tax-deductible in the USA? If so, that's a no-brainer
If you itemize. I've yet to exceed the standard deduction.
It could be me, here:
https://www.mavericktruckclub.com/f...d-loan-for-my-25-maverick.63547/#post-1099763
I bought late march, it went upside down with tariffs, and is now up about $1,200 over the loan balance ($42,125 balance as opposed to $40,943 payoff as of yesterday's close).
I plan to update it quarterly.
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- #24
Yup, that's the thread I was thinking of. Looking forward to your updates, thanks!
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I opted for pay for it, my 23 xl eco, with matts ,trifold bed cover ,hitch, full spare, was $26,200.00 CASH ,out the door, taxes ,tag,destination all include. My forever car, unless someone totals it on me. Praying that does not happen.
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Similar kind of time frame, but my wife's DD PHEV Escape. Actually having to replace her DD about a year and a half too early, so bit of a short notice cobbled together plan. Anyway, could have pulled investments and paid cash, but they'd already downturned since start of year, the price of vehicles might have taken a huge tariff spike so didn't want to wait and see too long, because not sure how long we'd got. Anyway, turned out we could get 0% finance rate on it for a one week special offer, yay. So put just enough deposit out of cash account on it to defray 6months depreciation and took the rest on 0%..
Roughly I think it might have looked about 15% under water for a week when the stocks took the biggest dive, because if we'd got it out sooner it wouldn't have done that. But since sectors where we were still in were less affected, it's bounced back about 7% over what it was at time of purchase, so I guess about $3000 up on the deal so far.... apart from the depreciating asset thing. But yeah, 2 or 3% inflation and the investments staying flat it's free money still. Still would have been better going to cash in Jan and rebuying the dip of course, but my crystal ball must have been on the blink or something. (And didn't know we needed a vehicle replacement until a few weeks in)
Anyway that was an on the fly move to get the wife sorted. It was a different piggybank that I was planning to raid for my Mav, though that's wavering and not looking real strong, so I am wondering whether to maneuver for advantage for that, instead of just cash out, supplement with a few dribs and drabs from elsewhere and pay outright for Mav. Thing is though, personal income is sporadic, kinda self employed, haven't had credit in my name in years, so my own credit score not real strong, and wife's is super strong but probably tapped out now. (BTW can't make a real strong case for claiming vehicle for business so awkward there too.) So even if I lucked into a zero percent deal again, does not seem likely on Mav, it's highest purchase interest most of the time, I don't know if I am very likely to qualify.
So thinking broad strokes about strategy for the Mav and wondering if prepaid leases are a thing with Ford, and then what conditions I would trip over and such. Wife does too many miles to lease, numbers go silly. I would be more in the range. Other makes I've heard of it where you stump up about 3rd to half value of vehicle and it's yours for 3 years, not much bother. Basically like monthly or biweekly paid 3 year only you make a lump payment. Anyway, at least that would leave me about 20k in play for 3 years and possibly make enough on it to defray costs, lease interest, and make a sliver on top vs, guaranteed loss of appreciation on the lot if Mav paid for up front.
- Thread starter
- #27
yes you can get prepaid lease.
IIRC 2 weeks ago it was 5.99% standard lease, 4.99% finance and the prepaid lease was less than 4.99% but I can't remember the exact number
I actually made a new "piggybank" to put the funds in!
I'm retired, and my income is almost entirely non-taxable! Most of what showed up on my 1040 was from partially converting non-Roth to Roth to take advantage of the size of the standard deduction.
One credit union rejected my application for not having any verifiable income! Navy Federal was fine with it. It did take time to put together a chart, but I made up a multi-year table separating gains from flow in and out, as well as calculating multi-year returns.
US Bank also told me that they can deal with this for a mortgage.
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Found some Toronto dealer putting figures up for 24mo prepaid on $36k CDN MRSP Broncs, and it was about 12 and a half plus freight and PDI. Interest was 4.25 IIRC not sure if "regular" or promotional though. Though actually everything seemed kinda in that range, not sure if due to lower depreciation on the higher ticket stuff or what. Anyway, seemed good enough to confirm I could get something figured.
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Well, this looks like it's really not the month to be leasing a Maverick in Ontario, Canada. Found some dealer sites with lease examples/calculators. The lease rate is bad on the Maverick now, 5.99% vs purchase at 4.99%. On top of that, 2 even 3 year residuals, end of term buyouts are like only 5k less than the purchase price, what? What exactly is the 15-20k I am paying notional interest on then and paying off for loss of value?? Or why is it gonna be worth the same in 3 years as it effectively is a day after I drive it off the lot, the "used" instant price drop. I realise the early years actually got some value retention even slight gain because of demand and general market weirdness. I thought the market had demonstrated that that wasn't going to persist with late 23 and 24 models reselling.
IDK what's going on with them at the moment, but yeah numbers look bad on Maverick leases... they look "What about if I just called a cab and left the meter running for a couple of years"? bad. Appears to cost less to lease a Lexus. Offers on other Fords at the moment are pretty decent, but why do I want two Escapes, or a bigass F150.
IDK what's going on with them at the moment, but yeah numbers look bad on Maverick leases... they look "What about if I just called a cab and left the meter running for a couple of years"? bad. Appears to cost less to lease a Lexus. Offers on other Fords at the moment are pretty decent, but why do I want two Escapes, or a bigass F150.
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