November 28
LOL. I am 74 and my financial position is sound, as yours, due to paying attention to "little" things like interest rates. I wanted to get 0% for 38 months as originally promised, and did the calculation for 1.9% for 60 to see which would actually benefit me most as savings rates are climbing and if I can earn more than the loan rate+taxes, I'd put $0.00 down and get the biggest loan possible.
Agreed!
West of metro area and north of Ft. Worth. We work that way all the time. I presently have a Black XLT FX4 with Lux, moon roof, tow pkg, tonneau cover, etc., but have a 23 Alto Blue Lariat ordered fully loaded. I, too, am hoping for Christmas - next Christmas of course.
As am I! I pastored The Life Church (190/Marsh Lane in North Dallas). Great to meet you!. I know exactly where Bowie is. I'll email you. Looking forward to meeting you!
How so, do we live in that period? Interest rates move all the time, and I doubt we will ever see someone with excellent credit be charged 12%
And I have seen CDs earning 15% in the late 1970s, while mortgages were in the 18% range. They keep fueling inflation, it will be here sooner than many expect.
Adjusted for inflation, it is the same thing.Incentive and price protection are tied to the order, they're what was on order when the vehicle was ordered.
Your MY2022 order was unfilled. A new MY2023 Maverick order was submitted, and as such, incentive and price protection are based on that order date. Part of why they have historically offered these protections is that it typically only takes a couple months max to get a new custom order vehicle. Thus, locking in low interest rates hasn't really been a problem. However, interest rates have risen quite a bit since the 0%/36, 0.9%/48, 1.9%/60, etc. offers were made.
Calling it a rollover is misleading. The MY22 order goes unfulfilled, a brand new MY23 order was created. Everything is lost - you started over anew.
Further, there were no MY23 Maverick Ford Credit incentive rates available when the order bank was open. Thus, your finance rates will be whatever Ford Credit or your local/national lender happens to offer when the vehicle is delivered to the dealer.
The only thing you get on your MY23 order over anyone who didn't have an unfulfilled MY22 order, is the $1,750 EcoBoost or $2,750 Hybrid. And if you had a build date/VIN for your MY22 order, you might get it a little sooner than other MY23 orders.
Or maybe just because something was accepted in the past 1) doesn't mean that it was ever financially prudent for anyone, 2) doesn't mean that we should accept it today, unless it comes with a steep discount on the purchase price.
1.9% to finance a brand new car for 60 months is one thing, the total interest payments are a relatively small % of the principal amount. 12% would've kept me and many others from seeing a value proposition, whether in a Maverick or any other new vehicle.
As an exercise, for let's take a $21,500 base 2022 Maverick XL Hybrid on launch date, ignoring taxes and fees.
1.9% 60 months: $376/mo, $1,054 total interest, 4.9% of principal paid in interest
12% 60 months: $478/mo, $7,195 total interest, 33.5% of principal paid in interest
That's an extra $6,141 in interest, 28.6% of the purchase price, 581% more interest. $102/mo, $1224/yr. Not insignificant and definitely changes the affordability.
And for good measure, one of the lower rates currently available at a CU near me:
