12-16-2008 04:22 PM
How long does Roadloans take to send in the check to a dealership. I have everything in place, if i go to the dealership tommorow( actually a auction place which is supported by roadloans), how long will it be till i can take delivery of the car. The dealership is 4 hours away, and i want to see the used car, take a test drive before i put a deposit on it, so not gonna go ahead and send the roadloans packet to them just yet.
I spoke to the salesman at the auction place and he said roadloans usually take 10 days to process everything.
People who've used roadloans thoughts on that?
FYI, got a $19,500 loan at 18.75 %( argh...will refinace after a few months) and like a 07' infiniti g35x which is $23 k with less then 15 k miles on it and the mercedes E350 4 matic with 40k miles for the same price. Any thoughts on which i should go for?
Thanks in advance.
12-16-2008 07:33 PM
When I used Roadloans.. they over nighted the blank check to me
the very next day after I got approved. Once you get the check package,
there are instructions you will need to follow and I think a page or two
to sign and send back to them. It sure didn't take 10 days like you were
told. You write out the check to the dealer for the actual amount of the
purchase price. They take the check from you (I think they have to call
Roadloans to verify all the info) and deposit it. You get your car and
you're done.. more or less. Good luck with your purchase.
12-16-2008 09:53 PM
12-17-2008 12:51 AM
If you currently have a roadloans loan for 18.75% I would be wary about thinking you will be refinancing soon ...unless you have a bunch of negative items being dropped from the radar.
Even so when you go to get refinanced the banks will want your financed amount to be well under or right at the wholesale book value of the car ....this includes tax/lic etc .... so be careful about your planning.
I am not saying its not a good idea but its not done that often lets put it that way. I work in the business and I have only seen someone refi the car a handful of times successfully and almost everytime it took more money down as the car depreciated in value every month that went by and usually it depreciates faster than you can pay it down initially.
Just a thought
BTW cant go wrong with either car and either car will cost you an arm and a leg to maintain so just get whichever one floats your boat What year is the Mercedes? If same year i guess it would depend on how much you drive as to how much warranty will be left...
Also I would pay someone to come to auction with you to check out the cars ...pay someone who can mechanically check them as best as he can ...im sure they will come as is ...or with some sort of very limited warranty from the auction .... buyer beware ....again good luck!
12-17-2008 03:24 PM
just curious, how long did it take for them to give you a decision. I applied over the weekend and it is wednesday and still have not received a response from them. I never even received a email confiming my application. Also what type of verification do they ask for income. Did you need to send them a paystub or tax return form? Thanks.
12-17-2008 06:19 PM
I applied online and received an instant approval. I stated my income as $3200 a month ( verifiable by $800 weekly check paystubs) and another $1500 cash monthly family support from overseas( canada). They approved me for $26 k at 18.25% for 66 months and in the requirements section they asked for 1. recent paystub 2. drivers license 3. phone bill.
A few days later i applied with a cosigner(out of state) to try and get the interest rate down, came back as 14.99 % with $25k approval for 60 months. So i called them to verify what i needed to send for my cosigner, and they said could not use him because he was out of state, and also my previous application with only veriable income of $3200/month, the max amount they could give was around $20k at 18.75% for 66 months. So they sent me the email with the dealerships name on the check and the package. I applied with them 6 months ago and was turned down, after 24 hrs because i did not have proof of income.
12-17-2008 06:29 PM
Thanks for the reply cabarkeep, though i have to say you've scared me a little. I was turned down by cap one and 5th 3rd , primarily because i don't have enough tradelines. Not one single baddie . I have a AU CC for 13 years and another 6 CCs opened within the last 3 years, all payments on time, utilization under 18 %, average age of accounts opened around 3 and half years. Plus only 6 months with the job, i will have a W-2 the next time around when i apply to refinance.
I figured that with the auto tradeline showing and good payments showing for 7 months i would be able to go to my local bank and try and get them to approve me, a few inquiries fall off at that time as well.
I m still trying to get approved from the local dealership. The Mercedes that i was talking about was a 2006, but i checked both the carfax reports, and they have both been in minor collisions , and the infiniti had a airbag deployment, so not too interested in them as of now.
I found a '06 BMW 330xi that i really fancy, fully loaded, $21,700 is what the dealer is asking for, with 45k miles with clear one owner carfax history. If the dealer can get me qualified for a much lower interest rate i would be ready to pay $21 k for it, or else i'll tell him all i can afford is $19,700( roadloans max) . And thanks for the advice on getting the car checked by a mechanic, anyone know of a certified reasonable bmw mechanic in the chicago area?
12-18-2008 04:17 PM
So i called Roadloans to ask them to change my preferred dealer..and they said as of yesterday, they changed their policy, and will only deal with franchise dealers..and they were sending emails and mail out to all non-franchise preferred dealers that they will not be sending checks to them. So the check that i already received for the auction place is useless now. On the brightside..i called the dealer and told him roadloans fell through, and they got me a approved on a college grad program(though i graduate in 6 months) for $25 k at 8.9%....now I don't have to worry about refinancing as soon as i would ve had to. The dealer wanted to sell me his warranty and gap insurance and a bunch of other crap, but i told him is all i need is the $19.5 plus tax, and i'm putting $2k down.
So total loan amount comes to $21k , with $2k down at 8.9%.. $436/month
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.