How's this deal look? GT arriving Thursday!

[ctenidae]

Just heard from my dealer that my GT will be to them by eod Thursday, and I can pick it up on Monday. Here's the deal they put together:

2022 Ford Mustang Mach-E GT AWD

Pricing Detail
MSRP: $64,735.00
YOUR Purchase Price: $62,235.00 (INCLUDES MSRP Pricing and Ford $2,500 Options Rebate)

Options Detail
36 Month Finance Term
12,000 Miles Per Year
Cash on Delivery: $5,000.00
Monthly Lease Payment = $1,085.01 (INCLUDES CT State Sales Tax, CT DMV and Dealer Fees)

Options Final Buyout: $29,130.75

I have no car to trade in, putting $5k down for no practical purpose. I will either buy the car out at the end, or sell it in the next 3-4 months, so I'm a bit of a payment shopper (the 84 month 4% thing looked attractive before)

A lot of you good folks are much further up the curve on Ford financing structures than I am. It's an arcane world where I understand the structure but the details are where the devil resides.

Any thoughts/suggestions/warnings?

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[silverelan]

Seems like a fair deal.

 

[Benny’66]

You have to look at the Options interest rate. I forget on my GTPE back in January, but I thought it was $2,500 and 1.4%. So I would take 1.4% for 36 or 48 all day long versus 4% on 84. Because after the Options term, you can always finance the balloon payment at whatever best rate you can find. Of course, if the economy keeps tanking and inflation keeps exploding, that rate could be 10%.

 

[HuntingPudel]

Pleas make sure that they are financing through the Ford Options program. The info you posted included the phrase “lease payment.“ Ford Options is not a lease.

 

[fpasta]

your also getting up to $7500 Federal Tax Credit. If youre in Cali you also get an additional $750 CVRP on top of the $2500.

 

[MachTee]

Looked good at first, but I had to add up the numbers and there's like $2500 unaccounted for. How much are they charging for the doc and DMV fees?

$1085 x 36 = $39060
Down payment = $5000
Balloon payment = $29130
Options rebate = -$2500
Grand total = $70690

Price of car is $62235 plus sales tax $3952 is $66187.

$70690 - $66187 = $4503

How much are they charging for doc fees and stuff? Interest over 36mos on ~$35k should be well under $2000, but let's just say $2000 in interest and there's the $2500. I would ask how much they're charging in total fees.

It's a good deal considering the insane markups going on. Just don't mind me and minor details such as $2500 lol.

 

[ctenidae]

Pleas make sure that they are financing through the Ford Options program. The info you posted included the phrase “lease payment.“ Ford Options is not a lease.

Yeah - noticed that. Old tech, meet new tech, right? But a valid point, to make sure they're doing it right. My sales guy has already flipped me over to Finance...

Benny - My concern is that in 36 months, interest rates are probably going to be somewhat higher than 4%. I started scratching at the calcs - BOTEC says that if rates go to 8% in 2025, which isn't outside the realm of possibility, and you refinance the residual for 4 years, your payments are $200/month higher in the first 3 years, and $100 less in the last 4, vs 84 months 4%. You pay about $2K less in total coming off the Options plan, which makes sense. At 8.5% future interest rates, I bet it's a wash.

 

[ctenidae]

Looked good at first, but I had to add up the numbers and there's like $2500 unaccounted for.

Yeah, I'm not 100% comfortable there, either- I had to add about $4K to the price, and run it at 60 months, to get the payment and the residual to line up.

 

[redranger04g]

your also getting up to $7500 Federal Tax Credit. If youre in Cali you also get an additional $750 CVRP on top of the $2500.

In California, the $750 at time of purchase is the California Clean Fuel Reward, the Clean Vehicle Rebate Program (CVRP) you mentioned is $2000 but you have to apply for it after purchasing the vehicle. Current wait times to receive a check is 84 days.

 

[fpasta]

In California, the $750 at time of purchase is the California Clean Fuel Reward, the Clean Vehicle Rebate Program (CVRP) you mentioned is $2000 but you have to apply for it after purchasing the vehicle. Current wait times to receive a check is 84 days.

Your right. Is the application the same as the CAV decal. Or probably separate application. I will research. Thanks.

Edit: Applying for that right now. If it wasn't for me seeing it on the Decal application I would not have found out about this. Thought the Fuel Rewards and that was the same thing.

 

[ChuckA]

Looked good at first, but I had to add up the numbers and there's like $2500 unaccounted for. How much are they charging for the doc and DMV fees?

$1085 x 36 = $39060
Down payment = $5000
Balloon payment = $29130
Options rebate = -$2500
Grand total = $70690

Price of car is $62235 plus sales tax $3952 is $66187.

$70690 - $66187 = $4503

How much are they charging for doc fees and stuff? Interest over 36mos on ~$35k should be well under $2000, but let's just say $2000 in interest and there's the $2500. I would ask how much they're charging in total fees.

It's a good deal considering the insane markups going on. Just don't mind me and minor details such as $2500 lol.

CT is a ripoff state and the sales tax is 7.75% on cars over $50k. The price of the car is $64,735 (sales tax $5,017). The $2500 options rebate is treated as a payment reducing the amount financed but not the purchase price. If you want lower payments, go to 48 months options. If you can get approved, put $0 down. Dealers get their money so down payment isn’t necessary.

Dealer fees in CT run $499-$600 since the state allows it. They will always overcharge for DMV and issue refunds because they’ll charge for emissions even though it exempt. Don’t let them sneak in VIN etch fee.

Numbers look correct. Your $4503 is $1100 sales tax, $600 dealer fees, $3000 interest on a $65k loan.

 

[MPCane17]

Does anyone know if the 1.4% options rate is a still available as that what it was when I ordered the GT? I have heard other members say that financing options that were available at time of order will be honored but I don’t know if that is true. Have a build date of 7/11 and worried that by the time I get the vehicle rates will be even higher. Appreciate any insight anyone has.

 

[ChuckA]

Yeah, I'm not 100% comfortable there, either- I had to add about $4K to the price, and run it at 60 months, to get the payment and the residual to line up.

Don’t forget that you are financing the full $63k net including the balloon. Take the $29k final payment at 36 months interest and that’s $2100. CT fees are about $600. Options is better then you can get privately.

 

[redranger04g]

Your right. Is the application the same as the CAV decal. Or probably separate application. I will research. Thanks.

Edit: Applying for that right now. If it wasn't for me seeing it on the Decal application I would not have found out about this. Thought the Fuel Rewards and that was the same thing.

Awesome! Yeah it’s the same website/program, but you have to apply for the decal and rebate separately. Glad I could help a forum member get $2000 back!

 

[MachTee]

CT is a ripoff state and the sales tax is 7.75% on cars over $50k. The price of the car is $64,735 (sales tax $5,017). The $2500 options rebate is treated as a payment reducing the amount financed but not the purchase price. If you want lower payments, go to 48 months options. If you can get approved, put $0 down. Dealers get their money so down payment isn’t necessary.

Dealer fees in CT run $499-$600 since the state allows it. They will always overcharge for DMV and issue refunds because they’ll charge for emissions even though it exempt. Don’t let them sneak in VIN etch fee.

Numbers look correct. Your $4503 is $1100 sales tax, $600 dealer fees, $3000 interest on a $65k loan.

Did not know about the increased sales tax over $50K in CT.

I'm fairly certain you're not charged interest on the balloon payment during the term of the 3yrs Options.

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