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Ford Lightning's First 0% Financing Deal Has A Catch

Ford has rolled out 0% financing on the F-150 Lightning for the first time ever to help dealers sell a glut of 2023 inventory. However, while these 2023 Ford Lightning 0% financing deals may equate to significant price cuts on the EV, our analysis found that Ford quietly canceled thousands of dollars in rebates in the process.

Yesterday, 2023 Ford F-150 Lightning EVs became eligible for 0% APR for 60 months in most parts of the country. Previously, our records show the 5-year interest rate was 3.9%. On 6-year loans, the rate went from 5.9% to 1.9%. On a 6-year loan for a $50,000 truck, we estimate this could save around $6,500 in interest.

Our records also show this is the first time Ford has offered interest-free financing on the F-150 Lightning. A Ford Credit spokesperson confirmed our findings this morning. Interestingly, the rates are a lot better than the regular F-150 (Ford's lowest rate is now 1.9% and only for 36 months with a 60-month rate of 3.9%).

Ford Lightning Lariat EV grey interior

Sadly, we found a major drawback. When Ford introduced 0% APR, it took away thousands in rebates. Previously, there was between $2,500 and $12,500 in Retail Bonus Cash in some regions. Now, there's just a $7,500 purchase incentive on the Platinum. Ford spokesperson Marty Günsberg confirmed this for us today.

For some shoppers, the change in rebates may offset the savings of interest-free financing. There are also other limitations. While the Ford Lightning Platinum now offers 0% plus $7,500 in Retail Bonus Cash, the range-topping trim isn't eligible for a $7,500 federal tax credit because it exceeds an $80,000 MSRP cap.

Last year, the Lariat grade offered $7,500 in Retail Customer Cash plus the tax credit for $15,000 in savings. Now, the same truck only offers 0% APR plus the tax credit. Our analysis has thus far identified no changes to Ford Lightning lease prices. As a result, yesterday's changes mainly affect buyers rather than lessees.

Ford's EV deals have ramped up amid an apparent oversupply. In the case of the 2023 Mustang Mach-E, you can now find 0% financing for 72 months plus $3,000 in bonus cash on some styles. Several months ago, Ford abandoned a longstanding rule forbidding dealers from advertising electric vehicle prices under MSRP.

Current offers end on July 8th.

Source: Ford, Ford Credit

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      As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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