Ordering Question
Thread Starter
Team Owner
Joined: Jan 2007
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St. Jude Donor '08-'09
Ordering Question
I sent a couple forum dealers pm's to get the answer but I havent heard anything. If I order a car and finance it through GMAC, when does the payments start? As soon as the car is ordered or when it's delivered?
Pro
Joined: Nov 2006
Posts: 505
Likes: 0
From: North Jersey
I ordered mine a few weeks ago. I have not decided financing just yet. I put 2k down to order the car, amount can vary based on dealer. I won't get my car til March (I think)......BG is supposed to be opening March 9th. I'll decide financing then. There are some financing options that do rate locks on car loans. I would probably jump on that as rates will probably start going up.
Safety Car
Joined: Sep 2008
Posts: 4,296
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From: Location: Location: kAnSaS
my guess is the first day of the month AFTER you recieve it. They called me about a week before i picked mine up to see if i needed financing. I was fortunate enuf not to but they were saying something to that effect before i stopped them.
thats how its gotta be i would assume, good luck on the new ride, now the worst few months you will ever live,,,waiting on the car that is, lol. paul
thats how its gotta be i would assume, good luck on the new ride, now the worst few months you will ever live,,,waiting on the car that is, lol. paul
Race Director
Joined: Dec 2007
Posts: 19,574
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From: Frederick, MD
Please remember that dealers have lives also and I worry more about the dealer that responds right away.
USUALLY loans start 45 days or so after the loan is financed by the bank (IE when you take the loan out). The dealer will most likely not release the MSO or car to you until it is paid in full. He may wait 10 days or so for your bank's check to clear (can't blame them there).
It is a real good idea to have secured financing already. You don't need to have your loan started, just applied for and pre-approved. This is especially good in today's markets. Car loans are not like houses though. I never heard of "locking in" on a car loan. Get preapproval, if the rates drop then you can request the lower rate or go with another lender.
USUALLY loans start 45 days or so after the loan is financed by the bank (IE when you take the loan out). The dealer will most likely not release the MSO or car to you until it is paid in full. He may wait 10 days or so for your bank's check to clear (can't blame them there).
It is a real good idea to have secured financing already. You don't need to have your loan started, just applied for and pre-approved. This is especially good in today's markets. Car loans are not like houses though. I never heard of "locking in" on a car loan. Get preapproval, if the rates drop then you can request the lower rate or go with another lender.
Melting Slicks
Joined: Apr 2005
Posts: 3,216
Likes: 4
From: ---Phoenix, AZ --- Boiler Up, Hammer Down!
I took delivery on the 28th and my payment is due the 28th of each month!
Thread Starter
Team Owner
Joined: Jan 2007
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St. Jude Donor '08-'09
So if I ordered one today and it isnt ready till May 17th, my first payment would be May 17th and every 17th after that would be the following payments? 
Would the financing have to be approved before the order is placed to the factory?
Would the financing have to be approved before the order is placed to the factory?
Le Mans Master
Joined: Feb 2008
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From: Rochester New York
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Thread Starter
Team Owner
Joined: Jan 2007
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St. Jude Donor '08-'09
Le Mans Master
Joined: Feb 2008
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From: S.F. Bay Area CA.
Your first payment will be due one month after you pick up your car. Interest is always paid in arrears, meaning they earn it before they collect it. You should for sure arrange financing before you put down money and order a car, and I would check insurance costs for that new Vette too. Have the dealer write up the paper work so that there is no suprises, you'll know how much your going to need to put down, what the balance will be to finance, so when you get the interest rate you'll know just what your monthly payment will be. If I were you I'd be seeing if there is a 2008 to meet my needs anywhere out there. 0% for 60 months or $2,000 off an already low price. 
http://jeffhardy.com/lookupvette08.php
http://jeffhardy.com/lookupvette08.php
Thread Starter
Team Owner
Joined: Jan 2007
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St. Jude Donor '08-'09
Your first payment will be due one month after you pick up your car. Interest is always paid in arrears, meaning they earn it before they collect it. You should for sure arrange financing before you put down money and order a car, and I would check insurance costs for that new Vette too. Have the dealer write up the paper work so that there is no suprises, you'll know how much your going to need to put down, what the balance will be to finance, so when you get the interest rate you'll know just what your monthly payment will be. If I were you I'd be seeing if there is a 2008 to meet my needs anywhere out there. 0% for 60 months or $2,000 off an already low price.
http://jeffhardy.com/lookupvette08.php
http://jeffhardy.com/lookupvette08.php
Le Mans Master
Joined: Feb 2008
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From: S.F. Bay Area CA.
Thread Starter
Team Owner
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St. Jude Donor '08-'09
Former Vendor
Joined: Mar 2007
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From: EVS CHEVROLET -Wisconsin WI
Your payments do not start on a car until 3-45 days after you do the bank contract is complete, which means the car must be complete as well. The bank needs VIN#, invoice etc,etc)
Ordered cars now will arrive in late March to mid April
Thread Starter
Team Owner
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St. Jude Donor '08-'09