Found my new Maverick at MSRP! Joining the club!

[gametyme89]

Browsing Autotrader late last night, inquiring about every truck I saw listed (must be annoying). Got the call this morning from Ms. Brittney at Long-Lewis Ford Selma (Alabama). She said that a Velocity Blue XLT was available and that she was in the process of drafting up the sale with another customer but she felt like the guy was non-committal and was going to back out. She told me that I could apply for the credit financing to get the vehicle and whoever got the paperwork done first would get the truck. I wasn't exactly ok with running my credit without knowing for sure a vehicle would be waiting for me, but she ended up calling me back 10 minutes later to let me know the other guy backed out and his reasoning was that they found a Honda they liked. So she sent all the info over, the window sticker, everything and when I called her back once more to let her know I submitted my application, I finally asked about price. Any ADM or markups? I could hear her on speakerphone asking the sales-guy behind her "Hey, are we selling this truck at sticker?" and he simply said "yep!". So there you go!

I live in Louisiana but was able to do everything over the phone, text, and email. They asked for photos of my license, insurance documents, and pictures of my trade-in vehicle (2015 Ford Escape SE), after that I just had to wait a bit for them to call me back saying "CONGRATULATIONS!...". I am financing through FMC at 3.9% (much better than i thought i'd get) and after reading through all 22 eDocuments that they emailed me to sign, I can confirm that there were ZERO hidden or added fees to my sale. I am paying MSRP and TTL. That's it. They said they'll have it loaded up on a truck tonight for delivery tomorrow. The driver will notify me when he gets within delivery distance. They apparently offload the truck right at my home address, load up the trade-in, swap sets of keys, take my signed title (of my trade-in), shake hands, and drive away. What a convenient car shopping experience.. besides the months i've spent looking for one in the first place.

So I am technically (it's not here yet) the proud owner of a 2022 Ford Maverick FWD EcoBoost Velocity Blue XLT with full-size spare tire and the XLT Luxury package w/ spray-in bedliner. I will post pics whenever the vehicle arrives!

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[NJ Pinelands]

Congrats !! How many months is 3.9? Did they charge you a fee to deliver it?

 

[James St. Patrick]

 

[gametyme89]

Congrats !! How many months is 3.9? Did they charge you a fee to deliver it?

72 months. I don't have great credit so I was expecting much worse. I picked 72 because it seemed like the standard financing option on all the other car buying websites I was looking at. My credit is around 640 prior to the hard inquiry this morning. Is that rate bad? I felt like I got a deal LOL.

I went through my contract and I can't see any type of dollar amount or itemized line for the delivery process, but I'll get back to you on that.

EDIT: No charge for delivery. Guess I don't live far enough away for them to care about that. Finance Manager confirmed it with me while he walked me through all my documents and what they meant.

 

[TooManyVehicles]

Given that "official" inflation is 7%, 3.9% on a loan is OK.

Having said that, 72 months is a LONG time when it comes to a vehicle loan. Unless the market continues its crazy ways (used vehicle prices going up), you will be UNDERWATER on the loan for quite a long time.

Congrats on the truck and snagging this at MSRP! (But start working on that credit score and more importantly having a GOOD down payment the next time.) Why?
Ford is currently offering 0% for 36 months for those with good credit
0.9% for 48
1.9% for 60

Again, congratulations on the new truck!

 

[jc888888888]

72 months. I don't have great credit so I was expecting much worse. I picked 72 because it seemed like the standard financing option on all the other car buying websites I was looking at. My credit is around 640 prior to the hard inquiry this morning. Is that rate bad? I felt like I got a deal LOL.

I went through my contract and I can't see any type of dollar amount or itemized line for the delivery process, but I'll get back to you on that.

you got a great deal !

 

[gametyme89]

Given that "official" inflation is 7%, 3.9% on a loan is OK.

Having said that, 72 months is a LONG time when it comes to a vehicle loan. Unless the market continues its crazy ways (used vehicle prices going up), you will be UNDERWATER on the loan for quite a long time.

Congrats on the truck and snagging this at MSRP! (But start working on that credit score and more importantly having a GOOD down payment the next time.) Why?
Ford is currently offering 0% for 36 months for those with good credit
0.9% for 48
1.9% for 60

Again, congratulations on the new truck!

Believe me, I've been working on it. This time last year my credit was in the low 500's from mistakes made years ago. I am happy to have what I currently have, but there is work still to be done. I wasn't even planning on buying a vehicle right now. I just liked to 'window shop'. Only reason this happened was because the deal fell into my lap with the lady calling me as someone who inquired about these trucks months ago.

 

[TooManyVehicles]

Believe me, I've been working on it. This time last year my credit was in the low 500's from mistakes made years ago. I am happy to have what I currently have, but there is work still to be done. I wasn't even planning on buying a vehicle right now. I just liked to 'window shop'. Only reason this happened was because the deal fell into my lap with the lady calling me as someone who inquired about these trucks months ago.

That's great! Keep going, it is a game of inches.

A couple things I did (long ago) that helped me:
1) If your payment is $x, pretend to yourself that it is really $x + $y, and save that money each month. At first, just put the $y aside (e.g. in another savings account), but after it starts to be a couple months payments, start paying down the loan faster than the 72 months (a little bit at a time). That way you have some emergency $ just in case, and also can pay the loan off earlier.
2) Once you DO get the loan paid off early , keep pretending that you have a vehicle payment...but not to Ford (or whoever), instead to your NEXT vehicle purchase. That way you can accumulate a big down payment, or even better someday be in the position of buying upfront (for cash).

 

[OTACORB]

Nothing wrong with financing for 72 months if it makes your notes more affordable for your current situation. Then as your situation improves or you are able to make larger payments you can do that. I've done this many times over the years and usually end paying them off much, much sooner. That also reduces your finance charges too. The weird thing about credit reporting agencies is when you do pay it off, your dang credit score will drop. But usually it's temporary.

Congrats on your Maverick find and I hope you enjoy it! Sounds like you got a great deal from a good dealer! Maybe one day we can have us a Louisiana meet up with all our other LA Mav owners!

 

[dgnx6]

Too soon

 

[lmellberg]

Nothing wrong with financing for 72 months if it makes your notes more affordable for your current situation. Then as your situation improves or you are able to make larger payments you can do that. I've done this many times over the years and usually end paying them off much, much sooner. That also reduces your finance charges too. The weird thing about credit reporting agencies is when you do pay it off, your dang credit score will drop. But usually it's temporary.

Congrats on your Maverick find and I hope you enjoy it! Sounds like you got a great deal from a good dealer! Maybe one day we can have us a Louisiana meet up with all our other LA Mav owners!

FYI - when the time comes, Capital One offers some great refinancing deals on cars.

 

[James St. Patrick]

72 months. I don't have great credit so I was expecting much worse. I picked 72 because it seemed like the standard financing option on all the other car buying websites I was looking at. My credit is around 640 prior to the hard inquiry this morning. Is that rate bad? I felt like I got a deal LOL.

I went through my contract and I can't see any type of dollar amount or itemized line for the delivery process, but I'll get back to you on that.

EDIT: No charge for delivery. Guess I don't live far enough away for them to care about that. Finance Manager confirmed it with me while he walked me through all my documents and what they meant.

Considering your credit score, your rate is really good. If you can manage it, try adding some extra cash to pay off the loan in 60 months. Also, do not be late.

 

[James St. Patrick]

Too soon

Nope, he is locked in, paid MSRP, and received a good rate.

 

[Meintc]

That's great! Keep going, it is a game of inches.

A couple things I did (long ago) that helped me:
1) If your payment is $x, pretend to yourself that it is really $x + $y, and save that money each month. At first, just put the $y aside (e.g. in another savings account), but after it starts to be a couple months payments, start paying down the loan faster than the 72 months (a little bit at a time). That way you have some emergency $ just in case, and also can pay the loan off earlier.
2) Once you DO get the loan paid off early , keep pretending that you have a vehicle payment...but not to Ford (or whoever), instead to your NEXT vehicle purchase. That way you can accumulate a big down payment, or even better someday be in the position of buying upfront (for cash).

Great advice. That's what I've done my whole life.

 

[Meintc]

Also, do not be late.

This

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