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The big day finally gets here...and I have to wait?

1698 Views 30 Replies 15 Participants Last post by  shinoo
How do you think things will play out since we have no VIN #'s?

For instance, I suppose LOA will call me and say "hey your cars are here" and Im going to want to fly down there within the hour to get them however.....first I'll need the VIN numbers so I can secure my small bank loan, that paperwork will take time. Also I'll need to shop around for insurance now that I'll have a VIN number Im hoping this wont be a problem

So I figure that even if LOA calls me on June 1st its going to be at least a week before I can get all the proper paperwork etc squared away and fly down to get the cars.

I wonder if Lotus could supply the VINS a little early? Since they have our names on the PO's at Lotus in Hethel, seems they could provide some sort of roster and information before they ship so we could get going on what we NEED to do to check on insurance etc?

Im not going to want my cars sitting down there for a few weeks while I try to get my paperwork in order, but I cant get my paperwork without the VIN.

Also I suppose Im going to be subject to weather too...I dont want to fly down and drive back on some rain soaked weekend. I dont want to find out what a mid engined car with race tires does on the interstate with a 600mile drive back.

Ideas on how you plan on handling things?
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As far as insurance goes, by law in Georgia (and probably all 50 states). You have a grace period on your car insurance which automatically insures your car initially without any info whatsoever. Failing that, you can also get a binder which the insurance company can fax to the dealer. I've never actually had the vin until I called the insurance later.

As to financing. I'm going to finance through LOA from Chase, I can always refinance if I get a better rate, though I've always had good success from Chase. I already sent my credit app. to Chris so he send off when we get closer to delivery. (I think a 60 day window on approved loan).

I'll be on my way to Atlanta as soon as they get the car and the PDI is complete.

Wouldnt let the rain stop you, this way you can see if the top leaks.

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They may supply the VIN when the cars are on the water.
At my credit union I've always been given a check to use for the car of my choice. I go in and apply for the loan and they print me out the check good for up-to whatever I asked for and a contract that says that using the check will open a loan for whatever terms we agreed to. I think that the checks are good for something like 30 days with the option to just go get another when one expires. I've gotten the check before I've decided on the car (and I've also gotten the check and ended up tearing it up). See if you can work something like that out. My plan is to get one of these checks a couple of weeks before I expect my car to arrive.
I heard the exact same thing Chris mentioned about insurance. In the past when I have picked up cars/bikes I've called my agent telling him about it. His comment has been, I'll cover you for a few days till you get your paperwork to me, you're ok to drive/ride it. On one occasion a Ducati was totaled after 621 miles and 5 days (not of my doing) and they covered it.
It depends on your insurance coverage.

You are covered for 30 days, but remember that you are only covered for the limits already in your policy.

When I bought my Celica, I needed full coverage off the lot, however at the time I only had liability coverage on my fiat, so I had to go to my insurance company, and have my fiat inspected and insured to full coverage prior to buying the celica. Then I had 30 days to notify the insurance company of the new car.

Do you know what interest rate LOA can offer? Assuming top credit that is!

The best quote I've had so far is 3.9% I dont think I can get any better than that, but its worth a try.
A couple of times now I've called my insurance company from my cell phone in the dealership and given them the VIN. They have the binder faxed before the rest of the paperwork is done.
Modern Wedgie said:

Do you know what interest rate LOA can offer? Assuming top credit that is!

The best quote I've had so far is 3.9% I dont think I can get any better than that, but its worth a try.
Who has 3.9?
Could you finance through LOA and then refinance through the bank of your choice after the fact? You just have to make sure that you can pay the LOA loan off early and that the bank of your choice will let you refinance with them. I thinkyou could check all that out before you have a VIN.
tidalwdave said:
Who has 3.9?

I was quite shocked as well. My CU is ~5%
My credit union is doing 3.75% for up to 36 months and 3.99% for up to 48 months right now. Now if the payments still seem too steep they're offering an 84 (Yes, seven full years) month loan at 6.5%! This is all pretty meaningless to me right now though because my car is at least six months off.
MW< Don't know what the rate quote is through LOA, I'm certain it wouldn't beat the 3.9 though.

Also, my past loans with Chase have always been simple interest loans with no prepayment penalty.

Lending will refinance cars that have loans
Chris (formally is currently 3.49% up to 36 months, 3.85% up to 60 months, and 4.65% up to 72 months. Easy to apply, quick decision, and they mail you a check to make out to the dealer. I've financed 2 cars through them and think they're great.
My CU is currently doing 3.5% for 36/48/60 months. Back in Dec. I was pre-approved for 2.75% but too bad it only good for 60 days. I was told I need the dealer PO with VIN and total price on it in order for them to fund the loan.
People First is a great on-line loan service and their current rate is 3.49%. I've used them in the past. They are very easy and quick. They'll send you a blank check that you write to the dealer when you pick up the car.
People first was AWFUL to me. Dont know what it was about me that made them question me so hard?

I made a post on here about in the past, here's a cut and paste of part of that post,

Well Folks, I have to say Im really not very happy with Peoplefirst.

I applied with them last night and they did call me back within 15 minutes, with a MILLION questions. Granted, I dont mind answering questions, but these IMHO were a little much. The first call back was relatively simple, but I could tell I wasnt going to be happy with the situation when they started asking me if I had someone else in my household to use as a co-signer!!!!
I havent been asked that since I was 19 years old and purchased a $23,000 miata. BTW, I purchased that miata WITHOUT a co-signer and paid it off just fine. Then they wanted to know if I would take less than the amount I asked for. I said, well I wouldnt have asked for that amount if I didnt need it. I guess you need to ask for more than you need to get what you want? WTF?

They called back again and let me know I WAS approved for the loan....IF i show them all my liquid assets.

They want to see PROOF of all my stocks, bonds, savings, checking, etc etc. They wanted to know what I had in each account respectively. They also wanted all the information on my 401K! Who is it with? How much money is in it? How vested am I? etc. WTF!

Ive never in my life been asked to give all my personal information like that...401K etc etc and Im NOT going to give them all that information.

I asked for $39,000, not a friggin house loan!

About me,

Im 30 years old. I applied single. I make over $50,000 a year. I have NO house payment and for all intents and purposes, I have no bills.

I have one credit card with a relatively low limit of $4000. I use it for internet purchases. I pay it off monthly.

I have ONE car payment for $150 a month.

My credit history includes over 5 cars and one boat ALL of which have been paid off in a timely fashion thru direct draw from my account. Some loans I paid off a little early.

I have never had any black marks on my credit. I have no bills. ...and these guys want a plot to my backyard and the combination to my house safe to make sure they can find my hidden treasures should I default? Im NOT giving them my retirement 401K info and my bonds, stocks info etc.
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Have you checked your own CR lately? That does seem like an aweful lot of questions if you have good credit.
I think my insurance company offers floaters/binders too, but Im with Allstate and so far Ive read through posts on here that they have NO idea about the car.

My worries are mainly because Im going to be picking this car up in a major metropolitan area that Im not familiar with and then driving it 600 miles home. New cars take some time to get familiar with and Im going to be trial by fire for sure in such a small car, completely new to me, and while making my way back home on interstates Im not familiar with. I dont think I'd wreck it, but the first 600miles for me are going to be the most likely for a wreck IMHO.
Modern Wedgie said:

Have you checked your own CR lately? That does seem like an aweful lot of questions if you have good credit.
Yes Ma'am I did and Im fine. I freaked out thinking I had identity fraud of something the way they were treating me...I had my own bank check for me and it is, in fact, almost as high as you can get. I have NO idea what the problem was. It was bizarre.
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