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Discussion Starter #1
I've read a few posts where people say they were signing there finance paperwork and they didn't even have their car yet...

How many have done this?

I'm not sure I understand how this works... :confused:
Are you leaving the dates off the paperwork until the car is delivered?
Or are you going ahead and starting your loan terms (without even knowing when you are getting your car)?
 

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Missing my Dad 9/40-5/08
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mcbman said:
I've read a few posts where people say they were signing there finance paperwork and they didn't even have their car yet...

How many have done this?

I'm not sure I understand how this works... :confused:
Are you leaving the dates off the paperwork until the car is delivered?
Or are you going ahead and starting your loan terms (without even knowing when you are getting your car)?
We were pre-approved so that it would lock in the rate. They were able to hold the rate for us for 30 days. Didn't actually sign any paperwork until we picked up.

mes
 

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I started paying my loan on 1 May 2005. Last spring my bank was offering 3.37% on 60 month financing, I got my order in to my dealer (dealer has price guarantee, if price goes up before delivery I still only pay what I originally signed), then asked the bank if I could get the check without the VIN #. They said it would be "no problem", I told them it might take a few months (I meant years really) to get the VIN # and once again they said "no problem".

I picked up the check the next day, gave it to the dealer, and have been waiting (and paying) ever since.

P.S. I placed a $2000 deposit on the car back in March (pre-Apprentice). A few bits of info for those who are curious : 1. It was a bank on a military base 2. The dealer is for overseas US miltary 3. If my bank is reading this, I really expected a VIN by now . . .
 

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Discussion Starter #4
Frosty said:
I started paying my loan on 1 June. Last spring my bank was offering 3.37% on 60 month financing, I got my order in to my dealer (dealer has price guarantee, if price goes up before delivery I still only pay what I originally signed), then asked the bank if I could get the check without the VIN #. They said it would be "no problem", I told them it might take a few months (I meant years really) to get the VIN # and once again they said "no problem".

I picked up the check the next day, gave it to the dealer, and have been waiting (and paying) ever since.
So you are paying on your loan already and you don't have the car yet! :willy:

What is everyone else doing? I would sure like to be able to go in and get my car and drive off as quickly as possible (without having to mess around in financing for hours).
But I don't want to begin paying on the loan until the car arrives.

What did those of you who already have your cars do?
 

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Pre approved by Credit Union

My Credit Union (in Iowa) was running a special of 4.65% which lasted 60 days. I got pre approved but the 60 days could not be extended. The next rate was for 4.99% but when I signed up for that it was to expire by September 18. Soon their loans will be at about 5.25% but they have offered to extend the 4.99 through the end of September. Since I don't yet know when the car will arrive, and since I do have a VIN number, I can go in anytime in September to complete the loan transaction. I plan to wait until the last minute in the hope that I will have the car before I sign the loan. If for some reason I should not take the car (fat chance), there is no penality for paying off the loan immediately. I am not messing with GMAC because there rate is toooooo high. It is always best to have the money (loan) in your pocket when you go to buy a car. It makes dealing with the car dealer easier and everything is just faster and less complicated.
 

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I don't plan on setting up financing until I get my Solstice. What I have been doing is paying myself a car payment each month. I opened up a new account and just move the money in there each month via an automatic withdrawl from one of my other accounts.

This way I'll have a larger down payment, and will lower my actual montly payments once I get the car. I had been saving a little here and there for the car for some time, but since January I got serious... so I've been making payments for almost 9 months now, all going to me, all collecting interest and all evenutally going towards the car I hope to get... at some point.
 

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I plan on getting pre-approved by my credit union, and then challenging the dealership to try and find me a better rate. My credit union is currently offering 4.24%, so if the dealership can find a better rate through a local bank, I'll take it, if not, I'll already be pre-approved at my credit union.

I actually plan to stop by my dealer tonight, to start some initial discussion with them (and to get a look at the First 1000 car that just got delivered there this morning!)
 

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in anticipation of delivery any day now, week now,month now, I have finally started to check out the finance rates locally. Credit unions are better than the banks 5.75 (Not great) looked at Capital One and they are 5.5. then ran across an ad for AAA members---they use Capital One but get a discounted rate of 5.2 (48 or 60 mo). Challenge to the dealer now is to beat it. They have a great deal too called Blank check where you can get preapproved ahead of time and they will send you a blank check that you can use for any amount up to the preapproved amount---you just fill in the blanks and turn it over to the dealer.
 

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Waiting for 250hp

The plan is to save until a more powerful engine becomes available (I am so instant gratification, it hurts :( ). If it's a 2007 model, by the time I take delivery, I'll be able to pay 1/2 in cash. :cool:
 

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Like several others, I went through a credit union. Ours was offering a special in August of 3.89%. I am now pre-approved, and I will be taking a copy of the purchase order (w/VIN#) to the credit union tomorrow for final approval. I think they want to make sure I'm not paying more than MSRP.

My deal expires Oct. 8 ... so, come on, Pontiac and take half a day's journey (just 90 miles from Wilmington) and deliver that beautiful Mysterious #506!! :confused:
 

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we are paying cash for ours when it arrives...dont want to owe anything to anyone on this beauty!!! :yesnod:
 

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dengel said:
I plan on getting pre-approved by my credit union, and then challenging the dealership to try and find me a better rate. My credit union is currently offering 4.24%, so if the dealership can find a better rate through a local bank, I'll take it, if not, I'll already be pre-approved at my credit union.
That's exactly what I'm doing.

Now I hadn't thought about getting the loan ahead of time and start paying it early. Sounds interesting. However I think I'll wait till the car arrives though.
 

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I also forgot to mention, they did let us use our GM Card Earnings. Up to $1000 can be used.
 
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Frosty said:
P.S. 3. If my bank is reading this, I really expected a VIN by now . . .
:lol:

If they don't believe you, just tell them to check this site out.
 

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Discussion Starter #15
I'm expecting/hoping to get my car this week...

And like I said earlier -- I would sure like to be able to go in and get my car and drive off as quickly as possible (without having to mess around in financing for hours).

Is it possible to have everything ready (just needs to be dated and signed)?
Or will I have to go ahead and finalize everything (and start the loan terms before the car arrives)?
 

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mcbman said:
I'm expecting/hoping to get my car this week...

And like I said earlier -- I would sure like to be able to go in and get my car and drive off as quickly as possible (without having to mess around in financing for hours).

Is it possible to have everything ready (just needs to be dated and signed)?
Or will I have to go ahead and finalize everything (and start the loan terms before the car arrives)?
You should be able to sit down with the financing person at this point and go through your financing requirements and any necessary application process, which would involve determining things like final cost, your down payment, how much you plan to borrow, etc., and at that point get the loan approved. Most lending institutions will lock in the loan rate and approval for a few days or weeks. Just don't have them pay the dealer until the car is delivered. You wouldn't start paying on the loan until the lending institution pays for the dealer for the car. It would ultimately depend on the rules of the financial institution you are borrowing from.

As an example, I will most likely borrow the money from my credit union. I can get pre-approved for a car loan for two weeks at a time, I think. So if I apply for the loan, I have two weeks to provide the credit union with the exact amount they need to pay the car dealer for the car. The clock doesn't start on the loan until the day the credit union actually cuts a check to the car dealer.
 
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