Purchase before delivery?

[thegangler]

Build week of 5/23, thoughts on possibility of buying the truck before it’s delivered? Want to take advantage of low rates before they go up again…

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[Stlww18]

I highly doubt any lender is going to give you a loan backed by a car that hasn't even arrived in your city yet....that being said, many lenders will lock rates for 30 days if you get preapproval.

 

[GDN]

I highly doubt any lender is going to give you a loan backed by a car that hasn't even arrived in your city yet....that being said, many lenders will lock rates for 30 days if you get preapproval.

Maybe the lenders just learned the ropes and had to, but this happens every day with Tesla and several states. You can not buy a Tesla in TX. You sign the MVPA - Purchase Agreement electronically while the car is in CA. You then have your lender wire the money. The lenders will do that with your signed MVPA, then the car is shipped and delivered to you.

It may seem odd, but it does and can happen.

The easier part is what you note about 30 days rate lock. Most will do that.

 

[Firestop]

I just went through this at my CU to try to lock in a 2.29% rate Tuesday before they moved to 2.79% Wednesday. Locked for 30 days, but the Loan Officer was clear they wouldn’t disperse the funds unless the vehicle landed on the lot….Rolling dice…..

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