Maverick Financing / Lease Guaranteed Approval Program [Valid Until March 31, 2022]

[huunvubu]

Welcome to your next audit - anything over 10K is reported ...............

Only if you bring $10K or over in actual cash to the deal.

Never do that. Only drug dealers looking to launder money do that (bring actual cash).

Bring your checkbook.

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[gearboxphilly]

I went to dealer and locked in the 1.9% already. My order is now locked. I'm not changing my mind and though 1.9% was ok to finance 1/3 to half of it because the monthly payment of about 225.00 fits my budget fine since my 0% Prius budgeted loan was 237.00 and will be paid off in 3 months.

My dealer told me I couldn't lock the rate till a VIN is issued. These special financing rates have been extended every month since June. So I'm hoping they'll still be there in December.

 

[jtpc2021]

What a wind bag. Took him 5 minutes to get to his first point.

How rude.

 

[elticual]

Point #1 debt is cheap.

His example of 1.99% 48 months loan is a money losing proposition for me currently earning 0.5% in my saving account.

I only plan to finance if the 0% 36 month loan with no fees is available as that would actually earn me 0.5% by keeping the cash in my savings account over the life of the loan.

You're not intended to make money on savings accounts, and just like the stock market it can go to 0.1% like it was a few years ago.

Point #2 invest the extra cash in the stock market.

So he says to the financial unaware go gamble your money in the market even though it is currently at a very high peak and has days like the $600 drop that the Dow experienced last Monday.

I have investment accounts (IRA's, 401K's) for stock investing. I keep my savings away from investing as those savings assets need to be readily available.

The financially unaware (a separate entity from the retirees claiming cash is king) are the ones using cash to buy hugely expensive "assets" that depreciate immediately off the lot. The rate of return on simple index funds is higher than 1% YOY right now. He's not saying YOLO into GME.
Pointing at Dow dropping only $600 in a day is not how you should be looking.

Throwing 20-30k down the drain is in almost all cases in our capitalist society a "bad idea". Capitalism sucks, but at least make your money work for you. Plus, credit companies have made an entire ecosystem around how well you handle credit, so if you finance and make payments on time you'll increase your credit score more than the ding to checking it will ever cause.

 

[Old Ranchero]

Only if you bring $10K or over in actual cash to the deal.

Never do that. Only drug dealers looking to launder money do that (bring actual cash).

Bring your checkbook.

that's how I did my last vehicle purchase. Wrote them a check for $27.5k and gave them my trade in. Never a word mentioned about IRS reporting requirements.

 

[Old Ranchero]

I am married and my wife is an accountant ... and we share ALL expenses including my toy expenses.

Also According to FICO, a hard inquiry from a lender will decrease your credit score five points or less. If you have a strong credit history and no other credit issues, you may find that your scores drop even less than that.

I understand your situation however.

Arrangement we have works good for both of us, but her hobby is horses and that costs way more than my old motorcycles. I opened a new credit card account in May 2018 and got a hard inquiry. We also got a new home mortgage in September 2019, and another hard inquiry. Then we refied the same house May 2020- and another hard inquiry. Each 1 was more like a 10 point drop on score and they don't drop off fast on all credit agencies. The 2 in 2018/19 took more like 18 months to drop off and the 1 from May 2020 is still on there. I was 800+ throughout all this.

 

[huunvubu]

How rude.

Well he is a wind bag. At least in this video.

There were no time marks to skip to his points so I had to listen for 5 worthless minutes of him droning on and on with no actual substance at all.

 

[Lone Star Proud]

I read today that the Feds expect to start slowing down the support of the dollar in 2022 and interst rates will rise as a result.

 

[bombast]

Well he is a wind bag. At least in this video.

There were no time marks to skip to his points so I had to listen for 5 worthless minutes of him droning on and on with no actual substance at all.

The algorithm rewards length. Is what it is I'm afraid.

 

[MDRN]

Yikes. That's kinda scammy.

So actually this is a benefit. These loans allow principle only payments. So if your payment with interest figured in is low and you make the 15-18% discounted payment anyway, all that extra payment is on the principle. So you drastically reduce principle while owing less interest later on. You could reasonably pay a 5 year note in 3 years by pay less interest over the loan.

 

[BILLNOROVILLE]

My dealer told me I couldn't lock the rate till a VIN is issued. These special financing rates have been extended every month since June. So I'm hoping they'll still be there in December.

My dealer got a Vin so was able to lock the 1.9% rate in. Have not heard from Ford at all.

I retired 5 years ago. No debt. I do a tight budget and spend less than I have coming in (like for the last 45 years) so if a payment for the Maverick fits my model I sure don't care about how little interest I will be paying since I am under budget and technically to me I am still out of debt.

 

[lurch70]

Arrangement we have works good for both of us, but her hobby is horses and that costs way more than my old motorcycles. I opened a new credit card account in May 2018 and got a hard inquiry. We also got a new home mortgage in September 2019, and another hard inquiry. Then we refied the same house May 2020- and another hard inquiry. Each 1 was more like a 10 point drop on score and they don't drop off fast on all credit agencies. The 2 in 2018/19 took more like 18 months to drop off and the 1 from May 2020 is still on there. I was 800+ throughout all this.

I understand ... out of curiousity why are you so hung up on these minor credit point drops if you are not planning to finance in the near future anyway? ... I don't know, but my credit score always fluctuates 10-20 points (sometimes more) up and down and never was penalized on loans. I'm in the mid 700's btw.

 

[brnpttmn]

So actually this is a benefit. These loans allow principle only payments. So if your payment with interest figured in is low and you make the 15-18% discounted payment anyway, all that extra payment is on the principle. So you drastically reduce principle while owing less interest later on. You could reasonably pay a 5 year note in 3 years by pay less interest over the loan.

So the interest rate changes? Where does it say that? How does that even work?

I've only seen that the payment is 15-18% less for the first 3-4 years and then you do "make up" payments after that. If you're servicing a fixed rate loan the only place the "15-18% less" can come from is the payment on the principle, which effectively reduces your amortization leading to more interest costs.

 

[DryHeat]

There are situations in which it seems a no-brainer to take the 0% for 36 month financing.

The best example is someone who has $30k in a savings account and is buying a $30k car. With 0% financing (assuming no loan fees) the $30k sits in the account accruing interest and is drawn out slowly to cover the payments, which are not accruing interest.

The upside is that after 3 years (at 0.5% on the savings account) there will be about $450 left in the account and the car is paid for. $450 profit in a near-zero risk investment is nothing to sneeze at. (That's approximate; feel free to check my math; I don't have a calculator that does interest on a declining balance.)

The potential downside is someone getting a judgment against you and taking your savings account, where in most states they would not be able to take your (only) car.

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