topic Re: Ordering a Volvo from Dealership.... in Auto Loans

Ordering a Volvo from Dealership....

webhopper — Fri, 12 Oct 2012 21:13:03 GMT

I'm going to be ordering a Volvo from the Dealership for purchase.... I know I probably qualify for Volvo financing, but I want to use NFCU. Should I get pre-approved for the loan before I order the car?

I already talked to NFCU asking questions about the loan, they said I wouldn't have any problems when it was time. I plan on applying as primary, my husband will be secondary on the loan. NFCU will use the primary applicant's score to base the APR off of.

I'm closing on a mortgage Refi on Oct 16. I want to order the car on Oct 17.

Will I be ok if I wait to apply for the loan, I wont need the loan for another 6 weeks after today?

I'm taking overseas delivery, and I will need to turn in the funds to the dealership at least 30 days before I leave on my trip to Europe.

I currently have a LOC with NFCU for 15k

and a Visa Signature with them for 22k at 12.65%

Our combined income is 180k

We pay 2 mortgages.... 1st mortgage is for 1430.89 2nd mortgage is for rental property, the new note will be $950, it used to be $1465. Only other bills are truck note of $550 and student loan $189.

I owe $500 on the credit card at this moment, but it will be paid in full by the 15th.

Re: Ordering a Volvo from Dealership....

Anonymous — Sat, 13 Oct 2012 16:40:49 GMT

Congratulations on the Refinance. My sister did the same in purchasing her car while in Japan and took delivery for the car once she arrived in the U.S. The process was painless, she was approved several weeks prior to her arriving home.

Re: Ordering a Volvo from Dealership....

webhopper — Sat, 13 Oct 2012 19:38:49 GMT

So should I wait tip late November to apply for the loan or should I do it before I order the car?

Re: Ordering a Volvo from Dealership....

webhopper — Sat, 13 Oct 2012 19:39:19 GMT

Did your sister use navy federal?

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 00:05:16 GMT

Update: Preapproved for loan through NFCU, 1.79% 45k

Re: Ordering a Volvo from Dealership....

Anonymous — Sun, 14 Oct 2012 02:17:59 GMT

She is Navy, but I am not sure where she financed. She had the car delivered to Alabama, site unseen and walked into the dealership in less than 30 minutes and was on the road. It amazes me how true Credit Diligence pays off. I am genuinely happy for you.

Re: Ordering a Volvo from Dealership....

webhopper — Thu, 03 Jan 2013 05:09:48 GMT

Thank you Germaine! I bought my last three vehicles there and I really trust their finance and service department. The finance manager; who I will nickname Bob; goes out of his way to make me feel comfortable. My first transaction happened after I had walked away from the dealership to at least look at other cars. When I came back it was because there was no pressure and I was sure that the car was a great deal. He got me set up with volvo financing even though my credit wasn't great. The next car he got it for 7.5% in 2011 with a credit union. Ford would have done 13.5% but I told him I needed something better than that. So he made calls to a local credit union and got me hooked up. At least this time I already have my financing

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 03:56:50 GMT

Bob was the one who told me about overseas delivery. I found out later that the dealership doesn't even make money from the overseas delivery program. Its basically volvo factory pricing.

Re: Ordering a Volvo from Dealership....

trumpet-205 — Sun, 14 Oct 2012 04:43:26 GMT

Dealership makes money even when they sell it at invoice price (facotry price). Factory will give them additional bonus for each car that is sold. Salesperson just don't want you to know it. Beside, you pay for destination fee, not dealership.

What Volvo did you order?

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 04:49:50 GMT

Haven't ordered yet but I will order one that is xc 90 r design. Platinum plus package with AWD. Caspian blue metallic exterior and two toned beige and black leather interior. We are getting climate package; the nav package. BLIS and back up cam. I cant live without booty warmers lol

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 05:05:02 GMT

Oh ok I see now. They get a bonus for each car but its not as much as if they were selling it at msrp on the lot. Are you into volvos trumpet?

Re: Ordering a Volvo from Dealership....

trumpet-205 — Sun, 14 Oct 2012 05:19:11 GMT

@webhopper wrote:
Oh ok I see now. They get a bonus for each car but its not as much as if they were selling it at msrp on the lot. Are you into volvos trumpet?

No. My dad was into Volvo at one point, but he went for Subaru Forester in the end.

Which is why sometime buying a car near end of the month might allow you to slash the price slightly further, since they get their bonus on monthly basis. Same if you walk in one to two hours before they are close for the day, casue they want to go home early. Generally you have many people walk into dealership without doing some research on invoice price. These people then negotiate price based on MSRP, not invoice price or out of door price. Dealership makes a lot of money from these people.

I recommend you buy a GPS unit from Tomtom or Garmin and use it over Volvo navigation unit. OEM Navigation unit never was good.

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 05:29:29 GMT

@trumpet-205 wrote:
@webhopper wrote:
Oh ok I see now. They get a bonus for each car but its not as much as if they were selling it at msrp on the lot. Are you into volvos trumpet?
No. My dad was into Volvo at one point, but he went for Subaru Forester in the end.

Which is why sometime buying a car near end of the month might allow you to slash the price slightly further, since they get their bonus on monthly basis. Same if you walk in one to two hours before they are close for the day, casue they want to go home early. Generally you have many people walk into dealership without doing some research on invoice price. These people then negotiate price based on MSRP, not invoice price or out of door price. Dealership makes a lot of money from these people.

I recommend you buy a GPS unit from Tomtom or Garmin and use it over Volvo navigation unit. OEM Navigation unit never was good.

thanks for the suggestion! I didn't really want the nav unit but my husband suggested we get it. We use his iphone when we travel together. I have a blackberry maps but they stink! I have never purchased a brand new car before so this will be exciting. Ive always purchased slightly used to get the best deal. Unfortunately used car prices have skyrocketed and I don't think a used car will give me the best deal. The ones on the lot were nice but they had a cheesy wood grain that I didn't care for. Also I wanted r design but they didn't have one on their lot. They primarily sell Lincoln's.... they only had 8 xc90s and only 3 of them had awd.

Re: Ordering a Volvo from Dealership....

trumpet-205 — Sun, 14 Oct 2012 05:49:39 GMT

Thing that sets a brand new car and slightly used car apart is depreciation. A brand new car depreciate fast while a preowned car does not.

If you are really into AWD check out Subaru Outback (2.5i/3.6R Limited) or Tribeca. I'm not joking when I say Subaru makes the best AWD drivetrain.

Whatever you do, use winter tire. Don't use tire chain on AWD drivetrain.

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 05:55:43 GMT

I don't doubt you about the suburu. I experienced what they can do in the winters up in Wyoming and Colorado. The suburus on the road never had an issue with whatever mother nature decided to dish out. I was driving a ford explorer 4x4 with off road tires in those days. I never had a problem. I was driving up and down mountainous terrain on a pipeline right of way. For this purchase I need the 7 seats because of all the kids I haul around. I bought a ford explorer sport trac in 2011 and it handles snow really well.. it has 4 x 4. I personnally am considering just volvo because ive experienced first hand the differences between the volvo and other cars in a rear end collision. The WHIPS system works great!

Re: Ordering a Volvo from Dealership....

Anonymous — Sun, 14 Oct 2012 13:43:13 GMT

Congrats on your purchase I read about in the approvals thread

Re: Ordering a Volvo from Dealership....

webhopper — Sun, 14 Oct 2012 16:25:05 GMT

Thanks credit314!

Re: Ordering a Volvo from Dealership....

wallyworld123 — Fri, 19 Oct 2012 03:32:42 GMT

Congrats to you. nfcu and u have built a gr8 relationship.

Re: Ordering a Volvo from Dealership....

webhopper — Fri, 19 Oct 2012 20:05:09 GMT

@wallyworld123 wrote:
Congrats to you. nfcu and u have built a gr8 relationship.

Thanks wallyworld123!

UPDATE: I ordered the car today whoo hoo!

Take delivery around Middle of December

Easy as pie.... Dealership tried to convince me to go with US Bank, since there might be an issue with them getting paid, since the title won't be available... I convinced them otherwise... All NFCU needs is the VIN # to be able to authorize the payment... after that, you have 90 days to get the paperwork turned back in.