OK so I'm taking delivery on Weds but I had a question. I was approved at the dealership for 1.9 for 60 through Infiniti or 5.79 for 60 through dealer financing with the $3000 rebate.

I then found out I was also approved for 3.99 for 60 from my independent credit union. They are mailing me the loan docs but they will not get here until next week. What I'm hoping to do is to take delivery on the car for the loan at 5.79 and then use the 3.99 loan to pay off the 5.79 and transfer the title to the 3.99 loan company (my CU.)

Anyone see any issues with this? Is this usually a problem? I would think the 3.99 can pay the 5.79 directly and they can transfer the title between them. Let me know if you guys think this would be an issue. Do I need to relay any of this to the dealership?

Thanks!

 

I'm not sure if that will work. A friend of mine did something similar with a 2009 Nissan Murano. He was approved through the dealership for X% and took delivery, while shopping his own credit union. He got a lower % rate at his own credit union, but once they found out that it had been financed already, they would not let him finance it with them at new car interest rates, so he stuck it out with whomever the dealership financed it through. I would definatley ask your credit union what is going to happen if you take delivery of it, financed through the dealership at 5.79% and then re-finance it with them a week later at 3.99%- they may not let you do that. Wouldn't it be easier to get the loan docs faxed to the dealership so that you could just use that loan from the get go and avoid all of the hassle and trouble?

 

Don't do that! You just need a pre-approval letter from your CU, if memory serves me correct. Then you have a certain amount of time to deliver the check to them from the CU.

 

Thanks guys! I just talked to the CU and they said the same thing. If I want to get the 3.99 rate I have to finance it directly with them and I can't finance the car with the dealer prior to financing with the CU. That's fine...hopefully they can fax me the docs today! I'll call the dealer finance guy to find out what they will need when they open.

 

One more update! They said they would fax authorization for the funds to the dealer upon request but that the docs should be here by tomorrow at the latest in the mail. Thanks for your help!