Car Loan Funding

[Zee09]

I bought a new car on January 31st
I got a low interest manufacturer loan through Santander Bank..

Dealer told me first payment would be on 3/16... No bill or payment book came. I called my salesperson who claimed if I ever needed anything he is there for me..lol as usual.

His response...that's bizarre....
I called the finance manager and she told me they had a "funding delay"
I asked her why, no real answer...

She tells me they will make my first payment and I can reimburse them.
I said I don't want any of this against my credit. She said it wouldn't be.

I called Santander bank and they had no record of me or the transaction.
I called them so I could pay online.

My guess is the dealer is holding the sale back for some manufacturer incentive or something shady???

Any ideas?

 

[drtyler]

Your idea is probably correct, although it could always be incompetence.

 

[John Galt]

Really bizarre. You don’t have a signed car loan agreement as part of the closing paperwork from the dealer? My daughter bought a VW last year and she financed it because of the 0% rate (against my advice) and the number of papers she signed at closing was equivalent to buying a house.

 

[Zee09]

Really bizarre. You don’t have a signed car loan agreement as part of the closing paperwork from the dealer? My daughter bought a VW last year and she financed it because of the 0% rate (against my advice) and the number of papers she signed at closing was equivalent to buying a house.

Yes the day I bought it I got the contract as usual.. All the details match but the bank doesn't yet know of the transaction for some reason

 

[John Galt]

Yes the day I bought it I got the contract as usual.. All the details match but the bank doesn't yet know of the transaction for some reason

Fishy! If you check your cars VIN online or through the dealers service network are you listed as the owner? You have official state plates or temporary plate?

 

[Zee09]

Fishy! If you check your cars VIN online or through the dealers service network are you listed as the owner?

Nope...I don't exist...
I have never had this ordeal with over 50 vehicles...

 

[Zee09]

No tags yet either

 

[John Galt]

Nope...I don't exist...
I have never had this ordeal with over 50 vehicles...

I’d be very worried, your automobile insurance policy probably does not cover you driving that car since its not legally yours until the state transfers it to you name.

 

[Zee09]

Funny thing is when they handed me the keys they said they already called my insurance company.
I know the deal about that.

When I got home I called my insurance company and they had no record of it...

I bought several cars at that dealership and never had an issue..
I think someone dropped the ball...big time or waiting on better incentives...

 

[Jetronic]

I guess they are trying to pull some sales out of their hat for the end of the quarter, if needed.

 

[Zee09]

I guess they are trying to pull some sales out of their hat for the end of the quarter, if needed.

I guess my warranty just got extended

 

[Hall]

I called my salesperson who claimed if I ever needed anything he is there for me..lol as usual.

Once you walk away from the sales rep's desk, you are no longer important to them.... Until you return years later and remember the rep, though they don't remember you.

She tells me they will make my first payment and I can reimburse them.
I said I don't want any of this against my credit. She said it wouldn't be.

There is no loan so there's no worry about credit dings. Do NOT reimburse the dealer either 'cause there's no payment they'll be making as the loan doesn't exist.

 

[Hall]

I’d be very worried, your automobile insurance policy probably does not cover you driving that car since its not legally yours until the state transfers it to you name.

Seems like the dealer still owns the vehicle and the OP just has it for a very long test drive at this point. So its on their insurance, not his.

 

[walterjay]

I would be afraid to drive the car at this point. What if an accident occurs.

This is really weird.

 

[Zee09]

I would be afraid to drive the car at this point. What if an accident occurs.

This is really weird.

I am insured no matter what I drive.
I'm paying the bill for it...
But as @Hall
Mentions I'm talking to the loan company before I pay any loan payment or just pay it off...

 

[Zee09]

When the finance manager couldn't explain why funding was delayed that said it all... no payment book today either

 

[KCJeep]

You are right to be suspicious, clearly this doesn’t line up. A dealer that’s happy to make your payment? Really….

 

[Zee09]

You are right to be suspicious, clearly this doesn’t line up. A dealer that’s happy to make your payment? Really….

Even you would be happy to make my payment....you said that before

 

[97prizm]

I bought a new car on January 31st
I got a low interest manufacturer loan through Santander Bank..

Dealer told me first payment would be on 3/16... No bill or payment book came. I called my salesperson who claimed if I ever needed anything he is there for me..lol as usual.

His response...that's bizarre....
I called the finance manager and she told me they had a "funding delay"
I asked her why, no real answer...

She tells me they will make my first payment and I can reimburse them.
I said I don't want any of this against my credit. She said it wouldn't be.

I called Santander bank and they had no record of me or the transaction.
I called them so I could pay online.

My guess is the dealer is holding the sale back for some manufacturer incentive or something shady???

Any ideas?

If it's like the Lexus dealership that I had worked for. For some odd reason the F&I guy didn't send in paperwork on a dozen new vehicle transactions for some reason. We had a customer coming in and couldn't get license plates. If it's a large corporate dealership I'd be calling the Corporate office asap. I've never heard of a dealership offering to "make a payment on your behalf ". Something isn't right. Unless the bank screwed something up or the dealership. I did see where a guy bought a Tesla and they accidentally put in the wrong vin making him unable to get plates and it was a mess to straighten out. Honey I'd call your local news station and reach out to their consumer advocate journalist. This might fix the issue immediately.

 

[Tdbo]

When the finance manager couldn't explain why funding was delayed that said it all... no payment book today either

I think that I would be making a call to the AG's of your state consumer fraud division and put it on the record.