Financing a Raptor

[Brookside]

I was offered a lease by two different dealers in Canada

 

[f150corey]

yeah a new one

http://www.fordraptorforum.com/f162/new-owner-18966/

nice. i couldnt stomach that payment....

 

[kawie95]

Aww man, I hate you guys

LBS Financial Credit Union
84 month/7 year loan

Loan summary:
Payment Amount $641
Pay-Off Amount $40,295
Interest Rate 4.29%
Prior-Year Interest $2,034

Next Payment:
Balance $40,262
Interest $144
Principal $497

Dealer Info:
Total MSRP: $52,215
Market Adjustment: $10,000
Total Price: $62,215

Credit score was around 720 to 750 at the time, had two mortgages too for my home a second house I rent out that breaks even on monthly payments (not upkeep).

I put $12,000 down (check).
Traded in my 2005 Chevy Colorado Fully loaded crew cab with 120k miles and 4 new BFG tires 33" for around $5,000 as part of the deal.

Purchased on Saturday, 11/26/2011 from Ken Grody Ford.
My first loan payment was in January on the 1st. Since then, I have paid $2k in intrest in 1 year.


Summary of my loan payments as I read this thread and figure this out for the first time ever:

Months of loan: 84
Monthly payment: $641
Total cost after 84 payments: $53,844
Trade in Loss: $5,000
Down payment loss: $12k
Total paid after 7 years: $70,844

This makes me sad. Thats what I get for going in for a test drive at Ken Grody.

I just spent like $620 in CA DMV registration fees this past month, $85/mo in insurance and probably around $600 to $1,000 in gas each month. Not to mention the $10,000 in mods I just did to this unpaid for vehicle.

Any advice on what I can do differently next time, or anything I can do now to save money?

 

[What's Next?]

Aww man, I hate you guys

Bank: LBS Financial Credit Union (some random one that approved me from Ford)

7 year loan

Due Date 1/26/2013
Payment Amount $640.99
Pay-Off Amount $40,295.44
Interest Rate 4.29%
YTD Interest $0.00
Prior-Year Interest $2,033.99





Effective Date 12/26/2012
Payment Amount $640.99
Balance $40,262.31
Interest $143.72
Principal $497.27

I put $12k down. Traded in my 2005 Chevy Colorado Fully loaded crew cab with 120k miles and 4 new BFG tires 33" for around $5k as part of the deal.

Purchased on Saturday, 11/26/2011. First loan payment was in January on the 1st.

Total MSRP: $52,215.00
Market Adjustment: $10,000.00
Total Price: $62,215.00

Credit score was around 720 to 750 at the time, had two mortgages too for my home a second house I rent out that breaks even on monthly payments (not upkeep).

Rundown:

Months of loan: 84
Monthly payment: $641
Total cost after 84 payments: $53,844
Trade in Loss: $5,000
Down payment loss: $12k
Total paid after 7 years: $70,844

This makes me sad. Thats what I get for going in for a test drive at Ken Grody.

Any advice on what I can do differently next time, or anything I can do now to save money?

Ouch $10k market adjustment! Next time shop around and do your homework I guess.

 

[kawie95]

Yea, I was pissed 2 weeks later when I shopped around and saw what people were paying on these forums. Knowledge is power.

Updated my above post a bit with a few more depressing facts.

---------- Post added at 04:25 PM ---------- Previous post was at 04:16 PM ----------

There is a thread in itself....What is the average cost to own and operate a Raptor for a year...

Loan/Vehicle: $70,844
CA DMV Registration Fees: ~$3,100
Insurance: $7,140
Gas: $58,800
Vehicle Mods: $10,000
Cost to me after 7 years: $149,884

If I would have kept my old truck, this number would only be gas (which would be less because it was an inline 5 engine- and I didnt drive as much) we'd be around $40k. Raptors costing me $110k for the next 7 years. But at least I have a Raptor

 

[carlschmarl2]

Does anyone use USAA for Loans?!

My first truck I went with the Ford credit to get the Ford Rebates...I made one payment then refinanced through USAA to a much lower rate...

 

[formuladriver01]

Does anyone use USAA for Loans?!

My first truck I went with the Ford credit to get the Ford Rebates...I made one payment then refinanced through USAA to a much lower rate...

I had bought a 2010 FX4 that way. With ford credit and the available rebates, I received an extra 5500 off my price. Then the next day walked in and refinanced with navy fed. At the time my score was 726 and ford would only give me 8%. Navy fed turned around and gave me 3.5. I plan on using either usaa or navy fed for my raptor purchase.


Sent from my iPad using Tapatalk HD

 

[Marcs]

I reiterate my previously stated opinion, however unpopular it might be. When it comes to cars, no cash = no play. Folks need to learn a Raptor is a toy, a discretionary expense. Certainly not something to take on debt for. It is only a matter time before this "instant gratification" society will collapse.

 

[ejlmoney]

I've been in the financial services industry for over 15 years. This thread is a perfect example of how much financial ignorance is out there.

First off, everybody's situation is different. Whether to finance and how much is often a function of cash flow, debt/income, job security, risk aversion, creditworthiness, rate of credit and many, many other factors.
Making a blanket statement using credit or not using credit is simply absurd!


Not financing a depreciating asset? Really? Nothing in our economy would ever get done if companies and consumers didn't finance depreciating assets. Nearly all company machines, buildings, etc are depreciating. As we've found out the past decade even homes and condos can be depreciating assets.

I will say this:
Generally speaking---Anytime you add leverage (debt), you add risk. If you reduce/eliminate leverage (debt), you reduce risk.

This is not true 100% of the time......but generally speaking it holds true.

 

[Wilson]

the only leverage debt holds is for the banker not the debter.

---------- Post added at 10:58 PM ---------- Previous post was at 10:55 PM ----------

I reiterate my previously stated opinion, however unpopular it might be. When it comes to cars, no cash = no play. Folks need to learn a Raptor is a toy, a discretionary expense. Certainly not something to take on debt for. It is only a matter time before this "instant gratification" society will collapse.

I bought mine for work checking irrigations running to threw the fields.