Thoughts on loan/payment

[CTK59]

Financed thru dealer (out of state) and first payment is coming up in under 2-weeks and have no loan info. Called bank holding loan and they have no record/loan profile/information and said I have to go thru dealership. Dealership says it was filed (billed to bank) but do not receive loan number, only customer receives that with "welcome package". Wish I can say it's "free" but know how that will go. Thoughts?

 

[melvimbe]

That doesn't make sense. It's certainly not free, as you don't have the title. If the bank doesn't have it, who's got the title?

 

[Big Papa Gecko]

Financed thru dealer (out of state) and first payment is coming up in under 2-weeks and have no loan info. Called bank holding loan and they have no record/loan profile/information and said I have to go thru dealership. Dealership says it was filed (billed to bank) but do not receive loan number, only customer receives that with "welcome package". Wish I can say it's "free" but know how that will go. Thoughts?

Pretty standard and we see it alot. You will get it to whatever address you used when you bought the vehicle. Sometimes the dealership doesn't send the info in immediately. You should recieve it within the next 2 weeks, or slightly later, if they delayed then your payment date would also move back

 

[CTK59]

That doesn't make sense. It's certainly not free, as you don't have the title. If the bank doesn't have it, who's got the title?

BINGO... trying to get answers, dealership says they're "researching" going to accounting/finance to see what they can find - and I wait....

 

[CTK59]

Pretty standard and we see it alot. You will get it to whatever address you used when you bought the vehicle. Sometimes the dealership doesn't send the info in immediately. You should recieve it within the next 2 weeks, or slightly later, if they delayed then your payment date would also move back

Interesting you stated that... Bank stated even though "have no record now after a month" doesn't mean we (bank) wont get information from dealership, and then up to 15-business days for you to receive 'welcome package with loan number, etc". Said, that will make my payment delinquent - and bank rep said to take payment to dealership (and dealership says no - not he loan holder!)

 

[Big Papa Gecko]

Interesting you stated that... Bank stated even though "have no record now after a month" doesn't mean we (bank) wont get information from dealership, and then up to 15-business days for you to receive 'welcome package with loan number, etc". Said, that will make my payment delinquent - and bank rep said to take payment to dealership (and dealership says no - not he loan holder!)

Think about it like this, if the bank doesnt have your loan information, how can they mark it delinquent? If for some reason the dealer you bought from is that behind, you can recoup it from them. The next path to take would be talking to their finance department and asking them to re-send your contract to the bank overnight.

 

[CTK59]

Think about it like this, if the bank doesnt have your loan information, how can they mark it delinquent? If for some reason the dealer you bought from is that behind, you can recoup it from them. The next path to take would be talking to their finance department and asking them to re-send your contract to the bank overnight.

THANKS! Makes sense ...

 

[NJ2020]

I work in banking, you need to call your dealership finance manager and confirm the deal is funded.

 

[Braaaaptor]

It happened to me. I didn't get loan information for nearly a month and when I did, my first payment was due in 1-2 days of receiving notice. My dealership had farmed out the loan to 4 separate banks before one of them finally picked it up. It felt weird driving the truck not knowing who had the title or who I was supposed to pay but it eventually worked itself out.

 

[CTK59]

I work in banking, you need to call your dealership finance manager and confirm the deal is funded.

Thanks... my salesperson is confirming that; awaiting answer.