C8 Financing and car delivery
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Joined: Oct 2019
Posts: 77
Likes: 52
From: New Haven, CT
C8 Financing and car delivery
This is my first ever car purchase that invloves an auto loan. Things are really confusing and I was hoping you can help me out.
My C8 is at the dealer (MacMulkin). They received my 35% down payment. I took a loan at my bank and it is all finalized (I can see it as an account in my online banking dashboard). Today I received an email from my bank with their full address to be listed as a lienholder on the title.
What should happen next:
#1. I need to wait for the Bank to pay the dealer and then I can register my car at my DMV (in CT), or:
#2. Bank will wait until it receives the title and then will pay the dealer?
In any case, when can I take the delivery of my car??? I assume I have to wait until dealer receives a full payment. I guess #1 seems to be quicker (I hope), but if it’s #2 then it might take weeks. Can someone tell me how does it work?
My C8 is at the dealer (MacMulkin). They received my 35% down payment. I took a loan at my bank and it is all finalized (I can see it as an account in my online banking dashboard). Today I received an email from my bank with their full address to be listed as a lienholder on the title.
What should happen next:
#1. I need to wait for the Bank to pay the dealer and then I can register my car at my DMV (in CT), or:
#2. Bank will wait until it receives the title and then will pay the dealer?
In any case, when can I take the delivery of my car??? I assume I have to wait until dealer receives a full payment. I guess #1 seems to be quicker (I hope), but if it’s #2 then it might take weeks. Can someone tell me how does it work?
Race Director
Joined: Mar 2007
Posts: 11,096
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Ask your bank how your loan works. In my case, I got essentially a blank check (with an upper limit) , from my credit union, without a contract from a dealer. They call it an auto draft loan. I took the check to the dealer and walked out with the car. With more typical loans , you get a contract, take it to your bank, then the issue you a check for the balance shown on the contract. You take that to the dealer, with the letter showing how to record the lien, and walk out with your car. But, as I said first, you have to ask you bank.
Drifting
Joined: Mar 2019
Posts: 1,507
Likes: 1,328
From: Gwinnett County, GA
Here is my experience with BofA (not with MM). I financed the C8 with BofA.
Hope this helps.
- BofA approved me to a dollar amount, I took that approval letter to the dealer.
- When my car was in 4150 status, dealer was invoiced and I completed the paperwork. BofA is on an electronic basis with my dealer, the dealer sent the details to BofA electronically and the dealer was paid by BofA electronically.
- Within a few days, I was able to see the BofA loan in my online banking access (I have checking and savings accounts with BofA). I am able to make loan payments by transferring funds within the BofA online-banking app.
- My dealer submitted the paperwork to the tag office, also electronically. I received a letter in the mail that the paperwork was submitted for me to get the tags/transfer plates. Yesterday I went to the tag office, presented my license and transferred the plate from my trade to the C8.
- Until the loan is paid off, BofA will be listed as a lien holder on the title.
Hope this helps.
Last edited by Atlantan; Jul 28, 2021 at 09:07 AM.
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With more typical loans , you get a contract, take it to your bank, then the issue you a check for the balance shown on the contract. You take that to the dealer, with the letter showing how to record the lien, and walk out with your car. But, as I said first, you have to ask you bank.
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Melting Slicks
Joined: Feb 2005
Posts: 3,286
Likes: 994
From: CA
May be true. I have banked with them for some time and make deposits twice per month (self employed so hard to call a paycheck). That is the offer I see when I open up my online banking. But I do use them for all my car purchases. In the past they have sent the check direct to the dealer -last Corvette. Or they send me a check to sign over to the dealer. Very easy process.
Burning Brakes
Joined: Oct 2019
Posts: 776
Likes: 432
From: Florida
Burning Brakes
Joined: Oct 2019
Posts: 776
Likes: 432
From: Florida
Update: Finally got my car and the dealer asked me to give him a shot at beating NFCU and BofA. I have excellent credit and flawless payment history. He got me financed through TD Auto. I only financed half the car.
Rates:
Bank 60mos 72mos
NFCU 1.99 2.19
BofA 2.09 2.29
TD Auto 1.89 1.89
Rates:
Bank 60mos 72mos
NFCU 1.99 2.19
BofA 2.09 2.29
TD Auto 1.89 1.89
