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

[Bushpilot]

Not sure what you are perceiving. I will be 58 next week, and been married 38 years.

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[DesertMaverick]

I too am retired, with a nice government retirement income that I worked years to acquire, BUT I do not say this to demean anyone who is not in my position. I was lucky and made decisions based on opportunities given me during li

I don’t think this is a bragging forum!?

I too am retired, with a nice government retirement income that I worked years to acquire, BUT I do not say this to demean anyone who is not in my position. I was lucky and made decisions based on opportunities given me during life. I wasn't the smartest, but at times was very lucky. And I always worked hard and planned financially. Shame on anyone on this site who feels the need to tell us how much they make or how they don't have to arrange financing due to their fluid cash income. This is so unfair to others, younger or not. My house is paid for years ago and I do not have a mortgage, yet that does not make me any better than anyone else. The reason for Ford's announcement is clear, they are marketing to younger, first time buyers who want to get their first new car. What an exciting time for them. Let's not overshadow this great news for those just getting started in life. Celebrate that they can own a new car and pay less. Ford is making a big statement about who they think the Maverick is intended for and if that means I, at age 64, am not the target audience I am fine with that. When I purchased my brand new Pontiac Turbo Trans Am in 1980 while attending college and working two jobs; I was thrilled to buy my first new car and I still remember that sweet new car smell and the pride I had driving it off the dealer's lot. Celebrate the wins!!!

 

[DesertMaverick]

I too am retired, with a nice government retirement income that I worked years to acquire, BUT I do not say this to demean anyone who is not in my position. I was lucky and made decisions based on opportunities given me during life. I wasn't the smartest, but at times was very lucky. And I always worked hard and planned financially. Shame on anyone on this site who feels the need to tell us how much they make or how they don't have to arrange financing due to their fluid cash income. This is so unfair to others, younger or not. My house is paid for years ago and I do not have a mortgage, yet that does not make me any better than anyone else. The reason for Ford's announcement is clear, they are marketing to younger, first time buyers who want to get their first new car. What an exciting time for them. Let's not overshadow this great news for those just getting started in life. Celebrate that they can own a new car and pay less. Ford is making a big statement about who they think the Maverick is intended for and if that means I, at age 64, am not the target audience I am fine with that. When I purchased my brand new Pontiac Turbo Trans Am in 1980 while attending college and working two jobs; I was thrilled to buy my first new car and I still remember that sweet new car smell and the pride I had driving it off the dealer's lot. Celebrate the wins!!!

 

[Chris McD]

Not really.

Not bragging, but I have never had a loan other than a student loan many years ago (which I paid off within 3 years), I use credit cards for everything I can, which I always pay in full. I never had a home loan or car loan.

And my credit score is significantly over 800. Not that I care, I don't play the game except by my own rules, but that is the score.

Yes, the credit game, if you play it by their rules, the bank wins.

This. Variety of credit doesn’t impact score as much as payment history (never miss a payment) and credit utilization (try not to use more than 30% of your available credit from all accounts). I also pay off my credit cards and have a score over 800.

And all this talk in this thread about finance with no mention of inflation, the elephant in the room that everyone forgets.

 

[Gmood1]

So someone who may be in the know more than I help me understand. This will be my first ever vehicle im financing and owning on my own, also just starting out on credit this past year. Not bad credit, just starting out. Ive never been late mind you however and pay my bill in full each time. Now I havent even populated a fico yet it seems but will do so by november as it said 6 months is usually the go to for that. I have a credit score i can see which just the fico one doesnt populate via experian, just the transunion credit score does. Point being, given that and i also have a very large down payment to help with the loan. 17k to be exact. This should definitely help grease the wheels of financing right? I have the monthly income to pay for it with that down payment on it being the total before tax,title etc is 28585 and thats before down payment. So after downpayment I can manage the payment easy peezy with my job and min wage pay no issues. Im assuming either way they will approve me, i may just not get certain incentives that this program offers?

Actually pay your statement balance off each month as not to incur interest.
Don't pay the entire running balance off each month. Allow it to report to the credit bureaus.
If you pay the entire balance off before the statement cuts, most CC companies will report a zero balance.
Basically it will look as though you're not using your credit.

The credit game is more than a score game. It's a payment history game as well.

The thicker your credit profile. The less affect inquiries or new accounts will have on your scores.
That means atleast 3 revolving lines of active credit and one installment loan.
For those without a installment loan.
You can boost your scores by around 30 points by just taking out a share secure loan and immediately paying it down to a 30% balance. Once it's reports the lower balance, you should get a score boost.

Cash doesn't give you credit. Unless it's being used to secure it.
You have millionaires and billionaires that can't get a personal or business loan, because of shitty credit. That alone should indicate cash isn't king in this world now.
Banks don't care how much money you have, if you don't show a history of paying them back.


Don't be afraid to use your credit. That's what it's for and why you work hard to build it.

I've spent the last 10 years rebuilding mine back. Not just talking out of my butt here.
I don't allow in most cases dealers to pull my credit. Obtain your own financing when possible.
If I did allow them to pull. They'd discover my credit report from a single bureau is nearly 200 pages long!
That's not from someone, that has only a couple of credit trade lines.
Or someone that's afraid to use his credit.

 

[Old Ranchero]

So you didn't do that, he means bring actual greenbacks over $10k and not paying by check, money order, cashiers check, etc... They are financial bells that go off on transactions actually involving cash greater than $10k. You can answer and justify, it's just an extra step that comes up. Same as flying out of the country with that much money in your wallet. I usually just empty my pockets and show them my pennies, but what do I know???

need to work on your reading comprehension. Go back and look at post #91 here again- the actual post I responded to. The last sentence very clearly says "Bring your checkbook. "

My response was based directly on acknowledging using that method.

FWIW, I don't know your age or background, but as long as I can remember the term "paying cash" has always been used more generically than literally- to include completing any single payment transaction without a loan, financing or other payment plan over time. It frequently means writing a check for full amount, money order or cashiers check, direct wire transfer, etc. I've bought cars using a loan from my Credit Union - which to the dealership was the same as a "cash sale" as they get paid in 1 transaction. If you've had any exposure to real estate market you would commonly hear of "all cash offers" and "cash buyers".

 

[Darnon]

Although I've heard if that repossession was a vehicle financed under Ford Credit previously they won't touch you.

 

[Old Ranchero]

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.

I'm not hung up on it and I don't consider 10 point drops that linger minor. We typically pay our CC balance in full each month and only use in specific circumstances that benefit us. We like to always be prepared to accept a great no fee, no points home refinance if offered, or refi with a new lender. We may end up doing just that now since our loan was sold to Nationstar (dba: Mr. Cooper) who we had a bad experience with years ago and are already screwing up again. We also may buy a 2nd property in another state closer to family, and sometimes consider investment properties. When you are retired and income is basically fixed your income-to-debt ratio is looked at differently since you can't really improve the income side easily. Less credit dings makes smoother transcations and loan approvals. We've always lived comfortably within or below our means without carrying unnecessary extra debt. I realize that may not work for everybody else.

 

[Old Ranchero]

You can always dump the car on someone else and your payments end. With 0% you're in the exact same situation as someone who bought the car in full and now has little to no savings in the event that you lose your job, have a major medical bill not covered by insurance, get a divorce, stock market crashes, or the economy goes to shit.

when I was younger with less financial flexibilty I would consider ideas like this. Being retired it just seems like more wasted time and energy than it's worth vs. buying something I want and can afford with a single payment transaction and be done.

 

[Old Ranchero]

Credit Unions and Banks use what is called Loan-to-Value Ratio (LTV). Several factors impact your ability to get a loan. Besides your credit history, credit score, and debt-to-income ratio, lenders also use your LTV to decide whether or not you’re a good candidate for a loan. As the name states, your LTV consists of two factors: (1) your loan amount and (2) the value of the asset that secures the loan (i.e. your car’s value). The lower the LTV (%), the better chance you have to getting approved. The lower the LTV, the better interest percentage rate you will get as well.

A loan-to-value ratio over 100% means you owe more on your loan than your vehicle is worth. For a $30,000 Truck with $17,000 down gives you an LTV of 43.3% Balance $13,000 divided by truck value $30,000 x 100. Remember, Ford will guarantee your loan and would love to have your 17 G's.

LTV is also used in home loan calculations. If you have at least 20% equity (and/or $ downpayment), it eliminates need for Mortgage Insurance and saves you $. People can use FHA and pay as little as 4% down on a mortgage but have to pay the PMI.

 

[spyderman01]

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.

need to work on your reading comprehension. Go back and look at post #91 here again- the actual post I responded to. The last sentence very clearly says "Bring your checkbook. "

My response was based directly on acknowledging using that method.

FWIW, I don't know your age or background, but as long as I can remember the term "paying cash" has always been used more generically than literally- to include completing any single payment transaction without a loan, financing or other payment plan over time. It frequently means writing a check for full amount, money order or cashiers check, direct wire transfer, etc. I've bought cars using a loan from my Credit Union - which to the dealership was the same as a "cash sale" as they get paid in 1 transaction. If you've had any exposure to real estate market you would commonly hear of "all cash offers" and "cash buyers".

My reading comprehension is good. See the first part of his message, when he said "actual cash" as in what drug dealers walk around with. Then he added to bring your checkbook. So the phrase actual cash, means just that, a stack of 20's or 50's or whatever. But yes, bring your checkbook and pay with cash using your checkbook from personal funds. I missed that you were referring to just that portion and not the whole post. I've bought cars and real estate using both methods, sometimes the financing, even a minimal amount eases the transaction as then there is someone who handles filing the paperwork for you. Other times, just paying outright and being done with it is fine. Either way, it's hard to give exact advice on a forum like this as everyone has a different situation now and in the future. Their financial plans may change, their risk tolerance is different and may change, etc...

 

[Old Ranchero]

Ford is in the drivers seat right now, I'm sure Tier 1-2 will get 0%, 3 years ago they were given Teir 3 0% and Tier 4 1.9 %.....

NO one should pay cash for a car if they can get ZERO %, set up automatic payments, from an account the money is in, and make $ on that account. When I bought my M5, BMW offered me 0.9% set up an account, auto payment (I got a 0.5% reduction in interest rate,) I went from 0.9% to 0.4% I would have been dumb to pay car, my money in the account was making money, after the three years, I had about $900 in the account (from the interest rate)

I avoid automatic payments from my accounts like the Plague. Bad experiences with this from my youth (long before internet) and with so many hackers and data breaches nowadays it's only gotten more risky.

 

[martyi48]

Everyone is in a different position both in their life situation and financially. What might work for me won't work for someone else. I am in a unique position - 73 years old, no bills and lots of disposable cash. I ordered a Maverick Lariat as an extra vehicle just to bang around in, I certainly don't "need" a truck. Someone in my position will take 36 months at 0% every day of the week. But if I can't get that, I simply write a check and take the Maverick home - if mine ever gets built! Not everyone can do that. One size does not fit all.

 

[Eagle11]

I avoid automatic payments from my accounts like the Plague. Bad experiences with this from my youth (long before internet) and with so many hackers and data breaches nowadays it's only gotten more risky.

Your data point is too old to be valid, my last 5 leases were all on auto withdraw never an issue.

 

[Deleted member 1370]

Credit Unions and Banks use what is called Loan-to-Value Ratio (LTV). Several factors impact your ability to get a loan. Besides your credit history, credit score, and debt-to-income ratio, lenders also use your LTV to decide whether or not you’re a good candidate for a loan. As the name states, your LTV consists of two factors: (1) your loan amount and (2) the value of the asset that secures the loan (i.e. your car’s value). The lower the LTV (%), the better chance you have to getting approved. The lower the LTV, the better interest percentage rate you will get as well.

A loan-to-value ratio over 100% means you owe more on your loan than your vehicle is worth. For a $30,000 Truck with $17,000 down gives you an LTV of 43.3% Balance $13,000 divided by truck value $30,000 x 100. Remember, Ford will guarantee your loan and would love to have your 17 G's.

Thats what i wanted to know, thanks for the info. I was one to bet theyd guarantee it based up on the amount of my downpayment. I also want less to worry about paying and such as well given my min. wage salary etc. WIth the downpayment ill have my monthly payment should be pretty low even with not so great interest (we will see what they offer me etc). Just didnt want to go to the dealer after ordering it and being sent away because they wouldnt loan me the money needed ya know? This is all new info to me and a whole new experience and the people i know havent bought a new vehicle since the mid 90s so they dont know the process well either.

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