Received a call from Honda
Joined: Jun 2002
Posts: 42,315
Likes: 45
From: Central Massachusetts
Originally Posted by OverBooster,Jan 12 2007, 01:08 PM
Think again. If he financed it and the loan did not fund i.e. in the situation of a spot delivery then the vehicle still belongs to the dealership.
Or to really boggle your mind, if the vehicle is floor planned with the manufacturer, then the dealership does not even own it.
Or to really boggle your mind, if the vehicle is floor planned with the manufacturer, then the dealership does not even own it.
I don't understand... If he signs papers, then the loan is done. What rejection can occur after the papers are signed?
Joined: Jun 2002
Posts: 42,315
Likes: 45
From: Central Massachusetts
OK, I get it. I didn't think dealers would deliver a car without a secured loan from the underwriter. I suspect times have changed in this regard as I think delivering without loan approval is a stupid thing for a seller to do (IMO).
But, OK. I guess there is a way this could be valid. Thanks.
But, OK. I guess there is a way this could be valid. Thanks.
Registered User
Joined: Aug 2005
Posts: 188
Likes: 0
Originally Posted by OverBooster,Jan 12 2007, 10:08 AM
Think again. If he financed it and the loan did not fund i.e. in the situation of a spot delivery then the vehicle still belongs to the dealership.
Or to really boggle your mind, if the vehicle is floor planned with the manufacturer, then the dealership does not even own it.
Or to really boggle your mind, if the vehicle is floor planned with the manufacturer, then the dealership does not even own it.
my local honda dealer "owns" every car on the lot..
he is pretty well off..
he doesn't pay the interest on the floorplan.. more profit if he sits on one a few months..
i would like to have his bux..
Registered User
Joined: Apr 2003
Posts: 22,888
Likes: 3
From: Covington WA, USA
Originally Posted by RED MX5,Jan 12 2007, 06:41 PM
If you have a title that shows you as the owner and the lender as lean holder, then you own the car, and the dealership has no say.
Community Organizer
Joined: Mar 2004
Posts: 7,112
Likes: 4
From: Mass
OK read the WHOLE THREAD......glad it turned out OK>........but be aware of the "Spot Delivery"
This sounds like the Dealer did a "spot delivery"....basically, they look at the credit history and if things look decent...they write the loan paperwork and send it in the next business day (usually happens on the weekend). Seeing as this is Thursday, the fiance person at the dealer was begging the bank to take the paper......(loan)
The bank probably denied the loan and the dealer now needs to call in the buyer to see if they can finance through a different channel (sub-prime).
Although this may not be the case in this scenerio, this is typical in the biz........search google for "spot delivery....you'll see what I'm talking about..................................CORN
This sounds like the Dealer did a "spot delivery"....basically, they look at the credit history and if things look decent...they write the loan paperwork and send it in the next business day (usually happens on the weekend). Seeing as this is Thursday, the fiance person at the dealer was begging the bank to take the paper......(loan)
The bank probably denied the loan and the dealer now needs to call in the buyer to see if they can finance through a different channel (sub-prime).
Although this may not be the case in this scenerio, this is typical in the biz........search google for "spot delivery....you'll see what I'm talking about..................................CORN
Joined: Jul 2003
Posts: 1,265
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From: Central California
The DMV isn't completed until the loan is FUNDED. You guys really need to read what you sign..Here's what it says:
SELLERS RIGHT TO CANCEL If Buyer & Co-buyer sign here, the provisions of the Seller's Right to Cancel section on the back giving the Seller the right to cancel if Seller is unable to assign this contract to a financial institution will apply.
Now if you don't sign that part, you won't be driving a car home...anytime!
SELLERS RIGHT TO CANCEL If Buyer & Co-buyer sign here, the provisions of the Seller's Right to Cancel section on the back giving the Seller the right to cancel if Seller is unable to assign this contract to a financial institution will apply.
Now if you don't sign that part, you won't be driving a car home...anytime!