Hey bucbaby i just spoked to my dealer and my car has finally arrived and now I am just waiting to pick it up and I did not receive and VIN number during this period of time. I was also wondering does anyone know how long it takes to fill out the paper work for loans etc.. for financing the car because I am a little confused. Deposit has been paid and I was wondering what more do I have to do now to be able to pick up the car

 

BucBaby, we are all going along for the ride with you, if you don't mind. 5.9% is pretty competitive in today's market. You could always call the dealer and ask for the Finance Manager. Ask them what their best rate is for the period you want. Rates always are changing, but it'll give you a data point. When I bought my car last year Lexus was about 1/4 point higher than my credit union. But the convenience was worth it as the difference in the monthly payment was only about $3.

 

Congrats Chickenass! We have talked to the Credit Union, and we can get approved ahead of time, but it only lasts for 30 days. That's why we are trying to figure out when it's coming, so we can have everything in line for the baby's...ah er....car's arrival.

Evitzee, I'll do that, too. It doens't hurt to shop around for a rate. And of course, when I take that first ride, you'll all be with me. I think that I told you when we first went in our new pool, everyone who helped us on the web had a "Turborita" toast at their own pools. We'll have to do a cyber ride and drink afterwards to toast.

 

do u happen to know how long it takes for the process bucbaby? since my car is just sitting at the dealership now, my mom told me that a lot of paper work had to be done with the financing and then insurance so she told me that I still have a long time to wait

 

Paperwork only takes 30 minutes or so, no big deal. If you finance with the dealer they can do it all 'on the spot'. If you are having somebody co-sign for you they'll have to be there to do that. Insurance from your other autos will automatically cover you, usually 30 days, to allow you time to contact them. Sounds like your mom is holding things up for you. Have you been a bad boy? Or maybe they'll surprise you at Christmas.

One piece of paper to be aware of is the conditional finance sheet (if you are financing through Lexus). It states that they are giving you the car conditional on your loan application being approved. Never take the car off the lot until the loan is approved with the interest rate confirmed. They will often call back weeks later saying they couldn't approve the loan at the lower interest rate and they had to bump you up to a higher rate. TILT. Suddenly your monthly payment is jacked up. Just refuse to sign that piece of paper; with technology today they can confirm your rate on the spot if they want to.

 

sweet thanks a lot man but i have 1 more question how long does it take for a loan to be approved??

 

Shouldn't take more than a couple of hours once you apply. Often less. It's all FICO score driven these days. No manual underwriting is done anymore.

 

thanks a lot man, time to make an appointment to pick up my car on friday!!

 

Congrats, again, Chickenass. You're worse than those Lexus ads! LOL!

Dah dah dah dah da da da dah...Dah dah da...STOP!!!!!!

 

I don't know, but I can find out for you. Don't ask the finance manager because they can pack the rate which is how they make money.
I'll see if I can find out what they "buy rate" is, but 5.9% is pretty good.

And yeah we're all rooting for ya man!

 

Sure the finance people can pack a rate, but they run the risk of losing the financing. It doesn't do any damage to ask what their best rate is. Just tell them you are shopping around and you want to know how competitive they are. If they jack the rate then that is their loss and you don't have to waste your time with them. They aren't going to throw a finance deal away if they know the customer knows their stuff. Be a proactive customer. You'll eventually get the sales pitch from the finance folks when you sign your papers, you might as well do some of the due diligence now when there is no pressure.

I may be wrong, but I don't think finance rates are the same throughout the country, so what the rate is in CA may not be what it is in FL. It depends on how much each dealer wants to mark up the rate, their volume, etc. And of course, the FICO score of the customer goes a long way in determining the rate. Which is another good point to make; get your FICO score before you go in so you know where you stand. Often the dealer will tell the customer that their score isn't good enough for their best rate when it actually is. If you have your FICO score at hand you can call their bluff.

 

OK. I finally got an e-mail from them with a build list. It had ours being built on Dec. 4th. There was nothing included that told when it would arrive. What would they have that would make them tell me January 15th?

Thanks, everyone, for the financing advice. We have excellent credit, so that shouldn't be a problem. I'll give them a call to find out what the rate is.

 

It doesn't stay in Japan very long after its built..

Example:

Mine was built 08/07...

I knew it was on a boat on 9/3 and was to arrive at port on 9/10..

I took delivery 9/13/07.

I have excellent credit and was only able to get a rate of 6.5% at the time of my purchase through Lexus Financial.
I went with them for convenience and easier ppwk for the transaction.
Plus, I was only going to save .5% through a credit union.. wasn't really worth it in my opinion.

Joe Z

 

That's the same thing my sales guy told me when I picked mine up. We're keeping our fingers crossed BucBaby. It will be worth it in the end

 

I have excellent credit as well and only got 6.49% though LFS.....and that was today.