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How is everyone financing these pricey trucks?


lisadsayre

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Ordered mine on 29 December 2021. Will probably trade in my 2018 loaded F250 XLT; their offer is practically getting what I paid for it in trade, then either finance the rest or pay it off. Depends on the economy. I run my own business so I can really make more than the interest costs if I make payments. The business outlook will really dictate it and right now business has really slowed down. Slow time of year, weather, economy and all the other worldly shenanigans; one or more is responsible.  That will battle with the hatred of payments to the ultimate decision on what to do. Have a while to figure it out.

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I sold my 2014 F-150 to Carvana for 29500.00. I paid 32000.00 in 2014. It only had 42000 on it when i sold it and it was in perfect condition. With that being said I am just going to write a check for the remainder. I talked to my accountant about financing and putting the money into a investment account  with the possibility of making more than I would have to pay in interest on a 36 month term. He told me to pay it off because there is no way the market can be slightly predictable for the next 3 years due to our current situation if you know what I mean. So I'm not going to take the chance of loosing more than the interest on a investment.

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12 hours ago, JC2014 said:

I sold my 2014 F-150 to Carvana for 29500.00. I paid 32000.00 in 2014. It only had 42000 on it when i sold it and it was in perfect condition. With that being said I am just going to write a check for the remainder. I talked to my accountant about financing and putting the money into a investment account  with the possibility of making more than I would have to pay in interest on a 36 month term. He told me to pay it off because there is no way the market can be slightly predictable for the next 3 years due to our current situation if you know what I mean. So I'm not going to take the chance of loosing more than the interest on a investment.

I actually don’t know what you mean. The market has been great. You need a new accountant or you are a bad investor if you can’t make more investing than you’ll spend on a 2.99 or less loan. 

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13 hours ago, JC2014 said:

I sold my 2014 F-150 to Carvana for 29500.00. I paid 32000.00 in 2014. It only had 42000 on it when i sold it and it was in perfect condition. With that being said I am just going to write a check for the remainder. I talked to my accountant about financing and putting the money into a investment account  with the possibility of making more than I would have to pay in interest on a 36 month term. He told me to pay it off because there is no way the market can be slightly predictable for the next 3 years due to our current situation if you know what I mean. So I'm not going to take the chance of loosing more than the interest on a investment.

I agree with ardvark666.  Invest in the market if you have the fortitude to manage it yourself.  Market is what let me pay cash for my new truck.  Get professional help if you plan to do it yourself - like products from thestreet.com (action alerts plus) helps me.

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Although I agree that there are things to invest in that should generate a greater return than the interest charged on a truck loan, we choose not to have loans on our vehicles. Only you can decide how you want to live but there is something appealing about living without taking on unnecessary debt.

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Mostly coming from the sale of my 2017 F250 to the dealer.  Some being financed from my credit union.  Check your local credit unions if you are financing.  Some of them offer really low rates.

Edited by Tom3
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3 hours ago, lisadsayre said:

I see many options here that did not occur to me. Where is everyone getting the low financing? 

This is what I want to know also.  The credit union I usually go to is over 3% right now.  Rates seem to be on the rise.  Where are you getting 2 and below right now?

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21 hours ago, ardvark666 said:

I actually don’t know what you mean. The market has been great. You need a new accountant or you are a bad investor if you can’t make more investing than you’ll spend on a 2.99 or less loan. 

I don't have the stomach to play the market and I also think another crash is coming.  Nothing to base this on but a feeling.....  Around here rates are back up to 3% and over, at least where I normally go and I'm not sure where someone with my aversion to risk would make more than that in short term, low risk investments.  Going to put down as much as I can, borrow as little as possible, and pay it off as soon as possible.

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All,

I placed my order for my 2022 F350 King Ranch SRW CCSB on Dec 29th, 2021, and it's scheduled to be built the week of 2/14/2022.  I'm paying MSRP as the dealer is not honoring any discount plans despite me having access to X plan or similar thru my employer.  Today I got a big surprise in the mail, a $2000 reward ticket with a personal code.  I assume my truck will be delivered late February or early March and the reward expires on 4/4/2022.  My question is should my dealer accept my reward despite me already having placed my order?  I assume they will accept it since Ford is offering the reward, so dealer shouldn't lose any money off their regular profit margin based on MSRP?  I'm happy with a $2k reward but others are claiming $3k.  Is this what others are calling PCO?

Thanks,

787Toolman

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12 hours ago, CBears said:

This is what I want to know also.  The credit union I usually go to is over 3% right now.  Rates seem to be on the rise.  Where are you getting 2 and below right now?


I use Navy Federal Credit Union, if you have any Military or DOD affiliations, NFCU is the best. 

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17 minutes ago, 787Toolman said:

All,

I placed my order for my 2022 F350 King Ranch SRW CCSB on Dec 29th, 2021, and it's scheduled to be built the week of 2/14/2022.  I'm paying MSRP as the dealer is not honoring any discount plans despite me having access to X plan or similar thru my employer.  Today I got a big surprise in the mail, a $2000 reward ticket with a personal code.  I assume my truck will be delivered late February or early March and the reward expires on 4/4/2022.  My question is should my dealer accept my reward despite me already having placed my order?  I assume they will accept it since Ford is offering the reward, so dealer shouldn't lose any money off their regular profit margin based on MSRP?  I'm happy with a $2k reward but others are claiming $3k.  Is this what others are calling PCO?

Thanks,

787Toolman

Toolman,

 

You should be good to go as long as you placed the order before expiration. Look at the fine print it will state take delivery or place order.

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Dealers can often get as good of rates as the credit unions but hey tend to make them up to retail.  Super Duty rates don't tend to be as good through Ford so check with Pen Fed or a local CU and then ask the dealer if they can match it. Ive never had a dealers that couldn't. 

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I was originally planning on selling my immaculate barn queen 2000 F250 Super Duty Lariat (Power stroke, 4x4, only 81K) but no one wanted to give me much for it, which was a surprise.  Next I was going to trade in my other barn queen 2013 F150 XLT (Ecoboost, 4x4, only 27K) but for some dumb reason I could not get rid of it.  So much to the irritation of my wife I kept both and now have three trucks.  However I did compromise and sold my motorcycle which paid for half - the rest I financed through my credit union at 1.89% for 36 months.  At that interest rate it was worth it for me.  I don't have any other toys (camper, boat, etc.) so I guess I'm becoming a pickup collector.

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On 1/21/2022 at 2:44 PM, lisadsayre said:

I am just curious as to how everyone is planning on financing these luxury trucks?  Even with my decent sized down payment, I will still probably be looking at an 84 month term loan.  I am not of retirement age yet, but this will be the vehicle that I keep into my retirement .  Never in my wildest dreams did I ever think I would spend this much money on my dream truck, yet here I am, lol. 

I’m in the same boat as you, 84 months; however, while I’m still working nights and the 10% shift differential, I’m going to throw as much money at it to pay it off early (hopefully within 3 years). I’m not sure what I’ll get for my 2010 Yukon XL SLT, but I’m thinking I want to put whatever I can get to better use. I’ve never been super savvy with finances, but in my brain it sounds logical.

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On 1/21/2022 at 1:44 PM, lisadsayre said:

I am just curious as to how everyone is planning on financing these luxury trucks?  Even with my decent sized down payment, I will still probably be looking at an 84 month term loan.  I am not of retirement age yet, but this will be the vehicle that I keep into my retirement .  Never in my wildest dreams did I ever think I would spend this much money on my dream truck, yet here I am, lol. 

Paid cash

Screenshot_20220105-010612_Photos.jpg

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Yep, priorities.  I traded in my 2019 Tesla, and wrote a check.  Trucks are just way more useful to me than cars.  Compact is too small for me now, and I no longer commute to work.  I like riding higher with the better visibility, and more mass if there is a collision someday (hope not, slow down, enjoy life!).  Sell the wifey, sell the kids, sell the pets, then you would be amazed what is affordable!  I do not have Netflix, cancelled satellite TV.  In fact, I’m trying to reduce my recurring monthly costs.  I ate out for the first time in months today (not counting drive-throughs).  The savings really add up over time.  I do not pick up pennies, like some, and know that most of the time we get what we pay for.

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On 1/21/2022 at 2:44 PM, lisadsayre said:

I am just curious as to how everyone is planning on financing these luxury trucks?

Paying cash from the money I made as a male hooker and my mad skills as an amateur stock broker....

 

(I can't say either one without laughing....)

 

If I did that for a living I would be broke and homeless...???

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