bfilion05

I am looking into refinancing my loan on my 2011 F-150 3.5L FX4 with the luxury package and went into Numerica Credit Union yesterday afternoon to get the paperwork started. While I was in the bank the loan officer informed me that everything looks good and that he would call me later in the day on the decision (also said there is a slim chance of it being denied). A couple hours later he called and informed me that the loan had been denied due to the value of the truck being much lower than the amount of the loan.

When I bought the truck the sticker was $44,500 and I ended up paying $38,094 out the door. Basically I have made 3 payments and have a payoff of just over $37k. The credit union is saying the truck right now (bought it in Oct. 2011) is only worth $31,500. They use NADA to value the truck. When I go on NADA.com and book out the exact truck I have it comes out at $38,850. Just curious if anyone has run into this before and if you have any advice on what I should do next. Right now I am financing with Ford Credit at 7%.

jhunt47

Had the same thing happened had to send in a pick of the window sticker then all was good.

TruckLarry

I'm not sure they are wrong.

klumb15

I can't say I blame them. I did the same thing but I put 15k down and financed 20k. When I went to refiance they initially sounded very weary and made it sound like they probably wouldn't be able to do it because it's now classified as a used vehicle and is now worth far less than I paid. After they asked how much I put down, they changed their tone and ensured me there wouldn't be any problem. They are going to cover their *** too. I went from 8.9% with Ford to 3.0% through my bank.

kyle450rider

HHHMMMMM. I'll have to check with my credit union about this. I'm glad someone posted this up. My plan when I purchase is to finance with Ford and try to get that rebate with Ford Credit. Then I was just going to go to my credit union and refinance after maybe a month. I was planning on putting 10K down and with all rebates I figure on purchasing for about 31K with the windown sticker showing 42K. Seems like a credit union would come out ahead if I defaulted.

Chaddafd

That sucks

bfilion05

How do you figure? They are basically saying that after 4,500 miles and 4 months the truck has depreciated $14,000 or roughly 31.4% which seems a little outrageous to me. I get that the bank is trying to cover their ***. Also one of my concerns was the NADA system they use to value the truck. The loan officer stated they valued it at $31,500, but when I book it out on NADA.com is comes out at $38,850. Maybe there is a difference between the consumer estimation compared to a bank estimation but I can't imagine it is that much. I am going to try taking my sticker into the credit union to see if that changes anything.

aj.rookie

+1

I think bank valued your truck without all the options. Run the options with them to have all the added options to bring the value up.

TuxBlackFX4

When I bought my truck, I essentially told the dealer that it was a no-go unless I got 0% financing through Ford Credit. Took two seconds and I got it. I'd look into this if in the market for a new truck.

bfilion05

Thanks for the info. I was curious if anyone else has had success getting Ford Credit to come down on their interest rates?