Went in for oil change,came out w/a new truck!

[TaperRandy]

Made a decision on the fly a coupla days ago. My 2014 Lariat Super Crew needed servicing. I was at 115,000 miles. On myntruck were KG 20" wheels, and the Nitto Grapplers ($4500 total..just for those curious) I had on for 3 years were beat. Really beat. Two front coil springs were busted. Check engine light on for a few months? That was an oxygen sensor. My running boards were both damaged from icy snow banks this past winter. There were two dents on the drivers door... and a broken plastic piece on the passenger mirror. It as well used a thorough cleaning and detail. All in all...$5000 I was looking at. So, impulsively...I said what da hay, made my move. Took two Lariats out for brief rides, bought one. Just like that. I signed, signed, signed...and I now have a sharp 2017 former Ford lease Super Crew with 60k miles. Thing rides like a down pillow, all the bells and whistles. Ruby Red with black leather interior. Sharp. 
Here is my question: Is 4.9% too much? The finance charge for this $32,000 truck is 5k. 72 payments at $492 a month, almost $100 a month less than my '14. They gave me 13k for my old truck, 9k went to BOA (payout), the 3k balance applied as a down payment. That was it. Waived warranty, but did buy GAP. I got my 14 Lariat at 3.1% from BOA, 4 years ago. My credit history is spotless. Finance guy at the Ford dealership said that amidst the COVID situation, that 4.9% was the best they could do. He pulled TU and Exp--792 and 778 respectively. When I questioned the 4.9%, stating that my primary bank-BOA-gave me 3.1% last time, he said that that rate isn't reflective of market trends currently, and that 4.9% is typical. 
Was I too hasty? Should I have gone to my bank first? If I did get yoked, is there any resolve? I ended up with a loan from Fifth Third, after they compared Huntington and Citizens...stating that Ford doesn't use BOA. 
Wondering what my options are now. Especially since I've been banged out with 5 inquiries at each of the 3.
Thanks, all. 

[TattnallTrio]

Dealers can legally mark your interest rate up by 4%. Often times they'll go with the choice that makes them the most money. It sounds like Fifth/Third May be offering them some "kick back". 
I don't think you were hosed for much,

maybe 1 to 1.5%. 

[GApeachy]

Are you a member of a CU?  If not, maybe you could speak with a LO at a couple/few and ask what they could do for you apr-wise.  If you find one that could give you a better rate now or a few months down the road that could work in your favor.  (...and pick up a cc to boot. )

LO at my dil's CU told her to come back in after she's had her suv for a few months and she'd get a better rate through them....and she did.  So maybe you could do that if you hadn't tried already.  Good luck and enjoy that sweet ride!

[sccredit]

Definitely look at a credit union refinance. Back in 2013 I bought a 2012 F150 FX2 at 4.9% interest. Had it refinanced a month later to 2.9% with Logix. 

[howellco2]

I bet DCU could get you lower my local cu gave me 1.99 on a 08 lariet

[Kforce]

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@TaperRandy wrote:

Was I too hasty?   // Yes

Should I have gone to my bank first?   // Yes

Wondering what my options are now  . // Live with it  .or.  shop for a better loan

---

I looked at 3 of my credit unions using your age vehicle and 72 month term.

They averaged ( 3.75% )

32k, @4.9%,  $500/mo = 5269 interest loss

32k, @4.5%,  $500/mo = 4660 interest loss

32k, @4.0%,  $500/mo = 4053 interest loss

32k, @3.5%,  $500/mo = 3471 interest loss

If you refinance you probably could save about $1,400

If your keep the same monthly payment.

You need to decide if your "Fico score" or "Money" is more important

[Gmood1]

Looked around at some of my FIs.

Redstone offers a significantly lower rate than your current, on a used vehicle.

2.79% for 72 months.

Yeah time to refinance!

[TaperRandy]

Thank you for that. We always second guess ourselves, so an unbiased source saying a point...point and a half? I can live with that.

[TaperRandy]

Yeah...I'm a tad OCD about my score. My regular credit score analyzing? She just shakes her head sometimes and giggles about what a nut-in-the-head I am. I study everything that my premium memberships to the reporting 3 have to offer. Admittedly, after all these years, I still don't have half of it nailed down. That was a long way to go to say...yeah. My rating over money. No question. 

[TaperRandy]

Thank you. Yes, I belong to a local credit union. However, it's more like a dark passenger dynamic. I have a few of my insurance policies linked to the account, yet I rarely use it for anything else. I never give it much thought overall. Their website is clunky, locks me out regularly after two attempts to enter my [legit] password when I do try to go there. The layou looks like a freshman at a community college designed it. I stick with BOA 99% of the time.