Lets say that I decide not to finance my vehicle with the dealership, that I want to go through my bank (USAA) which is in San Antonio, TX....

If I go to the dealership the day my car comes in and i call USAA and get the loan over the telphone, checks in the mail, will they let me leave with my car?

I had a loan pre-approved for $27k, 10k down, then I started thinking I should just pay off my other car and have a slightly higher rx8 payment. I call em' back (usaa) and say I want $37k instead of $27k. They say, OK, we don't believe the car is worth that much, you have to fax us the (non existant) window sticker and a purchase order from the dealership. Oh yeah, and once we receive that, it will take 24 hours to process your loan, and another 24 hours to get the check to you.

And lets pretend this happens on Friday, I'm waiting until Tuesday of next week to get my car -- considering my car will come in this Friday.

I suppose they won't let you leave with the car if the bank needs 24 hours to read a window sticker - I get that, but what if I'm approved and don't have a check yet? Does the check go to the dealership in their name? Will they let you take the car home considering your approved and the check is in the mail?

Don't worry the dealership will finance you on the spot and you can arrange alternate financing with your lender of choice later.
Vince

oh realy? I didn't consider that - this is like my first time buying a car. So you're saying that I can go to the dealership, put nothing down and get a loan, drive my car home and then call my bank (USAA) in this case, and make the loan go through them, with all of their bells and whistles (3.5% 60 months, disability & health & total loss protection)?

basically you'd be buying out the deale rloan with the one from usaa and i think the check would still come to you and then you would have to sign it ove rto the finance company the dealer used and send it in "paying off" that first loan.

Be careful doing that though as there is usually a fee if you payoff the first loan in less then 15 or 30 days (depends on the lending company). Honestly it would be best just to wait on the check and then take the car home.

I suppose if the dealer will match EXACTLY everything that USAA was going to give me, it would be ok to go with the dealer.

Usually when you're approve for a loan, they'll send you a draft/blank check up to the amount you're approved directly to you. If you finance via the dealership, make sure you ask for opinion to find a better rate. Usually they give you a week or two without penalizing you for paying off the loan early. Make sure it's in writting and read all the fine print.

Other than that, everything is as easy as signing the blank check!

The trouble with this whole thread is that you think you're getting the car on friday.

TripWire I'm in the exact same boat as you with USAA. But from what I've learned, if your dealer is willing and able. You should be able to do all your financing with USAA still. Fax the window sticker and the purchase order, & Get approval, etc.. the same day. If your putting down any kind of downpayment, I'm sure the dealer would let you drive, and bring them the check the next day. As long as your approved with USAA.

Originally posted by Edge
The trouble with this whole thread is that you think you're getting the car on friday.

yeah it will probably be thursday!

The trouble with this whole thread is that you think you're getting the car on friday.

Not necessarily. It doesn't matter what day I get my car, if I have to wait 48 hours to drive it home - AFTER the car has made it to the dealership - I'll be financing with the dealership.

My credit union told me to ask for an "option contract". The way they explained it, it's basically a sale but I have some time to get them the money (like a week or so). So I get the option contact and take it to the credit union, and they send the check to the car dealership.

FUBAR / BUDA, can you confirm whether this makes sense?

sorry i do not know anything about the sales end of it. i have never heard of that before, but im not in that end....p[erhaps budaman would know more....<p>
side note: herc the salesmanager is off today until 3:00pm pst i will ask him then about the finance stuff again to see if he has any info..

Thanks Fubar, you rock :)

What about dealer prep, etc. I would assume that takes more than 1 day. I remember when I bought my last car took 1 week for them to prep it. It was in the lot the ENTIRE time!

prep time takes about 2-3 hours total time to look over the car and detail the car. depending on how busy it is. are techs were advised that as soon as the rx8s arrive they are top priorty. yellow one first then everybody elses!

So fubar, what's your best, educated guess on arrival day?

Originally posted by Boozehound
So fubar, what's your best, educated guess on arrival day?

truthfully i gave up on guessing, it is useless. i just have to wait like everybody else i can speculate and tell more rumors, but that is all they are are rumors. i guess i will just have to wait until the cars arrive. sorry!

<p> though i am enjoy my morning cup of tea in my new rx8 thermos and cup, while reading my rx8 magazine. i really do like the gifts so far!!

Doh! The not knowing is gnawing at me... Maybe I'll go buy an IS300, just so I can have closure...

yeah then you will probably get upset when the day after the rx8 is released and you dont have one.....