Thoughts on loan/payment

[CTK59]

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.

Agreed... holding title and also not feeling comfortable they promptly filed/paid for my title/registration/taxes. Funny, always brought my own financing, this time it was just easier to finance through dealer.

 

[ME120]

Stupid people doing stupid things, overpaying for depreciating assets = inflation = recession.

The only one who wins is the POS car dealerships. Please people , WAKE UP !

 

[New recaros]

I would refuse to let them add another month of interest because of someone’s incompetence.

 

[New recaros]

It’s a common scam banks and dealers play. They wait for two months before your first payment is due. What they don’t advertise is interest is building the whole time. I think the dealer gets this interest as another profit center. This hits you at the end of your loan as an additional or partial payment at the end.

 

[2slo4u]

Don't feel bad. I bought a brand new Audi in another state, financed locally, have made two payments and the state has yet to release the title to my bank

 

[2slo4u]

That's a tough situation. How did you resolve it in the end? I see that you've mentioned that you bought a car out of state, I also found a nice ride in another state, and I'm thinking of buying it.

Not sure if youre asking me but I’ve bought my last 5 cars out of state. Never had a problem with the title till the Audi. I got my local credit union, who financed the loan, involved and they did their thing and got the situation resolved. It just took awhile. I always get the dealers agreement completed before I fly out but I always finance locally. The bank gives me a check and when I get to the dealership, there is no question about price. they can’t play games at that point since I have the purchase agreement completed and signed by them. The plus side is the finance guy has no ability to upsell all their useless crap at that point. With all that said, I’m still willing to walk if I don’t feel comfortable with the car, the dealership or something else. By walking away, I’m willing to spend the money for a same day or next day one way ticket home. It’s worked well for me.

 

[XSTNKT]

It takes a while. The dealer will NOT release the title to the bank until the loan is funded (meaning the financial institution has wired the money to the dealer). Then, the bank "processes" the title through the state where the purchase is made. After that, it depends on YOUR state what happens next. In some states, the titles are "electronic" and you never see a title at all. The purchasing state (IN) sent me an email saying they sent the title for my truck to Lansing (MI) and gave me the tracking information. Once that showed delivered, I called the Sec of State and made an appointment to get my tags/registration. The actual title showed up at my house about 2 weeks after all of that.

Lots of hoops to just through and it takes a lot of time. If you are running out of time your your temp tag, just call the dealer and tell them to overnight you a new temp tag.

The money is due the bank on the date that is stated on the paperwork you signed. It's due no matter what. They will take your money on the due date (you should have the welcome packet with the loan details before then... they want their money)

Good luck!

(And for the haters on loans: Smart people don't use their own money for assets they can write off. )

 

[Oldfart]

For me, the topic of credit is also quite painful. This is due to the fears that overtake everyone who at least once thought about it. After all, if you make a wrong loan agreement, you will owe a lot to the bank. Knowing and understanding all of these reasons, I decided to trust the help of professionals. This is how I found Equity Release Leeds, who helped me pick up the terms. Buying a house is quite a complicated procedure, both physically and mechanically. For example, suppose you did not know. If you do not have a permanent job, you need to register and prepare a certificate of income and expenses.

Go **** yourself ******* spammer.

 

[j02davis]

Sometimes the loan hasn’t funded yet because the have conditions that haven’t been satisfied for funding or an error in paperwork. Until those issues are resolved it won’t fund and there won’t be an account # to generate for a bill.

 

[Donmatteo]

Got $50 says the dealer bought the truck on credit from Ford and are waiting for the money from your bank to pay for it and then they will release the title to your bank.

Sadly it's pretty common with very low volume/very high volume dealers that don't want to front the money for a 80K+ car and would rather make the payments to the manufacturer than drain their accounts.