Does the payment clock start when paperwork is signed or when truck is received? So this would be a way to have locked in MSRP? If when paperwork signed and I went 0%-36 I would have paid $4200 +/- and still not have build date!
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The payment clock has started. Not a concern for me since I get paid once a month and I have 45 days until the first payment so my payment will come out of the same paycheck regardless.Does the payment clock start when paperwork is signed or when truck is received? So this would be a way to have locked in MSRP? If when paperwork signed and I went 0%-36 I would have paid $4200 +/- and still not have build date!
My truck is 16 miles from my house at the railyard waiting to be transported to the dealer.
Should be ok but a few had their vehicles sitting in a rail yard for several weeks.
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If mine ever arrives, I am going to write a check for the total.
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My credit union is still 1.94% for 60 months. I'll go with them if they are still at that rate when the truck arrives. I plan to put around 60% down so a 1% increase really won't affect me much. My Plan is to pay off within 36 months and decide if I want to trade in on something electric.
Yep this is what we did. We went through our local credit union because we bank with them and it makes scheduling payments and throwing extra payments easier.
We financed $15K of the Mav for 60 months @ 1.99% so not to bad.
I had planned on 36 checks but now will probably "earmark" $28,500 in fidelity account and transfer payment monthly out of that account (gotta keep life interesting) to 66 month 1.95% CU loan. (Yet another earmark spread sheet in that account AKA bean counters paradise)!
Unfortunately, this is a situation that will likely only get worse as the year goes on. You can expect to pay roughly a full percentage point more interest if the Fed follows through on its plan to implement 3-4 rate hikes in 2022. Still, if you expect (as I do) that the prices of 2023 models will only be higher and that interest rates will only continue to rise for the foreseeable future, then getting your 2022 Maverick order and paying a little higher interest rate is still going to be a good deal vs. buying a 2023 model that will cost you more upfront and likely have higher finance charges as well.
One note that may be helpful to some folks is this: my dealer told me that once a VIN is issued for my vehicle, I can go ahead and set up the financing. So, for those of you with trucks due to arrive in the near future, it may be advantageous to do that and lock in whatever rate Ford credit may be offering at the time. However, keep in mind that Ford credit updates its offers monthly, and if you lock in today, there may be a better offer in March or April than there is in February. Not likely given the current interest-rate environment, but not out of the question. So, before you lock in, I'd just make sure to get a firm answer (in writing) from your dealer that IF a more attractive interest rate offer is made at the time you take delivery, that you can take advantage of the lower rate.
Now, if you are looking to finance elsewhere, through your own bank or credit union, for example, then this probably does not apply. However, you could always still call your bank once you have the VIN for your vehicle. They may also be willing to lock you into a rate while you wait for the truck to show at the dealer. Can't hurt, anyway.
One note that may be helpful to some folks is this: my dealer told me that once a VIN is issued for my vehicle, I can go ahead and set up the financing. So, for those of you with trucks due to arrive in the near future, it may be advantageous to do that and lock in whatever rate Ford credit may be offering at the time. However, keep in mind that Ford credit updates its offers monthly, and if you lock in today, there may be a better offer in March or April than there is in February. Not likely given the current interest-rate environment, but not out of the question. So, before you lock in, I'd just make sure to get a firm answer (in writing) from your dealer that IF a more attractive interest rate offer is made at the time you take delivery, that you can take advantage of the lower rate.
Now, if you are looking to finance elsewhere, through your own bank or credit union, for example, then this probably does not apply. However, you could always still call your bank once you have the VIN for your vehicle. They may also be willing to lock you into a rate while you wait for the truck to show at the dealer. Can't hurt, anyway.
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My dealer in Texas verbally told me the same thing. I expect some dealers use their commission on the financing to pay for things like buying down finance rate or I have seen some dealers claiming to pay up to $1,000 shipping cost if they also finance vehicle loan! Etc...
My dealer sort of agreed with both of those ideas, but he was uncertain. FWIW, here's what he did to try to make sure that I would get the 0%-36 month deal.
As soon as I got my VIN he went into a system called "Smart Vincent" (don't ask, I didn't) and made some entries regarding my deal. Then he printed out the incentive page for my deal, gave me a copy, and put a paper copy in my file there.
He said that doing that would attach the incentives available at that time to my deal - in the computer record - so that I would have the 0% locked in. (Or so he thinks... we'll see.)
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That is what I was told. Also that they will honor the price if it turns into a 2023 model.
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