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Old 05-31-2015, 07:52 AM   #1
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How long does it take to get dealer financing?

I went to a dealer and gave them 400$ deposit on a new TT and filled out the financing application. The finance guy said we should hear back in a few hours.

That was at 2:30pm on Friday. We heard nothing back from them Friday or Sat. Not even a courtesy call from the sales guy... Who acts like he is my bff.

Anyone know how long it normally takes to hear back from the banks? I don't mind waiting, but it would be nice if the dealer kept me up to date. Thanks
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Old 05-31-2015, 08:05 AM   #2
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Went with the credit union I'm in for the lower rates because of the very short pay off time.

In the past with other dealers word has come down in an hour.

If I was you I'd say thanks but no to the dealers less than courteous CFI and get the monies someplace else.
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Old 05-31-2015, 08:19 AM   #3
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But if I back out now (which I want to) won't they keep my deposit?

Thanks for info/advice also.
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Old 05-31-2015, 08:25 AM   #4
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But if I back out now (which I want to) won't they keep my deposit?

Thanks for info/advice also.
I'm not saying to back out of the deal, just get the monies form some other place.

They keep the deposit you get the TT and perhaps at a lower rate everyone is happy campers....
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Old 05-31-2015, 08:40 AM   #5
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Ok, thanks for the advice. Much appreciated.
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Old 05-31-2015, 09:39 AM   #6
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We get that all that stuff ready before we go into the dealer. We feel we have more bargaining power if we say we have a check to write if we want the camper. A salesman will change his tune real fast when you get up to leave that way.
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Old 05-31-2015, 09:59 AM   #7
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I wouldn't give the dealer the deposit before the papers are signed most cases the dealer knows with in an hour or so if a bank will take the deal
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Old 05-31-2015, 10:01 AM   #8
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**Here is the back story. Sorry its so long.. I will understand if you dont want to read it. But thanks all for the responses. **


The thing that got us was, the sales guy we were dealing with was with a client pretty much all day and did not return our call, so I filled out an online finance application on the companies web site.

Then I called the sales guy and left a message telling him I put an application in for the exact model we wanted. (Which is the exact way I did it for my truck, and they called back within 2 hours to tell me I was approved).

He called later that afternoon and said we were good to go for the price and payment... (Here is where I get stupid), I am thinking awesome they got my application and its good to go.

We go down to the dealer thinking we are good... hes like, paperwork should take no more than 30mins... when do you want to pick up the TT. Again, I am thinking... good to go.

He then passes me off to the financial guy... He starts asking me info for a credit application... I am like, ??? I already submitted one online.. he says he did not receive one. (not getting a warm and fuzzy) but I fill out the info anyway.

He tells me it will take a few hours... have not heard back since... what was Friday afternoon.. its Sunday now.

Wife just texted the sales guy and he like.. "what? The finance guy should have gotten back to you... I will look into it."

The whole thing just does not feel right and I want to run.. but I dont want to lose my deposit (I am assuming if I back out they keep deposit for their troubles).. But I am almost tempted to bite the bullet on this.
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Old 05-31-2015, 10:02 AM   #9
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I wouldn't give the dealer the deposit before the papers are signed most cases the dealer knows with in an hour or so if a bank will take the deal
They said they had to have a deposit to run the financing application... a "good faith" move on our part... and to take that unit off the lot.
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Old 05-31-2015, 10:58 AM   #10
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** This issue has been Resolved**

Thank you all for your info/advice.
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Old 05-31-2015, 11:04 AM   #11
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To your favor I hope!

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Old 05-31-2015, 11:24 AM   #12
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Did you (BUY) the unit? Yes/NO? Hey I read your story,dont leave us in Mid-Air! Youroo!!
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Old 05-31-2015, 11:33 AM   #13
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I hate it when my dog eats the last chapter of a good book!!'

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Old 05-31-2015, 12:31 PM   #14
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finance de bockle

well, what did you do
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Old 05-31-2015, 12:56 PM   #15
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Quote:
Originally Posted by ItsPH8 View Post
** This issue has been Resolved**

Thank you all for your info/advice.
If you have credit score over or close
to 800, ask the bank or credit union
for the loan and negotiate int rate,
and offer them direct payment from
your account ( total saving will be around
1 or more % on interest rate ....
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Old 05-31-2015, 01:18 PM   #16
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Originally Posted by 4mula1fan View Post
We get that all that stuff ready before we go into the dealer. We feel we have more bargaining power if we say we have a check to write if we want the camper. A salesman will change his tune real fast when you get up to leave that way.
Not what the OP asked.
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Old 05-31-2015, 02:00 PM   #17
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Originally Posted by youroo View Post
Did you (BUY) the unit? Yes/NO? Hey I read your story,dont leave us in Mid-Air! Youroo!!
Quote:
Originally Posted by CAT-RN View Post
I hate it when my dog eats the last chapter of a good book!!'

Russell
Quote:
Originally Posted by DAPYES View Post
well, what did you do
Quote:
Originally Posted by mike.t View Post
Not what the OP asked.
Thank you officer...
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Old 05-31-2015, 02:23 PM   #18
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Just so you know my perspective. Retired military 32years. Been in the car business since 2009. Currently in a non sales management position. The dealer cannot keep your deposit. Nor can they charge you to submit a credit application to the bank. I encourage you to get your deposit back, even if you have to get loud in the sales office, and go to another dealer. I would also recommend you check the interst rates at other sources. Credit unions, your bank. All lenders are not equal. Shop around. Get preapproved for the lowest rate you can. Then if the dealer wants to earn your business in finance maybe they can beat it. Did you know that the bank will pay the dealer for your financing business? Never fall for a sales person wanting to be your friend. A true sales professional wants to earn your business not be your friend.
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Old 05-31-2015, 04:50 PM   #19
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Quote:
Originally Posted by Prism 24G View Post
If you have credit score over or close
to 800, ask the bank or credit union
for the loan and negotiate int rate,
and offer them direct payment from
your account ( total saving will be around
1 or more % on interest rate ....
You Forgot to tell us you write the Handbook for the (IRS) because your reply makes about the Same amount of Sense! Youroo!! I guess some people have a hard time answering a Question with (1) Word! Youroo!!
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Old 06-15-2015, 09:36 PM   #20
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OK, is it just me or??? WHY would you give a deposit before you are told the terms of a loan????

Camping World tried that with me, I was only trying to find out if they could beat USAAs rate. When he insisted I needed to put down $1000 deposit BEFORE they told me the terms of the loan...I let them watch my fat behind walk right out the door.
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