tahoelovah

Hello All,

I know this forum is supposed to be a discussion of Tahoes, but I need some advice onthe purchase of my Tahoe.

This is what has happened.

I purchased my new 2007Tahoe 9/30/07. I got it for 10k less than sticker. I had previously arranged financing through my bank but when I got to the dealership they said they could beat my bank by a quarter of percent with the same loan terms. So I took the bait. I had a trade-in but my payoff amount was less than what I owed, so they added it to the sales contract and final price. I walk out of the dealership with a purchase order and a sales contract(the sales contract lists the lien holder name(dealers bank) and also the terms of the loan(6.25% and 48 months))and my trade-in was left at the dealership. The next day I call the financing guy and push him to see if the financing went through. He saidI was good to go and that I could drive my Tahoe.

Fast forward to today, 10 days later. I called the bank the dealer said approved my car loan and I asked them for account information. They had no record. I also asked if a new car application came in and the loan officer at the bank said no but sometimes it takes 10-20 days to get dealership paperwork in. So that concerned me a bit. After getting off the phone with the dealers bank I then called my trade-in's lien holder and asked if my car had been paid off. They said that this had not occurerd.

So me being really paranoid now, I called the dealers financing guy I worked with originally. I asked him when I should expect new loan paperwork and he said I should be receiving a loan booklet typically 10-15 days after I leave the dealership. I asked about my trade-in payoff and he stated that it takes about the same time.

Now, I'm really really concerned and worried that I'm gonna get screwed. Am I being overly paranoid? Is what the dealer financing guy saying true?

The dealer I bought from is a pretty huge dealer here in Texas(lawrence marshall chevy) but you can't really trust any car dealer. Any advice on what to do would be appreciated.

engine2

When I did my trade last year it took around 10 days for everything to post and go thru. You should have a finance contract before you leave to dealership. Maybe somebody else here will chime in. Good luck

p.s. welcome to the forum

mmihld

I wouldn’t worry about it too much. As long as you were truthful on your application, and the dealer rolled the car under the agreed terms, you pretty much have a deal.

It’s typical for dealers to shop the loan to various banks. Sometimes they hold the paper for a few days even a week or more.

In the paperwork you signed during the deal, you most likely signed the power of attorney allowing the dealer to pay off your lein and file paperwork with the DMV. The dealer has time to reconcile all the paperwork and payoff the note on your old car.

It’s good to be vigilant and follow up. But dont be too paranoid!

Good luck

McGuireV10

On the last vehicle I bought with financing, it took about 20 days for my trade-in to be paid off (well, one of them, I actually traded in two vehicles), and it took nearly 30 days for the new loan to be established in the lender's computers so I could call them and discuss it -- a little annoying since I had changed my mind about financing and decided to pay it off immediately.

I'd keep on top of it, but I wouldn't start worrying until you're getting like 30 days out.

As it is, my lender didn't even send me a payment booklet until two months later -- by which time I had already paid off the loan in full, LOL.

RonH

Was the dealership office a permanent building or one of those temp offices with wheels and a trailer hitch?

jophilpott

When I bought my Tahoe the trade in took about 3 weeks to get paid off. I used my bank for financing. I don't think I would ever use the dealership financing. If you've been with your bank for awhile they tend to treat you a lot better than the dealership who's only using you for one transaction. I was even able to get a rate match from 6.25% at my bank, down to 5.75% that another bank was offering at the same time.

bigmuley

We did our financing through the dealership, and let me tell you, it was alot easier than going through our bank. Of course, now the bank is calling us saying that they need more information. The loan is ours, but the dealership didn't forward everything to them, so we are doing some of the legwork.
But even at that, the dealership got us a better rate than our bank would have given us. since we are still dealing with issues from obtaining the loan and in contact with the bank, we have all the details.
If you don't have something solid within 30 days, really hound the dealership. Our dealership told us to expect something from the bank within 15-30 days.

McGuireV10

I've often had dealership financing come in way, WAY below anything I found by cold-calling banks. That being said, it's almost always hard to beat E-Loan for a combination of simplicity and good rates.About the only reliable exception is if you belong to a credit union. And of course, these days a five dollar deposit at the local educational credit union (or whatever) is enough to get you a loan. God I love loopholes.

tahoelovah

This is what I plan on doing:

On the 15th:
1. Call the dealers bank I was supposedly financed through, check loan status
2. Call my trade-in's lien holder and check to see if it has been paid off
3. Call dealer to push them if either 1 or 2 is not done

On the 20th: Repeat process above

On the 25th: If nothing has occured, drive vehicle back to dealership and sit on the lot until I get answers.

tahoelovah

OK good news. I called the dealership today and they said that the loan was fully funded on the 11th. They said that once a check was received at the dealership, they would pay off my trade-in..This should happen in the next 2-3 days.

So I guess I was paranoid for no good reason. I'll keep on top of it though.