I have a question, dealership called me today that my car arrived, and is ready for pick up. I am very excited, but I haven't receive my loan blank check yet , what should I do? Do I have to paid for the whole car at the dealership when I pick up the car? or I can drive away first and pay them later??? I am writing them a $15000 check for down payment.

First time buyer, so any help appreaciated.

Thanks.

 

I would say wait until you get your check. If you try to pick it up before then, they will probably have you set up financing through them for the amount that you cannot cover yourself... and most states have a grace period in terms of financing (maybe 3 days) and you can come back with your check in that time. If your check still doesn't come though, you'd be locked into whatever financing arrangement they can offer you. Why don't you have them try to beat your blank check loan? The dealer, in my experience, has always been able to meet/beat any pre-approved financing I bring in.

 

thats what I am gonna do, I am thinking at least I have something in hand before negotiate the apr with them. or should I just tell them the rate I got and see if they will meet/beat?

 

Yes. "Hey, I have this loan approved, but if you can beat it I can use you..."

Good luck!

 

If you have perfect credit then ask the dealer to finance it for you (they write the agreement and reassign, in my case to BoA). I got 6.35% through CapOne, blank check etc. Dealer did 5.5%, saves ppwk etc. Like I said, if you're credit is good, then everyone wants to earn the interest off your loan. Good luck.

 

+1, great advice--I did not know that until my recent purchase....

 

Just like everyone else mentioned above.

I also had an approved blank check from CapOne with a 6.35%, but the dealer offer a 5.5% (ballpark figure) based on my credit rating thru Infiniti.

Since you have an approved loan check coming to you, all you have to do is advise the finance manager, they can contact the lender directly and confirm the loan amount and check arrival. You should be good to go regardless if you have the check. (At least from my previous experience)

 

Depends on the deal you negotiated. Remember that the dealer makes profit on the financing kickback too. If there is already a lot of fat in the deal for them on the price you are paying, they can stretch a little on the financing. But if you did good and held your ground on pricing, unlikely that there is enough there for them to work with.

In any event, a $15000 check should be plenty for them to let you drive the car home while your check comes in. I paid cash for mine and they let me take it home with only a $1000 deposit on my card while I got the money transferred and brought them the check 2 days later.

 

Infiniti is running a special apr thru the holidays which is 5.99 and it will go all the way to 63 months.