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Putting down a deposit - credit application?

uprocesseduprocessed Posts: 17
edited April 2018 in General
I put down a deposit to reserve a car that will be delivered to the dealership next month, Didn't sign any paperwork, although I do have a long email chain. I did submit a finance application to the dealer, and when I inquired about whether I was approved, they responded that they wouldn't process the application and submit it to the bank until they receive the invoice for the car. Is this normal?

Answers

  • kyfdxkyfdx Everywhere, USAPosts: 123,000

    I put down a deposit to reserve a car that will be delivered to the dealership next month, Didn't sign any paperwork, although I do have a long email chain. I did submit a finance application to the dealer, and when I inquired about whether I was approved, they responded that they wouldn't process the application and submit it to the bank until they receive the invoice for the car. Is this normal?

    They could pull your credit score (which they've probably already done), but to actually apply for financing, they have to have a vehicle that has to be financed. Until they get the invoice, they don't have the vehicle.

    Seems normal, to me.

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  • On a deal like that dealers can't submit for approval without a VIN number to that car. And dealers will never get the VIN number on an order/build unit until that invoice is sent over.
  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    kyfdx said:

    I put down a deposit to reserve a car that will be delivered to the dealership next month, Didn't sign any paperwork, although I do have a long email chain. I did submit a finance application to the dealer, and when I inquired about whether I was approved, they responded that they wouldn't process the application and submit it to the bank until they receive the invoice for the car. Is this normal?

    They could pull your credit score (which they've probably already done), but to actually apply for financing, they have to have a vehicle that has to be financed. Until they get the invoice, they don't have the vehicle.

    Seems normal, to me.
    And they aren't about to turn the paperwork into the lender on a sale that "might" happen. Deposit or not the customer could still flake out on the deal which happens pretty often.
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