Finances while you wait

KennyMac

May 25, 2021

I've seen multiple posts from people concerned with the delays because it will result in a later payoff date for your loan due to the later start date. I see it as the complete opposite. I planned from the beginning on a roughly $800 payment, so since my reservation I have been making an $800 monthly payment into a savings account for my down payment, earning interest instead of burning it on a loan. I know, most folks can't do this due to current lease or payments, but you should be putting back at least a few bucks each month, the bigger down payment will make life so much easier in the long run. I'm now looking at a sub $500 payment, and dropping every month. By delivery timeframe, I'm hoping for under $400 or shaving a year or 2 off the loan terms. Just saying, if y'all haven't been boosting that down payment, it's still not too late to make a dent!

7/14/20 Res, took delivery 4/7/22!!
A51 2 door Badlands, 2.7L, Sasquatch, Lux, MGV, MIC, Roof Rails, Tow

Stede_Bonnet, MDT

Last edited by a moderator: May 25, 2021

Sort by date

Reaction Score

May 26, 2021

I’m with you! I’ve seen the delay as an opportunity and am using it to pay off a few things and accrue a bigger down payment. I’m a 2 dr Badlands, MIC, tow package and 2.3MT. Even though I’m a day 6 reservation I figure with delays it will be October, just time to save.

TK1215, Gutter Clown

May 26, 2021

KennyMac
I've seen multiple posts from people concerned with the delays because it will result in a later payoff date for your loan due to the later start date. I see it as the complete opposite. I planned from the beginning on a roughly $800 payment, so since my reservation I have been making an $800 monthly payment into a savings account for my down payment, earning interest instead of burning it on a loan. I know, most folks can't do this due to current lease or payments, but you should be putting back at least a few bucks each month, the bigger down payment will make life so much easier in the long run. I'm now looking at a sub $500 payment, and dropping every month. By delivery timeframe, I'm hoping for under $400 or shaving a year or 2 off the loan terms. Just saying, if y'all haven't been boosting that down payment, it's still not too late to make a dent!

I am purchasing my Bronco, not leasing it. Every month it’s delayed is another chunk of money put in the bank. My goal was to have $20,000 for a down payment when the Bronco was delivered. I had a set back in April for taxes(had to pay $4,500), but I am still on pace to have my goal amount by the end of July. Each month delay after July is more money in the bank for a down payment.

Only thing that would make this better is if Ford offered 0% interest.

2021 Badlands, 4 door, 2.7L, Auto, LUX, SAS, Tow Package, MIC, Velocity Blue.

Broncadonk MKG, TK1215

May 26, 2021

I was planning on $10,000.00 down but the city just informed us we have to replace our sidewalk to the tune of $4200.00 (lowest quote we got) by July 15th. Not helping my budget!

2022 Bronco Black Diamond 2dr 2.3L manual Hot Pepper Red. Reserved 8/7/20. Ordered 1/23/21. Reordered 10/08/21. Scheduled week of January 24th 2022, delivered 2/24/2022

TK1215, KennyMac

May 26, 2021

I pretty much bank my whole paycheck in saving minus some for necessities. I just had to make a couple purchases that hit savings pretty hard but expected this before hand.

Bronco Badlands, Bronco Black Diamond, Bronco Big Bend, & Bronco Sport Badlands
www.youtube.com/1five1garage

TK1215, KennyMac

May 26, 2021

Love this idea.

I originally planned on $10K down payment and almost at $15K now.

TK1215, KennyMac

May 26, 2021

Has anyone had interest rates thrown at them by their dealers yet? I'm paying cash but these days it might be wise to hold on to the money and finance if it is not unreasonable.

Ford better get moving with these things though. Inflation is ramping up quickly and many people might not or should not be buying a new vehicle. I won't mortgage my future for a car if the economy hits the shitter before mine gets built.

4DR BL-Cactus Gray - Sas - 2.7 - 10 Spd - Lux - Soft Top
Res 7/14 - Ord 1/20 - VIN 8/26 - Sticker 10/12 - Blend 10/18

TK1215, KennyMac

May 26, 2021

Savings for down payment keeps growing, less to finance is not bad. Keeping fingers crossed for Thanksgiving delivery.

Base 2-door, 2.3L, 7 spd, MIC Top, Oxford White, Roof Rails, Modular Bumper, Headliner, Floor Liners, Aux Switches
Build week of 2-7-22, Build 2-10-22, WS 2/18, New Blend 2/25, Built 2/27, del 3/2

SlashRacer, Gutter Clown

May 26, 2021

Pakrat
Has anyone had interest rates thrown at them by their dealers yet? I'm paying cash but these days it might be wise to hold on to the money and finance if it is not unreasonable.

Ford better get moving with these things though. Inflation is ramping up quickly and many people might not or should not be buying a new vehicle. I won't mortgage my future for a car if the economy hits the shitter before mine gets built.

I doubt any bank will lock in a rate this far out, but yes it can make a difference. I've been looking at used truck prices and trying to decide if I can part with a couple of my old trucks and actually pay cash. Of course, that may not be worth it if I can get 1 or 2% financing, but if rates go up and we're looking at 9%, I don't want to borrow a dime.

7/14/20 Res, took delivery 4/7/22!!
A51 2 door Badlands, 2.7L, Sasquatch, Lux, MGV, MIC, Roof Rails, Tow

Pakrat

May 26, 2021

Really getting annoyed that my credit score won't improve beyond the continued 0% usage since I have no other loans currently. Not very diverse history for a couple years waiting for the Bronco! Just holding steady and saving away! Shooting for around 30k for down payment

Horse with no name...
Race Red Badlands

TK1215, KennyMac

May 27, 2021

#10

Will be interesting to see what interest rates do while we wait. Knowing I have possibly another year, seriously contemplating throwing $$ at refurbishing my FJ60…she might look good in cactus gray. ;)

TK1215, KennyMac

May 27, 2021

#11

OddMackey
Really getting annoyed that my credit score won't improve beyond the continued 0% usage since I have no other loans currently. Not very diverse history for a couple years waiting for the Bronco! Just holding steady and saving away! Shooting for around 30k for down payment

That's a tough spot to be in. I know some good tricks to really boost / keep it up if you've got 1-2 years, but anything you do will drop it short term (<6 months), bad for Bronco delivery time!!

7/14/20 Res, took delivery 4/7/22!!
A51 2 door Badlands, 2.7L, Sasquatch, Lux, MGV, MIC, Roof Rails, Tow

May 28, 2021

#12

Planning on paying cash unless Ford has a 0% percentage rate. Sold a car that sat in the garage and hardly driven for $34,000 a couple of months ago and am selling my 2016 Dodge Ram when they start building my Bronco. OB 2dr./2.7,lux,tow,leather,Cactus Gray

Stede_Bonnet, Gutter Clown

May 28, 2021

#13

I am also saving in attempt to have large down payment. Living off 1 paycheck and putting 2nd in the bank. My credit union has fantastic rates, so will probably go that route unless dealership can beat it. 4door OBS lux w/ tow Area 51

Deano Bronc, Gutter Clown

May 28, 2021

#14

Rinkus
Planning on paying cash unless Ford has a 0% percentage rate. Sold a car that sat in the garage and hardly driven for $34,000 a couple of months ago and am selling my 2016 Dodge Ram when they start building my Bronco. OB 2dr./2.7,lux,tow,leather,Cactus Gray

That's an awesome spot to be in, I'm trying to get there myself. Just trying to balance what vehicles I'm going to sell and what investments to cash out (many that were way up in Jan/Feb really suck now). That Ram is probably worth a healthy premium right now, if you time that sale right you'll see just how good a deal MSRP is on the Bronco right now...

7/14/20 Res, took delivery 4/7/22!!
A51 2 door Badlands, 2.7L, Sasquatch, Lux, MGV, MIC, Roof Rails, Tow

Rinkus

May 28, 2021

#15

Jen
I am also saving in attempt to have large down payment. Living off 1 paycheck and putting 2nd in the bank. My credit union has fantastic rates, so will probably go that route unless dealership can beat it. 4door OBS lux w/ tow Area 51

That's what I'm talking about, you got this! Honestly, car payments suck, I always try to do everything I can to keep them as small and short term as possible!

7/14/20 Res, took delivery 4/7/22!!
A51 2 door Badlands, 2.7L, Sasquatch, Lux, MGV, MIC, Roof Rails, Tow

You must log in or register to post here.