How are you paying for Maverick?

[inthecabin]

A 17k trade in and 0.9 percent interest. Over an 800 point score really helps boomers or not. It’s not about your assets but how you pay your bills and manage your credit. High credit balances and debt to income ratio plays a big part. Otherwise you will be charged higher interest for pay to play. It’s all up to you.. I really can’t understand the blame game, my credit score sucked until I started paying attention and took me 5 years to get it to where it’s at today. It really is up to individual to care for themselves. It ain’t easy, trust me, a lot of doing without for a long period of time… I used to be that player once upon a time..

Sponsored

 

[CACTI_HYBRID]

I sold a kidney.

 

[Hkak45]

That is great advice I hadn’t thought of. Thank you!

Just remember the part that everyone forgets to mention is if the market goes up a lot you will lose out on those gains and that could be a substantial amount. Make sure to research pro and con of taking a loan from retirement account before taking this step.

 

[Oscarcat]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

Shop around for financing. Go online and see the rates credit unions in your area are quoting. Then look at your 403b and see the rate of return on your investments. You might just find you are money ahead taking out a loan rather than tapping into retirement savings which is generally discouraged for a purchase like this. As another wrote below, see if you get FoMoCo financing with the $500 rebate which you can pay off early. Be careful if you then try to finance - some institutions consider it a used vehicle and interest is higher.

Judging by responses to this as well as gadgets and upgrades people mention in other posts, it doesn't seem like the consumer side of the economy is in trouble.

 

[BillJohansson]

Does anyone know the current Ford finance interest rates?
And would the interest rate at the time of purchase(Sept. 2022) apply now?
Thanks

I think the rate at time of order is what you get. I lucked into 0% (ordered August ‘21 delivered May ‘22)

 

[Blackbelt]

My 2014 Toyota (purchased used in 2016 for $13K) has been paid off for years. I have been socking away a "car payment" in the bank every month, so i will write a check when my Maverick eventually shows up.

 

[CACTI_HYBRID]

I sold a kidney.

Even funnier... It wasn't one of mine.

 

[TheQuixotic1]

You aren't getting a SAFE 8% though, that would be speculative market returns and in any given 5 year period there's no telling. Best you're doing safely right now is a little over 5%. I'm not sure current car loan rates but I believe 7+%.

Basically that sounds not worth the trouble over a highly speculative 2.5% gain (which could be a loss) even if you could get a 5.5% auto loan for 5 years.

My car loan last month was 5.4% for 72 months, $500 down and ~775 credit score (no rate difference if I increased my down payment). The dealership offered to match the best outside rate I got (Navy Federal) even though their buy rate from their lender was 5.55%; I told them I would grease the wheels with several aftermarket items and I live right around the corner from them so they will get me with all the servicing.

Like I said, it is a whole bunch of economic math and reasoning that I am absolutely not an expert in.

From my limited understanding of it: if you aren't approaching retirement and the money that you invest actually stays invested to retirement, it is supposed to work out in your favor. Average stock market returns year over year is 8% since 1900, so that 8% is supposed to be consistent over time so long as you are able to let it sit for a decade or more. There is also the fancy math of depreciation of the Maverick which breaks down to X% year over year over X amount of years.

Again, it is a lot of brain twister math I claim no proficiency with, but it seems like it works out if committed to.

Given the choice, I would opt for the pay it off ASAP or all cash upfront because it is easier to me and it feels better to me to not have debt even if you are making it work for you. But it is a school of thought not without merit and worth mentioning.

 

[Benson]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

I pay through Ford Motor credit at .09%. Ordered my Mav in June 2021 when reservations first opened on June 8th. Paid Msrp for my XLT hybrid w/ add ones: slider back window, Focus 360 w/ full size spare tire, tailgate lock, spray-in bedliner for $26, 800 total.

 

[TheDukeInTexas]

I got 0% interest rate for 48, so I took tgat. I have my money in a couple of 11% stocks that pay me about $1700 every three months. I pull out $1500 every 3 months and make three payments at once. Balance is dropping rapidly and regularly. No pain.

 

[JJach951]

Put in on my Amazon card for the points then paid it off with Cash

 

[JOEDDY58]

Does anyone know the current Ford finance interest rates?
And would the interest rate at the time of purchase(Sept. 2022) apply now?
Thanks

No and no

 

[Robert C]

Who knows what kind of monatary system will exist by the time they get done building all the new 2024 orders and I get my freaking truck that I ordered in 2022?

 

[Wiz]

Thanks for the advice. Yes, I’d rather not withdraw the funds. It’s new to me to withdraw and I don’t like doing it. Yes they took taxes out, but at least they took it out at the time l they take 20%, which is higher than the tax bracket I’m in, so some will be coming back to me when I file next spring. I just don’t want to be paying $400 at least for several years. I also have more of a main retirement account,so this is extra….so I don’t feel too bad this time I’m taking it out.

I know this is an older post, but be aware that you should withhold at the maximum marginal tax rate. The money you draw out will be adding to the top of your income so could be at a higher rate. Think of it this way, if your salary income is $100,000 and you withdraw $30,000 for the truck, your income is now $130,000.

 

[A Dodge that drives Fords]

My Mom passed away in 2021, had to sell the house. The only house I ever knew growing up. My parents owned it for over 50 years. There was no will made out so My sisters and me had to go through probate, Not fun. Had enough money to fix a few things around my house. And put a big dent in the payment for the Maverick. The rest went on Ford credit with 0% finance. My dad passed away in 2005 after working over 40 years for a Ford dealership. Thank you so much, Mom and Dad Miss you both My parents would be happy. A young couple bought the house and want to start a family there.

Sponsored