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How does the entire process go?

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  • How does the entire process go?

    Hey all, this is my first time purchasing a car through a pre order system so I had some general questions about the timeline of events.

    Ive placed a deposit with a dealership and I am #8 on their list, when the pricing becomes available and they meet with me to discuss the options, is this when financing needs to be completed or is it upon delivery of the vehicle?

    the reason I ask is because I’m in the middle of purchasing a home so I can’t finance any other major purchases for the next 45 days or so, and I was hoping that the dealership doesn’t cover financing until the vehicle is delivered. Please let me know what I can expect. Thanks!

  • #2
    I will give you my opinion, and if not correct hopefully another member will correct or clarify. If you are financing thru your local dealer it will be handled when the car arrives. Not sure how it is handled if ordered out of state. If you are going thru a local bank I would get financing approved once dealer has the VIN, this will be in advance of the car being shipped. You might want to talk to your dealer and see what their policy is.

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    • #3
      Agree, typically financing is done when the vehicle is delivered. But for a custom order the dealer will probably want to do a credit check to make sure you'll be able to pay for the car when it arrives.
      Delivered 5/29!: Scarlet Fever 2021 2LT HTC, Red Mist Metallic Tintcoat, two-tone Natural w/ suede inserts, Mag Ride, Performance Exhaust

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      • #4
        You pay for it at time of delivery, if there is any question at all, I would talk to your lender you plan on using prior to ordering. I doubt the dealer would keep your deposit, but I can't imagine the embarrassment of telling everyone you know your new Corvette is in to come back home because you were turned down for a loan. Of course these days if you can get a mortgage you should be OK to get a car, but income level and ability to repay is still high on the list for approval.

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        • #5
          Originally posted by Phil1098 View Post
          You pay for it at time of delivery, if there is any question at all, I would talk to your lender you plan on using prior to ordering. I doubt the dealer would keep your deposit, but I can't imagine the embarrassment of telling everyone you know your new Corvette is in to come back home because you were turned down for a loan. Of course these days if you can get a mortgage you should be OK to get a car, but income level and ability to repay is still high on the list for approval.
          Thanks Phil, I won’t have a problem getting financing but I’m just not allowed to have credit pulls during this mortgage process or my lender lady might come kick me

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          • #6
            Originally posted by Gators2020 View Post
            Hey all, this is my first time purchasing a car through a pre order system so I had some general questions about the timeline of events.

            Ive placed a deposit with a dealership and I am #8 on their list, when the pricing becomes available and they meet with me to discuss the options, is this when financing needs to be completed or is it upon delivery of the vehicle?

            the reason I ask is because I’m in the middle of purchasing a home so I can’t finance any other major purchases for the next 45 days or so, and I was hoping that the dealership doesn’t cover financing until the vehicle is delivered. Please let me know what I can expect. Thanks!
            Gators2020 whatever you do, do not submit any financial information to the dealership until you have closed on your mortgage. I am in the furniture retail business now and we constantly deal with this same issue with our customers who are buying a new home. The second you apply for that car loan it will lower your score and could nix your home mortgage application. Good luck with your new home and C8.

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            • #7
              Originally posted by Gators2020 View Post

              Thanks Phil, I won’t have a problem getting financing but I’m just not allowed to have credit pulls during this mortgage process or my lender lady might come kick me
              I understand this, when I was selling cars (yes new Corvettes too!) if somebody was marginal on credit, some of the F&I guys would "shotgun" the application. Which means it was sent to 30 lenders at once and all of them would do a credit check. At that point, with that many checks, nobody would touch the guy. The credit world seems quiet and simple but there is a LOT that goes on in the background. We had a rule of thumb years ago, (may have changed since I got out) take down anybody but GMAC. They were the lending Gods and if you paid them on time, you still had a chance at auto finance. Let me tell you, GMAC was amazing, I had sold a guy a new car and he had gotten behind, we talked to the GMAC rep and he said "we know know this guy is going down, here is a plan for you to lose the least, trade him out of the car, lease him this model, he will make four payments, the car comes back and he's done." We got the guy in, traded him out, he made four payments, and the car came back. His credit was done for and the dealer didn't hurt too bad. It's like GMAC had a crystal ball with Nostradamus looking into it.

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              • #8
                Having owned a Mortgage Brokerage business in Florida . I think you are good on the car finance, which will take place at time of delivery. You are right ,you do NOT want to add consumer debt like a car loan prior to final closing on a Home Mortgage Approval as you definitely will hurt your debt to income ratio.

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                • #9
                  Originally posted by ZORA 69 View Post
                  Having owned a Mortgage Brokerage business in Florida . I think you are good on the car finance, which will take place at time of delivery. You are right ,you do NOT want to add consumer debt like a car loan prior to final closing on a Home Mortgage Approval as you definitely will hurt your debt to income ratio.
                  Perfect! At time of delivery we will be long in the clear. Thanks everyone

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