Signed - 2020 Ford F150 Raptor ($640) 15k Miles

I just closed on a 2020 F150 Raptor. The MSRP was $63k. 48 Month. 15k miles/year. My price was $57k. I paid about $5k out of pocket for taxes, etc.

I did the “Better Than a Lease” loan from Hanscom Federal Credit Union. Basically, it is a balloon loan. BUT, the balloon is the amount of a set residual value ($34k for mine). At the end of the term, you can pay off the ballon OR return the car for the residual value. Rate is 3.9%.

I had not seen the HFCU “lease” option before. For the Raptor, it provided options that otherwise did not seem to exist.


That’s a great deal for a Raptor. Would have preferred a shorter lease and rolling the fees into the monthly though.

Don’t raptors hold their values incredibly well? Did some quick math - you’re paying $35k-ish over the duration of this balloon loan. You decide to turn it in - you paid more than 50% of MSRP to lease it. Decide to buy it - And you spend another $34k bringing your total to $69k without counting any interest on the remaining loan.

Just curious to hear your thoughts. Always figured Raptors were better off purchased than leased.


I’m sure it varies by lender, but theoretically he/she could turn around and sell it in a month or at “lease end”. There’s a good chance in 4 years a 3rd party will buy it out for above the residual or if not then he/she turns it in to the lender and walks away. This is a great deal and one of the few options where a balloon loan makes sense.

There is no prepayment penalty. I can sell or pay the loan off at any point. I can also return the truck at the end of four years if the residual is higher than actual value. Other durations and mileage were available.

Traditional financing would have saved me 1% interest at the same credit union. But, I’m not sure I will want the truck in 4 years. I figure the 1% rate difference is worth the chance that residual at the end of four years will be lower than what the CU expects.

If you can find a better approach to leasing a Raptor, I’d be interested.

So from my understanding the balloon payment at the end should be equal to the residual value of the truck. All goes according to plan you turn in the truck and the residual ( trade in value) covers your last balloon payment. The only thing that’s a big risk is if there’s an accident to the truck that doesn’t total it but hurts it’s ending value. You maybe be upside down on the loan.

What about gap insurance - who is providing that and how much does it cost? (Is it per month?)

Whats the 640? Your monthly payments ?

Topic is 2+ yrs old