Finalize Financing before the car is delivered?

[SSOOCH]

My dealer wants me to come and finalize financing before the car arrives. He received the invoice today.

This doesn't seem right. Then I got a email from another buyer at the same dealer (that I met on Camaro5..thanks Camaro5) and she got a email asking them to come into the dealer signing a paper stating that they would secure financing as soon as their invoice arrived.........

HELP!!

And before the "Your Dealer is an idiot" responses roll in. Up to this point this Dealer and all of it's staff have been top notch. They claim they are doing this to speed up their orders......

What do ya'll think.....

[RPO_Z28]

When you inspect and drive the car, that's when you sign the finance contract.

Unless they mean sit down with the F&I manager to go over the financing.

If you sign and finalize anything before seeing the car, you would be foolish.

[bluch]

i would want to see the car (make sure it wasn't missing a RS package or something else) and also to inspect it for dents/scratches/and other damages before i finalized financing.

[jdurhan]

I would want to secure fin. when invoiced but not finalize.

[RickyTheStorm]

Let me tell you a story....

I called my dealer last week asking if I could get the numbers and go in and take care of all of the paperwork and everything so when it came in I could just go and drive away.

My dealer said "This is going to sound strange coming from me - but I would not recommend you do that and don't want you to. If you do really want to do it we can, but I would rather you see the car and make sure everything is fine before you pay us for it."

So that being said, something is not right - you shouldn't pay before it has arrived (though I did originally want to do that until he told me his opinion, thank goodness. I love Criswell (though communication is slow or limited sometimes, they are honest and good to their word)

[bob2the2nd]

if by finalize you mean everything but sign then yes. PenFed is absolutely dragging their feet with me since i dont have a VIN. (should have one in the next day or so). thus im thinking about financing through my dealer, who said he could beat my next best offer. But im going to ask that he has my financing squared away before I get the car. I dont want any surprises before I get the car and dont really want to have to be worry about it as Im jumping up and down from excitement.

edit: this goes along with the post above, i believe my dealer even told me they cant do financing till the car gets there. Not sure if its their rules or what, but they said unless there is a car on the lot you cant sign an agreement

[RickyTheStorm]

Originally Posted by bob2the2nd

if by finalize you mean everything but sign then yes. PenFed is absolutely dragging their feet with me since i dont have a VIN. (should have one in the next day or so). thus im thinking about financing through my dealer, who said he could beat my next best offer. But im going to ask that he has my financing squared away before I get the car. I dont want any surprises before I get the car and dont really want to have to be worry about it as Im jumping up and down from excitement.

Good point - you can go in and get everything but signing done and have everything ready to go so that when it comes it you just have to sign rather than do the other hrs of crap. I still don't know how this speeds things up, its going to take the same amount of time either way.

[UCF w00t]

Finalize financing... OK. Finalize payment... not ok.

[Rogue Leader]

I am securing financing beforehand mainly because I am not financing through the dealer. If I am dissatisfied with the car I will simply not hand them the check from my credit union.

That said, being that the dealer can do it all on the spot if hes doing the financing as long as you're confident in your credit score I would wait till the car shows before I did that.

[RickyTheStorm]

Originally Posted by Rogue Leader

I am securing financing beforehand mainly because I am not financing through the dealer. If I am dissatisfied with the car I will simply not hand them the check from my credit union.

That said, being that the dealer can do it all on the spot if hes doing the financing as long as you're confident in your credit score I would wait till the car shows before I did that.

Yea, another valid point - is it basically pre-approval? Don't sign the money over to them before you see that car, that is the main point.

[surferbarney]

I don't think the dealer meant to sign all the paperwork, I think they just want you to come in, fill out the loan application, and get pre-approved. Then you just have to sign all the papers the day you pick up your car.

If they want you to actually sign papers now, don't do it, that doesn't make sense.

[Mr_Draco]

Originally Posted by SSOOCH

My dealer wants me to come and finalize financing before the car arrives. He received the invoice today.

This doesn't seem right. Then I got a email from another buyer at the same dealer (that I met on Camaro5..thanks Camaro5) and she got a email asking them to come into the dealer signing a paper stating that they would secure financing as soon as their invoice arrived.........

HELP!!

And before the "Your Dealer is an idiot" responses roll in. Up to this point this Dealer and all of it's staff have been top notch. They claim they are doing this to speed up their orders......

What do ya'll think.....

If you want to go in and talk and get all the papers drawn up and filed together so you can get out quicker the day you get it that's fine but do NOT SIGN ANYTHING.

The day you sign the papers is the day the warranty starts ticking and the day you start getting billed the monthly payments. It may take another month or two before the car shows up and you don't want to be paying on a car that you don't have.

[camaroqueen]

I would not sign any papers until you check the car out thoroughly. You do not know if anything has happened during the transport. My car actually had a small ding w/paint chip (I'm still hyperventillating - spelling?)! Any way they are fixing my car that came in Monday morning. I still do not have my car, but they have not pressured me at all. My salesman has not asked for any money. I don't understand why they would want you to come in early. WAIT for the car to get there on their lot.

As for anyone who had established financing through PenFed don't rush getting your check too soon. They are very, very quick. I filed on a Thursday or Friday and had my check regular mail by the next week. I could not believe the quickness of this place. My salesman told me awhile back that if I wrote them a check to hold that would be good until I got them the money (mainly for a weekend if Financial Institute was not open). I would at least wait until the salesman called a said he had an invoice. This should give you plenty of time.

[Lauryn200]

Originally Posted by surferbarney

I don't think the dealer meant to sign all the paperwork, I think they just want you to come in, fill out the loan application, and get pre-approved. Then you just have to sign all the papers the day you pick up your car.

If they want you to actually sign papers now, don't do it, that doesn't make sense.

Question:

When you pre-order
No application is required?

When the car is close to delivery
They (dealer) than do the credit application?

Confused...never pre-ordered a car before this is educational....