Deal Check + Help with Ford Options Plan

[EV90035]

Hi All,

Been lurking for a bit, figured I'd join, ask a few questions and hopefully help others. I'm trying to figure out this Ford Options Plan. Any input on the below deal would be greatly appreciated!

2022 Ford Mach E Select RWD w/ Comfort Technology Package.
Location: Los Angeles
MSRP 48,195 (includes $3,200 Comf Tech Pkg + $1,100 Dest/Delv)
"Market Adjustment" $5,000

Below are the numbers I received from the dealer.

Vehicle Selling Price: 53,542
Doc Fee: 85.00
License/Title: 660.00
Tire/Battery/VTR Fee: 8.75
DMV Fee: 30.00
Tax on Collected Items: 5,094.57
Total Cap: 59,420.32
Down/Cash Cap Reduction: -2,000.00
Rebate/Savings: -2,750
Net Cap: 54,670.32

36 Month Balloon: 1,073.57 (Dealer is saying this is my monthly payment)

Down/Cash Cap Reduction: 2,000.00
Due on Delivery: 2,000

Rate: 3.9%
Annual Miles: 10,500
Residual % [48,195]: 42+3=45%
Residual Amount: 21,687.75

Tax: 9.5%

Thanks in advance!

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[hybrid2bev]

Hi All,

Been lurking for a bit, figured I'd join, ask a few questions and hopefully help others. I'm trying to figure out this Ford Options Plan. Any input on the below deal would be greatly appreciated!

2022 Ford Mach E Select RWD w/ Comfort Technology Package.
Location: Los Angeles
MSRP 48,195 (includes $3,200 Comf Tech Pkg + $1,100 Dest/Delv)
"Market Adjustment" $5,000

Below are the numbers I received from the dealer.

Vehicle Selling Price: 53,542
Doc Fee: 85.00
License/Title: 660.00
Tire/Battery/VTR Fee: 8.75
DMV Fee: 30.00
Tax on Collected Items: 5,094.57
Total Cap: 59,420.32
Down/Cash Cap Reduction: -2,000.00
Rebate/Savings: -2,750
Net Cap: 54,670.32

36 Month Balloon: 1,073.57 (Dealer is saying this is my monthly payment)

Down/Cash Cap Reduction: 2,000.00
Due on Delivery: 2,000

Rate: 3.9%
Annual Miles: 10,500
Residual % [48,195]: 42+3=45%
Residual Amount: 21,687.75

Tax: 9.5%

Thanks in advance!

A lot of those terms make it sound more like a lease than Ford Options. If the contract says Lease Agreement then the dealer is doing it wrong.

Your payment schedule should be 35 monthly payments of $X and 1 payment of $Y balloon amount.

See: https://www.macheforum.com/site/thr...-similarities-and-differences.883/post-388517

 

[EV90035]

A lot of those terms make it sound more like a lease than Ford Options. If the contract says Lease Agreement then the dealer is doing it wrong.

Your payment schedule should be 35 monthly payments of $X and 1 payment of $Y balloon amount.

See: https://www.macheforum.com/site/thr...-similarities-and-differences.883/post-388517

Thanks for your quick response @hybrid2bev !!!
I was afraid that might be the case. Is there a specific document/deal-sheet/paperwork I should ask to see? I'd like to understand the deal before, having credit run, and going in to sign. BTW I've already given a deposit of $1k to "reserve" the car.

 

[AKgrampy]

Thanks for your quick response @hybrid2bev !!!
I was afraid that might be the case. Is there a specific document/deal-sheet/paperwork I should ask to see? I'd like to understand the deal before, having credit run, and going in to sign. BTW I've already given a deposit of $1k to "reserve" the car.

First off the Ford Options contract should be all electronic. They will print a copy for you. There is some way to do it with paper I think but that is a special case. My contract has me as the buyer. A lease has the financier, Ford Motor Credit, listed in the ownership somehow and that should be avoided or you lose the tax credit. Your numbers look reasonable for the loan. My contract also specifies the final payment as a balloon payment and is my 48th payment. In your case it should be the 36th payment. I hope this is helpful.

 

[Nklem]

Just do a 72 Month car loan at 3.9%. for 54,670.32 . The Remaining principAL at Payment 36 is your balloon payment (plus or minus a few dollars for mileage selection). By the way this works out to $852.83 with a Balloon of about $28,929.86 . Interest rate seems high, but I know the market is high now.

 

[RickMachE]

In principle, it is principal.

 

[Nklem]

In principle, it is principal.

I know. I know…….It’s a common mistake I make tying too quickly,,,,,

 

[ctenidae]

I know. I know…….It’s a common mistake I make tying too quickly,,,,,

Funny, I usually get a knot when I'm tying too quickly...
;-)

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