Is my dealer trying to pull a fast one?

[Cocheese]

I have a GT that FINALLY got delivered this week. I'm financing through a credit union and down payment by personal check.

The dealer tells me that their policy is I cannot drive the car home until the dealership has both the down payment AND the credit union check for the remainder of the purchase price.

I asked about an option contract or whether there's a 3-day window for securing financing after I take possession. Nope, this dealership's policy is that, when using a credit union, they need the full purchase price before letting the car go.

Does this sound fishy to you?

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[RSH]

I have a GT that FINALLY got delivered this week. I'm financing through a credit union and down payment by personal check.

The dealer tells me that their policy is I cannot drive the car home until the dealership has both the down payment AND the credit union check for the remainder of the purchase price.

I asked about an option contract or whether there's a 3-day window for securing financing after I take possession. Nope, this dealership's policy is that, when using a credit union, they need the full purchase price before letting the car go.

Does this sound fishy to you?

No, doesn't sound fishy to me. I used a credit union as well. The credit union asked for a pic of the window sticker, which the dealer provided before arrival of the car, and they provided me with a check to take to the dealership when the car was ready.

 

[BalsaDust]

Not sure about Illinois, havent lived there in 30 plus years but here in Delaware you do not get the car until its paid in full, whether its a loan, lease or cash/check payment the dealer will not release the vehicle

 

[@SARANED]

I have a GT that FINALLY got delivered this week. I'm financing through a credit union and down payment by personal check.

The dealer tells me that their policy is I cannot drive the car home until the dealership has both the down payment AND the credit union check for the remainder of the purchase price.

I asked about an option contract or whether there's a 3-day window for securing financing after I take possession. Nope, this dealership's policy is that, when using a credit union, they need the full purchase price before letting the car go.

Does this sound fishy to you?

Your in Chicago right?

 

[Badger_Prof]

I have a GT that FINALLY got delivered this week. I'm financing through a credit union and down payment by personal check.

The dealer tells me that their policy is I cannot drive the car home until the dealership has both the down payment AND the credit union check for the remainder of the purchase price.

I asked about an option contract or whether there's a 3-day window for securing financing after I take possession. Nope, this dealership's policy is that, when using a credit union, they need the full purchase price before letting the car go.

Does this sound fishy to you?

Not at all. If you were selling a car to somebody would you let them take it before they fully paid?

 

[MachEGTPilot]

I have a GT that FINALLY got delivered this week. I'm financing through a credit union and down payment by personal check.

The dealer tells me that their policy is I cannot drive the car home until the dealership has both the down payment AND the credit union check for the remainder of the purchase price.

I asked about an option contract or whether there's a 3-day window for securing financing after I take possession. Nope, this dealership's policy is that, when using a credit union, they need the full purchase price before letting the car go.

Does this sound fishy to you?

Why not finance through the dealership and pay it off when you get the check from the credit union.

 

[HuntingPudel]

In general, the answer to your question without knowing anything else is: “Probably.” In this case, the answer is ”no.” I can’t imagine any dealer letting anyone just take a car when only the downpayment has been made.

 

[connoisseurr]

Everything you're reading above from other members is correct. I've been in the financing office for dealerships in the past. You will not take the car until the dealer has full payment. I suggest you ask your credit union to wire funds. That's the quickest way to get the entire payment into the dealer's account.

 

[Davedough]

If I’m a dealer, I’m not letting go of a $70k vehicle in hot demand unless the person who ordered has all the money. From their perspective, what’s stopping you from running off with the car and issuing a stop payment on the down payment?

 

[FLmac]

I’m actually shocked they aren’t also telling you they have to wait for your personal check to clear.

Some dealerships have agreements with specific credit unions to allow drafts, but most that I know of require full payment prior to delivery.

 

[Cocheese]

Damn. Thanks everyone for the helpful input.

Your in Chicago right?

Yes

Why not finance through the dealership and pay it off when you get the check from the credit union.

Credit union rate is better than what dealer/Ford can offer

If I’m a dealer, I’m not letting go of a $70k vehicle in hot demand unless the person who ordered has all the money. From their perspective, what’s stopping you from running off with the car and issuing a stop payment on the down payment?

True, but if they have confirmation from a credit union that the loan has been approved, wouldn't that be good enough? It's more reliable than an individual customer claiming the money is on its way.

 

[Davedough]

True, but if they have confirmation from a credit union that the loan has been approved, wouldn't that be good enough? It's more reliable than an individual customer claiming the money is on its way.

I work in cybersecurity. The ease in which an email or letterhead can be faked is pretty astounding

 

[RickMachE]

True, but if they have confirmation from a credit union that the loan has been approved, wouldn't that be good enough? It's more reliable than an individual customer claiming the money is on its way.

No. Why aren't they giving you a check?

 

[Motomax]

I used a credit Union when I bought my Toyota. The process was finance through Toyota, the dealer gave me a one week window to pay off the loan before being charged a financing fee, told my credit union the loan amount, they overnighted the check to the dealership, dealership paid off the loan.
I assume fords financing is quite similar.
My other car I bought with a personal check. They ran it as a loan being paid off right away. There’s no way youre driving out of there with just a Down payment.

 

[ChuckA]

I work in cybersecurity. The ease in which an email or letterhead can be faked is pretty astounding

I m shocked the question was even asked. Of course the dealer won’t register the car and initiate title creation without full or secured payment.

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