Quick poll - did you pay cash or financed your Mav?

[BBurnie]

Another follow up question: if you financed, what is the rate?

Paid $43,000.00 with 6.49% interest 100%finance, Iam caring insurance to pay off at my death, it's only money can't take it with me might as well spend it!

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[Montana]

Fun coupons.

5.7% was the rate I got. That's a hard no from me. I'm just over it. Credit. Financing. Screw it... I'm done. Take my money and leave me alone.

Also minimized the time I need to spend at the dealer, which is always good. I get a worse feeling there than at the hospitals. Like I need a bleach bath after leaving the dealership to wash off the scum.

 

[brunomike]

Cash. No trade.
Didn't cost me a dime. One half from son's inheritance, one half from daughter's inheritance.
FREE !!!

That is the best. I’m going to use that myself.

 

[Gradient]

Dealer offered me a nice discount if I financed but let me put 90% down. Just paid off the remaining 10% after 30 days. Crazy but he said they get to have more vehicles if they do more financing. Turned out to be the same as cash for me but with the added discount.

 

[commadorebob]

Another follow up question: if you financed, what is the rate?

Too high. But my credit score was about 50 points lower three months ago because FICO.

I'll refinance if rates go down.

 

[Bear]

500 down with 0% finance!!

 

[Bigbill27]

40% down payment. 60% finance at 5%.

 

[Not of this earth]

Another follow up question: if you financed, what is the rate?

Ford motor credit 1.9 60 months
Purchased on 7/24/22
Dealer rolled back to the date originally ordered-08/2021
Also retained pricing on the Mav add ons & extras

 

[bajesus8]

-total was $36k (added dealer stuff and ext warranty)
-0% 36 month
-Signed up for Ford Visa and put $3k on it for $100 in rewards (did another $3k later for $200 more) and future dealership expenses have 5% back, 3% back with auto insurance
-financed $34k, payment is like $940/mo

got to leave my investments alone..had plenty to pay off in cash if ever necessary

 

[huunvubu]

On my 2022 Ford Maverick XLT Hybrid the total out-the-door cost was $26,068. I put $3,000 on the FordPass Visa Card and wrote a check for $5,068 for the down payment. I financed the remaining $18,000 at 0% for 36 months.

I paid off the FordPass Visa Card in full on the first statement date with cash so no interest was paid. I earned 30,000 FordPass points on the $3,000 charge plus a bonus of 11,000 points for first charge plus a $100 statement credit.

I ordered my current 2023 Ford Maverick XLT Hybrid on September 16, 2022. The reason is I needed the Trailer Hitch that was missing on the 2022.

When I got a confirmed build date for the week of September 4, 2023 I paid cash on the remaining $9,000 I owed on the 2022 Maverick. This was so I could get the Title.

On August 28, 2023 I sold my 2022 Ford Maverick XLT Hybrid for $31,404 to Carvana netting a profit of $5,336 over the total out-the-door cost was $26,068.

I bought my 2023 Ford Maverick XLT Hybrid on September, 22, 2023 for a total out-the-door cost was $28,341. I put $5,000 on the FordPass Visa Card and wrote a check for $23,341 for the remaining balance.

I will pay off the FordPass Visa Card in full on the first statement date with cash so no interest will be paid. I will earn 50,000 FordPass points on the $5,000 charge plus a $100 statement credit.

I summary I paid no interest on my 2022 Maverick and earned 41,000 FordPass points (value of $205) plus $100 in statement credit.

Then I made a profit of $5,336 on selling it.

Then purchased my 2023 Maverick by paying fully in cash from the sale of my 2022 Maverick.

I will earn 50,000 FordPass points (value of $250) plus $100 in statement credit on the FordPass Visa Card.

I also earned interest on the $18,000 I kept in a high yield money market account while I was paying 0% on the Ford Loan over the 18 months I was making payments.

 

[SiGmA_X]

July 2022: Financed, $500 down [deposit], 60mo. @1.9% (locked fall 2021).

At that low of a rate it didn't make sense to put money down. Not to mention it basically never makes sense to put money down, as gap insurance doesn't cover -your interest- it just covers the loan.

 

[FriscoTXJoe]

Yes.

Both.

Had all the cash, Ford offered 0% so I let them eat the benefits of inflation created by certain folks in a certain city out east.

Financed at absolutely no cost to me, actually a plus.

 

[raymaines]

Questions like this are frustrating. Absolutely nothing I did has any bearing on what you or anyone else will be able to do when you're in the dealer's finance office.

Maybe I'm being too literal and you're really asking what you should do as you prepare to purchase your truck.

1) Do your homework! Get pre-approved financing from your bank or, better yet, Credit Union. That way you'll know if the dealer's financing is a good deal or not.
2) If you're filthy rich you could decide if it's better to take money out of your lowest interest-paying account (probably a savings account) or pay the going loan rate and leave your money in a higher-paying stock account.
3) Remember that inflation is a fact of our current lives and a long-term loan will become easier to pay as the dollar is devalued.
4) Also remember the Finance person is generally the best salesperson at the dealership and they are financially incentivized to screw you. As a group, they are discussing, dirty rotten liars and you can't believe a word they say. Conversely, if they screw up the sale NOBODY gets a commission and they don't want that to happen.

Read stuff or watch videos on the internet about buying a car. Again, do your homework

 

[Johnkn]

Paid cash. Used the wife's IRA and the rest out of savings (about 8 grand).

.

 

[icegradner]

Financed, with trade and cash down. Rate locked from fall 2021 at 3.5% (best rate Ford Canada ever offered) 60 over months. Could pay it off, but I'm getting more return on my investments, so I'm in no rush.

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