topic Re: applied for loan, car may not be produced in time in Auto Loans

applied for loan, car may not be produced in time

Anonymous — Tue, 18 Oct 2011 23:49:08 GMT

my car was ordered and has been built. i applied for bofa and received 2.49% apr which is fantastic, but now i've learned my specific car has been pulled for quality control which can take up to 30 days until they are willing to ship it out to my dealer for pick up (which takes another 2 weeks).

problem is my bofa loan is only good for 30 days. i'm afraid if my car isn't here until 45 days from now and i apply again at that time, i will not get teh 2.49% rate again since i will have a recent INQ on my report for the current loan offer. what can i do, can they extend the loan offer until my car comes in?

i know, i know, i goofed in applying too soon. i partly got anxious and partly did not think my car would be subject to the quality control, because i was told after production it would arrive in a about 2 weeks, so i thought i was in the clear.

any help would be greatly appreciated.

Re: applied for loan, car may not be produced in time

Cloudlb — Wed, 19 Oct 2011 16:15:35 GMT

classic case of "counting your chickens." I think your choices are: 1) pick another car and take advantage of the low rate; 2) wait for the car and take the risk of a higher interest rate; 3) keep looking for a better rate from another lender when you do get your car

if there are quality control issues, maybe you should be looking at something else anyway--reliability is a big issue for me, and that would make me nervous. did you put any money down on the car you ordered, or sign anything? if not, you can easily pick something else. imo, it's a mistake to fixate on that "one perfect car" since there isn't any such thing, and you eliminate your options for getting a good deal that way.

Re: applied for loan, car may not be produced in time

Anonymous — Wed, 19 Oct 2011 17:24:17 GMT

I would speak with the loan officer at BofA and just give them a heads up that there MAY be a delay. They may be able to extend the loan approval date as a courtesy. Or the quality control may not take 30 days and your car may arrive before the expiration of the approval.

In any event if there are no major changes to your credit (you opened several accounts or suddenly let a large balance report that wasn't there before) I would think that BofA would be able to recognize that the last inquiry was theirs and process a new loan request without problem.

Re: applied for loan, car may not be produced in time

Anonymous — Wed, 19 Oct 2011 22:53:49 GMT

thanks for the response. it is in QC not because it has a problem, but because it was randomly selected for QC as they will pick cars at random to do these checks.

has anyone ever gone through something like this where they had to go outside a 30 day "loan offer" period? hopefully BOFA would be able to accommodate, but i'd like to know any real-world results if there are any.

Re: applied for loan, car may not be produced in time

Anonymous — Fri, 21 Oct 2011 19:54:28 GMT

anyone? or anyone else think BOFA would oblige with giving me the same rate if they see the only INQ is their own?

Re: applied for loan, car may not be produced in time

kenred76 — Sat, 22 Oct 2011 02:00:01 GMT

According to what Ive read and been told, if it's been within 14 days (or 30 days, according to the dealer I just bought from) since you applied, you should be able to apply again somewhere without a hit to your score; only the original pull will cause a dip, and even then it should only be minimal.