Any finance guru's on here?

[Jurassic3k]

Getting ready to pic up my telly in a week or so....started setting up my loan through my bank. They are asking me to provide them with a copy of the purchase agreement and certificate of origin before they can "mail" the check for the car to me or the dealer. Does that sound right?? I don't see the dealer giving those documents to me before I go in to pick up the vehicle....seems like a pain in the rear. My bank is 6 hours from the dealer so I can't just run next door and get the check

 

[Rdavi12474]

Getting ready to pic up my telly in a week or so....started setting up my loan through my bank. They are asking me to provide them with a copy of the purchase agreement and certificate of origin before they can "mail" the check for the car to me or the dealer. Does that sound right?? I don't see the dealer giving those documents to me before I go in to pick up the vehicle....seems like a pain in the rear. My bank is 6 hours from the dealer so I can't just run next door and get the check

Why not finance with kia? When I bought, their rate couldn't be beat.

 

[Cloudy]

Why not finance with kia? When I bought, their rate couldn't be beat.

This

 

[HillCountry]

Does your bank offer a pre-approval option? My credit union will pre-approve me up to some amount… I think they get some basic info on the vehicle… they give me a special check that I can use to pay for the vehicle… then they handle the creation of the loan within a few business days. FWIW, I used KMF. Good luck!

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[Jurassic3k]

Does your bank offer a pre-approval option? My credit union will pre-approve me up to some amount… I think they get some basic info on the vehicle… they give me a special check that I can use to pay for the vehicle… then they handle the creation of the loan within a few business days. FWIW, I used KMF. Good luck!

They pre-approved me so that's not an issue. But they want the purchase agreement and certificate before issuing the check. Just doesn't seem right. The last car I bought I financed through my bank and they worked it out with the dealer directly.

 

[HillCountry]

They pre-approved me so that's not an issue. But they want the purchase agreement and certificate before issuing the check. Just doesn't seem right. The last car I bought I financed through my bank and they worked it out with the dealer directly.

That does sound odd, and backwards for modern banking. I told my CU I was going to pick up my car 2 hrs away, and I needed to know exactly what my options were to minimize hassle. That’s when they informed me they could basically issue me a blank check (up to the pre-approved amount), then the true paperwork would be worked out post sale. Try calling your loan person and asking them what the process is when the dealership is not local.

 

[Familyman20]

Why not finance with kia? When I bought, their rate couldn't be beat.

Our dealer didn't even offer KIA financing on the Telluride. Offered 3rd party financial institutions probably because it was more profitable for them and bc their owners refuse to sell above msrp. I refinanced a week later with my CU

 

[Themlharris]

Ask for their buy rate if they don't give you the 1.99%

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[Dustin554]

Banks rarely beat the APR of a dealership on a new vehicle. I would check the APR that they are going to give you before you go any farther.

 

[Sswitzky]

This is beside the point, but a true financial guru would never advise you to borrow money to buy a depreciating asset. Unrealistic, but true.

 

[jw_tx21]

This is beside the point, but a true financial guru would never advise you to borrow money to buy a depreciating asset. Unrealistic, but true.

Leverage can be used strategically. It's always more fun to make bets with other people's money. But, it can lead to disaster too. Fortunately, my Telluride has appreciated in this market - crazy that I could trade it for more than I paid for it nearly two years ago. Love it. Yes, it's temporary, but still.