@Anonymous wrote:
Not all dealerships or banks will ask for proof of income especially if you have a credit score in the 700's. The higher your credit score the less likely you will be asked for proof of income. So just because you were not asked for proof of income does not mean it was a spot delivery. The bank probably didn't request it. Some dealers also (I live in The same state) will also let you ride the car home under temp tags and dealers Insurance. That is just until your tags come in when you go pick up your actual tags is when the dealer will ask for proof of insurance. This didn't happen to me. I had my own financing through my credit Union when I just bought my car and the dealership was also a dealership who was able to get me my actual metal plates and real registration on the spot so I had to have proof of insurance before I drove the car off the lot. (not all dealerships have the system to do this) but my friend who just bought a car 2 months ago in the same state was given temp tags and was given time to find her own insurance while she was covered under dealers insurance until her real tags came in. This was not a spot delivery because my friend also had a draft check (she got her own financing instead of going through the dealer) from her credit union when she bought the car.
Also, everyone I know who bought a car using dealer financing was able to take the car home that day. Unfortunately yes something the dealer tries to pull a fast one and spot deliver a vechicle but not always and having those specific situations doesn't really mean that it was a spot delivery. When a bank funds a contract I also believe it means that they funded the dealer the money (which is a good thing) and a bank does fund the dealer pretty fast sometimes. Like I said when I bought my car almost 2 months ago i didn't use dealer financing. I went with my credit union and then took the check to the dealership. My credit union funded (meaning paid the dealer) the deal only 3 days after I bought the car.
if you called the bank and they said it was approved they I would think you are approved! I have heard that it does take a little bit of time to get a account number from a bank that you were approved through from the dealership (not sure though). I wouldn't worry about it. If you have temp tags on then the dealer should call you soon when your real tags come in and before they put the real tags on they will want to see proof of insurance. If you don't have real tags or your real registration then it just means that you are covered under the dealers insurance until those items come in (from my friends experience) if the dealer calls you and tells you things have changed and they need you to come back to sign a different contract with a different rate then I would say you had a spot delivery and don't sign the new contract! You can also cancel GAP and extended warranty at any time! When I bought my car I bought the extended warranty and shortly after went to the dealers and cancelled it. So you can cancel that at any time. If they financed the cost of gap and extended warranty with your car they will refund it back to the principal of your loan.
I can't give any advice or opinions about the dealer lying about your income. Hopefully that's not the case. If you do call the bank and ask about your income and the dealer did lie then it might cause more problems for you then anyone because like you said the dealer will just deny it and paying for a attorney can be expensive so I'm not sure of that's a can of worms that you want to open
Congrats on your first car. I just bought my first car about 2 months ago. Car buying process, is a learning experience and the next time you go buy a car you will have more experience about these things and know what to do and not to do. I am also from the Same state
Thanks, the key point to this is not my credit score, which I never got a loan before and no down payment, My income,W2, is 17000 and the car price is 33000....and I finance approve that easy which will shock me and ， getting your finance and dealer finance for you is really different, I have a 700+ but I have bad inquiries and I was denied applying a credit card like 2-3 times this year, if the loan got funded, I will be confuse, maybe they did not check anything else beside a credit score. credit score help the interest rate, but, after all at least you got a finance document but I got nothing about the finance.
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The bank told me it was approve but not yet have an account number on friday, how would a loan funded without account number？ Dealer told me it was funded thursday, I would call and verify again and check on my loan application info. , and to give an offer to provide my income proofs, I will see how it go and update here.
Yea I completely understand. The income is a little low and would make me think twice. I would just keep calling until you get a account number. There are tons of cases where people with high scores and being a first time car buyer didn't have to show documents and proof of income but with low income you would think the bank would ask or it would of been a auto denial due to income. Then again, you might be right and the bank might of felt your score was high enough regardless of income. I also know some dealers can call banks and get things approved that normally wouldn't of been approved.
I have also read so many times that auto loans are actually easier to get then credit cards because auto loans are not as unsecured as credit cards are. If you default on a auto loan the bank will repossess the car and get some of its money back which is also reason why auto loans offer lower rates then credit cards. With credit cards if you default there isn't anything the bank can take form you to try to get its money back (besides taking you to court)
Also with my pre approval I actually had less paperwork to sign the day I bought the car. All I had was a pre approved draft check. Just applied online, instantly approved and the check was mailed to me. The day I bought the car the only papers I had to sign was the buyers order (just the breakdown of the price the dealer was selling the car to me for), the actual check, my extended warranty papers, and a form from the DMV since I got my real tags and registration on the spot. The loan was funded 3 days later and about a week after that I received my actual promissory note/security agreement from the bank that I had to sign and return. That also had my account number on it. I have a online account with my credit union so I was able to see my account number online about 5 days after I bought the car but if I didn't have a account with the bank before the auto loan I wouldn't of gotten my account number till about 10 days after I bought the car. so it is different then financing with the dealer.
I would maybe keep calling like I said until you get a account number and if you question what the dealer put on your application call the bank and ask for a copy of your application that they received? That's a hard one because if the dealer lied, and the bank doesn't request proof of income and the deal is funded then nothing will happen and you will just keep the car if nothing is said but if you are honest and say something then you face the dealer lying more and blaming the situation on you making it look like you committed fraud. So that is a hard one to figure out
I have also read so many times that auto loans are actually easier to get then credit cards because auto loans are not as unsecured as credit cards are. If you default on a auto loan the bank will repossess the car and get some of its money back which is also reason why auto loans offer lower rates then credit cards. With credit cards if you default there isn't anything the bank can take form you to try to get its money back (besides taking you to court)
Also with my pre approval I actually had less paperwork to sign the day I bought the car. All I had was a pre approved draft check. Just applied online, instantly approved and the check was mailed to me. The day I bought the car the only papers I had to sign was the buyers order (just the breakdown of the price the dealer was selling the car to me for), the actual check, my extended warranty papers, and a form from the DMV since I got my real tags and registration on the spot. The loan was funded 3 days later and about a week after that I received my actual promissory note/security agreement from the bank that I had to sign and return. That also had my account number on it. I have a online account with my credit union so I was able to see my account number online about 5 days after I bought the car but if I didn't have a account with the bank before the auto loan I wouldn't of gotten my account number till about 10 days after I bought the car. so it is different then financing with the dealer.
I would maybe keep calling like I said until you get a account number and if you question what the dealer put on your application call the bank and ask for a copy of your application that they received? That's a hard one because if the dealer lied, and the bank doesn't request proof of income and the deal is funded then nothing will happen and you will just keep the car if nothing is said but if you are honest and say something then you face the dealer lying more and blaming the situation on you making it look like you committed fraud. So that is a hard one to figure out
