Auto Loan on same Day as Closing?

[ezdriver]

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@buyhouse36 wrote:
Ok...but did they pull their credit again??? Yes hiccups happen... But pulling credit again after leaving closing table with keys... That has to be very rare.

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Huh? The issue had nothing to do with the buyer's credit and no, her credit was not pulled after closing [why would that ever be done?]. It was a title-related issue so the title company chose not to complete the wire transfer of funds to us [the builder].

Ahhhhh ... those rare occurances. They never would happen with our transaction.

[sailor_mercury]

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@ezdriver wrote:

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@buyhouse36 wrote:

At the closing table ask when this will be funded.  Then you will know. Also if you get the keys at the closing table...its yours!!  I think they know that most people leave the closing table and head right to the stores to shop.  As long as you can afford the payments....dont worry. 

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We had a recent incident where the buyers were given the keys to their house at the closing table and they left. Tile company called us to say there was a hiccup with funding and to please get the keys back. We had not idea where the buyers were so we sent a locsmith to change the locks on the door and we left a note on the front door asking the buyers to call the title company. The funding did not happen for three days after that incident.

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As a buyer that might give me a nervous breakdown.  I hope they were able to take it in stride!

[buyhouse36]

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@ezdriver wrote:

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@buyhouse36 wrote:
Ok...but did they pull their credit again??? Yes hiccups happen... But pulling credit again after leaving closing table with keys... That has to be very rare.

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Huh? The issue had nothing to do with the buyer's credit and no, her credit was not pulled after closing [why would that ever be done?]. It was a title-related issue so the title company chose not to complete the wire transfer of funds to us [the builder].

Ahhhhh ... those rare occurances. They never would happen with our transaction.

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So its probably safe for the OP to buy a car right after closing....as long as he has the keys. 

[ezdriver]

Yes .... "probably" being the operative word.

[cclee]

My credit was pulled again the day it funded, not the day we closed, but 3 days later when it funded.

[Peter1142]

If funding is after closing, they can and do pull credit after closing. I believe Fannie Mae dictates a soft credit pull is required within 24 hours of funding. The rule seems unnecessarily oppressive to me.

I would wait until the day after funding (which may very well be at the closing table, depends on the state.) You don't want QC issues down the road either. There is almost zero chance that Toyota will not give you the same deal in a couple days.

[buyhouse36]

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@cclee wrote:

My credit was pulled again the day it funded, not the day we closed, but 3 days later when it funded.

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Wow!! Never heard of that!!!

When did you get the keys??? 

Again I would ask at the closing table...when will this be funded??

[cclee]

It's a lot more common than some think, they do a soft pull to see if any new credit was taken on before funding the loan, I already lived in the home that I had purchased (so had the keys) but did have to wait 3 days before buying another car that was replacing one that was in an accident, and i'm glad I did.  The lender did say that they may or may not do a soft pull and not to apply for any new credit until it's funded, and they did do a soft pull the day it funded.  In Az I believe it takes a day or more to fund.  My brother just bought a house, closed on Weds, got the keys on Friday when it funded (not sure if his credit was checked again, he doesn't stay on top of it like I do).

[ezdriver]

I ocassionally get my management's permission to give a buyer a marketing credit even after the marketing event had ended. If Toyota refuses, then secure independent financing and go to a different dealer. As much as you need the car, the house is clearly much more important. Do let us know how things shake out.