Maverick is now 8.99% from Ford. wtf

[Hot Runr Guy]

I ordered a Maverick in June and now it’s arriving in a few weeks. Interest rate is 8.99%. Good times

Put an equivalent amount in a CD, get that 5+%, so your delta is the <4% you're looking for.

HRG

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[Connect]

Same. And as far as I'm concerned, Ford can keep their Maverick when it arrives if that's going to be the interest rate. The absolute "worst" percentage rate I've had to go in at for a car purchase was 3%, and that was having not the best credit at the time back in 2014.

Be sure to let us know what rate you get when it comes in

 

[Connect]

Ford Credit for non promotional financing is never a bargain. Join a credit union. They are flirting with 7%. I have been watching the rates. I believe they will come back down and when they do I plan on refinancing mine for the lower rate. If you are in the Detroit area DFCU is at 6.75% if you have auto pay. Community Federal is at 6.99%.

Yeah, Ford credit this go around was terrible all the way around, not sure if they just think people won't find other places or are to lazy. My credit union is at 6.5% right now but there is another in the area that is advertising 4.99%

 

[FischAutoTechGarten]

That's a high rate... man!

 

[huunvubu]

For those who are shocked by current auto loan rates here is historical rates since 1972

 

[Matso]

Yep like Grim referred to, the rate is locked in from the date you placed the order. It may not be much better however but worth asking.

 

[Mavboy2023]

I ordered a Maverick in June and now it’s arriving in a few weeks. Interest rate is 8.99%. Good times

Seems outrageously high to me, but I paid cash for my Mav.

 

[gwrace14651]

After waiting 14 months for the truck I got a zero percent rate. Trade plus cash...

 

[ripperAZ]

I ordered a Maverick in June and now it’s arriving in a few weeks. Interest rate is 8.99%. Good times

Credit unions are tagging rated 5.99 now and everyone else is higher and everything is going to go higher up and through the election because of the chaos. The budget won’t be signed America’s credit rating is getting squirrely as we look so set an imploding our nation so rates could be 10-15 % by next summer. Like in a credit union now at anything under six and you'll be happy in six months.

 

[Dmthomp32]

My loan was 5.2% from Skyla credit Union for my Maverick (bought private sale, used). That was back in March, I’ve got good credit as far as I know. I feel like we will see high rates for the next year at least. Best of luck to anyone buying a new or used vehicle. Come with cash in hand and as much of it as you can swing.

 

[JennyJoannSuebeeMcNash]

Be sure to let us know what rate you get when it comes in

I'm hoping (since I'll be trading in my '22 Maverick) that I can finance this one at the rate I'm at, which is 1.9%. Anything above 3%, I'm leaving it at the dealership, so if there's anyone in or around FL who will be looking for a 2024 Carbonized Gray XLT with AWD, keep me posted. Presently driving a CG XL EB-FWD. Wanted to upgrade since my driving needs have changed but damn-hell...not at that finance rate.

 

[huunvubu]

Seems outrageously high to me, but I paid cash for my Mav.

Not "outrageously high to me" as I am earning 5.19% on my Swabb T-Bill fund.
Financial institutions are going to add onto that rate based on length of loan and credit history.

Here were rates from the past:

Rates in the 1970's were consistently above 10% hitting a peak of 11.57% in November 1974

Rates in the 1980's were consistently above 10% hitting a peak of 17.36% by November 1981

Rates in the 1990's 9.78% in May 1995, For the rest of the decade, auto loan rates hung between 8.31% and 9.44%

Rates in the 2000's ranged from 9.64% in November 2000 to 6.43% by May 2004

Inflation is coming down and rates could decline by a percent in 2024.

When/If Inflation gets to the 2% goal auto loan rates should be back in the 4-6% range which was very normal in the 2010's.

Rates in the 2010's were at their highest in 2011, peaking at 5.89% in August before falling to exceptionally low levels for the first half of the decade. There were moments of slight volatility between 2013 and 2015: Rates sat at 4.13% in May 2013, then rose to 4.5% a year later, immediately sank to 4.06% in November 2014, and then jumped back up to 4.53% by February 2015.

For those who are shocked by current auto loan rates here is historical rates since 1972

 

[Mavboy2023]

Not "outrageously high to me" as I am earning 5.19% on my Swabb T-Bill fund.
Financial institutions are going to add onto that rate based on length of loan and credit history.

Here were rates from the past:

Rates in the 1970's were consistently above 10% hitting a peak of 11.57% in November 1974

Rates in the 1980's were consistently above 10% hitting a peak of 17.36% by November 1981

Rates in the 1990's 9.78% in May 1995, For the rest of the decade, auto loan rates hung between 8.31% and 9.44%

Rates in the 2000's ranged from 9.64% in November 2000 to 6.43% by May 2004

Inflation is coming down and rates could decline by a percent in 2024.

When/If Inflation gets to the 2% goal auto loan rates should be back in the 4-6% range which was very normal in the 2010's.



For those who are shocked by current auto loan rates here is historical rates since 1972

If you really had so much money, you'd pay cash and ZERO interest....Just like I did. Dream on, gramps.

 

[Chicolini]

You can shop around for loans... I got 5.29% from NavyFed for 60 months.

I paid a high rate at the dealer when I bought my EcoBoost off the lot in August of 2022. I hadn't planned to buy it that day so I didn't have much of a down payment. Once I moved money around a month later, I refinanced at Navy Federal. The rate was much lower, and Navy Federal put $200 in my share account after I made 3 timely payments. That was mighty nice of them.

 

[surfstar]

If the interest rate on a new vehicle is giving you pause... maybe you should save and wait to purchase and/or make sure you're buying the lowest priced one for your needs. I feel like most of the threads where people complain about high interest rates were for loaded Lariats.

Paid cash for my XL. Cash earns 5%+ currently.
If your cash can earn more than the APR(minus taxes), take the loan. All debt isn't bad.

Yes, not everyone has the means to pay cash - but I imagine that a large percentage of those people: spend more on their cell phones and monthly bill than I do, eat out more often, buy Starbucks/equivalent vs coffee at home, etc, etc.

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