If I decide I don't want the Maverick anymore, should I still take it and try to flip it or just not take it?

[ranger750]

My order is for an XLT with AWD, CP360, 4K Tow and FX4 packages.

I just ordered it with that stuff because that was what I wanted, but I don't actually need most of it, and now that I'm considering how much interest I'll have to pay on this thing, I'm wishing I would have instead ordered a basic XL with AWD and 4K only, which was my original plan.

I just got carried away adding stuff, thinking it's only an extra grand here and two grand there, no big deal. For some silly reason I forgot about all the interest. I don't have awful credit, but it's definitely not good, so the interest rate for me is probably going to be high.

I'd consider just changing my order, but I am already scheduled with a VIN now, so I am pretty sure it is too late to change it. Maybe someone here has some good news for me on that front, but everything I'm finding seems to indicate that I should have changed it before I got scheduled.

Assuming I can't change it, I am almost certainly not going to want to keep it. Is it even worth trying to flip it in my situation? I know lightly-used 22s have been going quick for way more than MSRP, but I'm not sure the same will hold for the 23s, and the longer I'd be stuck with it the more the interest would cancel out any profit I might make.

Edit: and I forgot to ask, can I even sell it at all if it's financed? Or would I have to have the title in hand to make any sort of deal?

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[fordluvr44]

I can't answer your question, but do reach out to local credit unions who can often lend at much lower rates.

My local CU is lending at about 3.25% last I checked, for example.

 

[StillWaiting]

Depends on the buyer. If private sale it will just take longer since the buyer normally comes with you to pay off the loan for their title. Some companies don’t buy finance cars but some do

 

[ShadowChas]

For you to sell - you need to buy it and pay all taxes/fees, etc to put in your name & then sell as a “used” car. So if’s you are worried about a few extras you don’t need (but would be happy to have/use) then I would ask the dealership if they would buy you out of your maverick as I’ve heard a few people on here saying they’re dealerships given some of offers to not take it. I know the market right now is changing quickly so be careful about trying to make too much profit if’s you’re worried about paying for the extra interest on just a few optional equipment.

 

[pndwind]

You don’t have to have the title in hand. A private person might want it but it can be done through a bunch of paperwork, usually safer to use a lender to transfer ownership since they’ll have everything that needs to be signed. Carvana all of those places buy cars with liens all the time. I bet most cars they buy have liens.
As someone else said the cheapest money now will probably come from a credit union.

 

[MakinDoForNow]

A lot depends on what vehicle you will wind up driving if you don't take the ordered one. If you wait for a 2024 to order the XL it most likely will cost almost as much if not more than the ordered one. Also consider getting a simple interest auto loan with no prepayment penalties then if you pay an extra amount each month you save interest on that amount for the remaining months of the loan. Note that if you are paying more interest on a credit card it would be better to pay the extra on that loan. Consider signing up for overtime at work to earn the extra money needed to cover the higher payment or maybe a second job or even garage sale flipping? My son is working 10 Months a year on a 7/12's traveling job (usually away from home and family). Tough but 40 hours reg pay and 44 hours overtime per week adds up. If you have credit cards keep the balance on them to less than 20% of the max credit line they have to help improve credit score. When you buy tires or furniture and they offer 0% interest in their credit card open the account and make monthly payments to help credit score. If you do decide to keep your ordered one and flip it be aware that an early pay off of an installment loan can possibly lower your credit score for a few months depending on how many other installment loans you have active. Also consider possibly putting your utilities (electric, water, etc) on annual monthly average plans or whatever they offer to report payments to credit bureaus on as that will also help your credit history. . Good luck on whatever you decide to do.

 

[uwmcscott]

Even if you were able to get a few of the options removed, it would only reduce the overall price by maybe 10-15% at most, likely less. Seems like the real question is whether you actually want it or not - so that would be your first decision point.

If you decide to keep it, there are plenty of options that have already been shared for lowering your monthly cost or increasing your income.

If you decide you don't want it, I'd probably opt for just talking to the dealer and see what they say. Very likely they could sell it for full MSRP and might just give you some or all of your deposit back since it's a very high demand vehicle. Or maybe they have something used on the lot that might fit your budget better that they could apply your deposit to.

 

[rclee]

Or you could just walk away. They give you your deposit back and everyone is happy (especially the dealer)

 

[Grumpa]

Are you close to a CARMAX? They may give you more $$$.

 

[GPSMan]

Talk to the dealer about them giving you a little cash back to sell the truck to them

Tell them everything you said here.

It's weird but if you have more time than money, you COULD force the dealer to sell it to you (or lease it to you). Keep it for 1 day, then you sell it back. A lot of paperwork and time lost that you and the dealer don't want.

You can walk away for free.
But I bet you can walk away with $1000 cash. Don't expect a lot. There are taxes and fees and dealer's time and effort involved.

 

[RGoose85]

I have had mine for over a year and some change. It's a fun little truck. Personally I dont keep cars long ( I get board of them too quickly.) I dont know what your situation is but in my opinion there is nothing out there. Everything "fun" has a stupid mark up on it. I thought about getting rid of mine for something a little bigger(family of 5 +a doggo) but everything is so expensive and get terrible mpgs compared to the maverick. Good luck out there.

 

[Dechion]

My order is for an XLT with AWD, CP360, 4K Tow and FX4 packages.

I just ordered it with that stuff because that was what I wanted, but I don't actually need most of it, and now that I'm considering how much interest I'll have to pay on this thing, I'm wishing I would have instead ordered a basic XL with AWD and 4K only, which was my original plan.

I just got carried away adding stuff, thinking it's only an extra grand here and two grand there, no big deal. For some silly reason I forgot about all the interest. I don't have awful credit, but it's definitely not good, so the interest rate for me is probably going to be high.

I'd consider just changing my order, but I am already scheduled with a VIN now, so I am pretty sure it is too late to change it. Maybe someone here has some good news for me on that front, but everything I'm finding seems to indicate that I should have changed it before I got scheduled.

Assuming I can't change it, I am almost certainly not going to want to keep it. Is it even worth trying to flip it in my situation? I know lightly-used 22s have been going quick for way more than MSRP, but I'm not sure the same will hold for the 23s, and the longer I'd be stuck with it the more the interest would cancel out any profit I might make.

Edit: and I forgot to ask, can I even sell it at all if it's financed? Or would I have to have the title in hand to make any sort of deal?

You could talk to your dealership about changing it. May not be able to, but I would think that removing items from the build would not hamper production. Not sure if you could go XLT to XL, but dropping FX4 and/or Copilot 360 would bring the numbers down a bit.

Edit: a trip to the build and price shows a XLT with 4K and AWD at $29,560 and an XL with 4K and AWD at $26,995. Difference of $2,905.

This of course is assuming they let you drop the FX4 and CP 360.

 

[BuddyS]

Also consider this: it's a nice truck with a lot of stuff to enjoy. The actaul smart move might be to just buy it and keep/enjoy it for 10 years. I see so many people p*ss away so much money buying/selling cars every 3 years because their whims change.

 

[duncanator]

I know what you are going through. I currently own a 2016 SUV but also a Bolt EV, both of which are owned with no payment. I ordered a Maverick before I decided to buy out the EV lease so whenever the Maverick comes in, I'm going to have to make a decision. The EV is so easy to drive and park as well as very inexpensive to drive that it would be hard to give up. The SUV is such a nice riding vehicle that I really only use it for road trips since the EV is so cheap.
So, I will be thinking about giving up the EV and getting back to filling up a vehicle with gas and performing oil changes The SUV only requires a monthly fill up so that's not too bad.

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