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Can anyone help me. So i ordered my solstice bout two and a half weeks ago ans I am about to sell my sebring for a down payment. I called the dealer today to see if my loan went through b4 i sell my car ya know. he said they will not try to approve it until my car comes in. I am confused. What if it isnt approved? Then I wont get my car?! Has anyone ever heard of this?
 

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He's right, paperwork for a loan happens when the deal closes (car is in). For now nothing to do but save little more downpayment.

The dealer or bank can do a pre-approval where they run your credit score and take a quick look at income etc. Most car loans go thru unless someone is really bad (in bankruptcy etc).
 

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well you could do like (McKee??) did....you get a price confirmation....you float the loan and you start making payments NOW !

Then a year from now when you take delivery you will have paid off about $3000.00 of the principal if you are lucky.

Personally I wouldn't do it that way...and the bank may not do it without a VIN...but you can try.
First thing they are going to want for collateral is your VIN
 

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A bank approval is only good for 30 days. It is impossible for the dealer to any more at this point.
 

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I wouldn't sell your present car too soon, unless you have other transportation arranged. I did that once and spent a couple of months having to be driven around by my wife. :lol:
 

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Definitely hold off on selling your current car until Solstice is closer to arriving.

In addition, I offer the following advice.

Do a little research in the FAQ section of the forum to learn about things like dealer allocation and order status tracking. Then go to your dealer with your newfound knowledge. He will probably be shocked that you know as much or more about Solstice ordering and production then he does, but so long as he is cooperative, between the two of you, you should be able to come up with a good estimate of when your car will go into production. Once this date approaches, your dealer can check your order status on a weekly basis, to let you know when your car gets moved up into production. Once that happens, that would be the time when you want to sell your current ride and work on getting a loan approved.

Good luck, and remember, the Solstice is definitely worth the wait! :)
 

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The loan can not be finalized until you have a VIN #.

I however went to my bank back in June when they were running low auto loan rates. Explained I ordered a car and had them lock the rate for me with
my assurance I would take the loan by the end of Oct.

I had to go all the way up to the VP in charge of loans, but I got the OK.
So if they say no at first which I was told NO twice I sent an email saying
how I was a loyal customer and deserved some special treatment. This worked.

It was not their normal operating proceedure, but rules are meant to be broken. The bank can do anything they want.

I was completely preapproved back in june, and my dealer (to my surprise) was able to electronically xfer the money so I did not need to go to the bank the day I got the car.

So keep your eye's open for a low loan rate at your bank and maybe you can pull the same thing. People don't buy cars in the winter (at least here in the north east, except SUV's during snowy winters) for the most part so
banks may lower their rates then to try and intise buyers to take a loan
due to the low rate.

Just some thoughts.

Later!
 

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Solstice Dreaming.......

AnGC84 said:
Can anyone help me. So i ordered my solstice bout two and a half weeks ago ans I am about to sell my sebring for a down payment. I called the dealer today to see if my loan went through b4 i sell my car ya know. he said they will not try to approve it until my car comes in. I am confused. What if it isnt approved? Then I wont get my car?! Has anyone ever heard of this?
Keep the Sebring! That will be the only top down you'll see for a long time. Welcome to the forum! You now have the right to start your Dream for the Solstice! :lol:
 

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deepdawg said:
A bank approval is only good for 30 days. It is impossible for the dealer to any more at this point.
Not all banks are 30 days. I have my loan approved. It is good for 45 days.
 
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