Just an FYI - When I received my VIN assignment, my DA called to inform me prior to me getting the official email. That was super nice of him. However, he asked that I get the financing application into BofA that day as well. He send me the email with it the link to BofA for the Lucid financing. He made it seem like financing was a long drawn out process. So, I went online applied and got approved in less than a minute. I let my DA know that it was easy and I am approved. The closing documents link was sent to me the very next day by BofA. However, the BofA loan officer said to sign it once I have a delivery date. So far my DA has been mostly quiet on delivery date or any update other than to say its in Chicago. I feel he has ghosted me.
The issue is that an approved loan is good for 30-days. My approval expires on Wednesday 5/11. I reached out to my DA Friday and again today - no response, no email, including a request to speak to a supervisor (not to get the DA in trouble) but to see if a manager can reach out and get a status on the car.
I finally cold called sales just now and spoke to a very nice person who listened to what I had to say and spoke to a manager. He returned and said the manager will be reaching out to BofA to request a two week extension.
The real issues with the loan approval expiring in 30-days:
1) You have to reapply and there is a hard hit on your credit - my credit was over 825 prior to the loan now its just under 800;
2) Once you sign, you are on the hook to start making payments for a car that you don't have delivery of yet. Let's say they find an issue and the part is 4-6 weeks out as an example; and
3) My personal concern is that, let's just say I work in security, and I am constantly monitored by the government and dramatic increase in credit hit and utilization has a negative and adverse effect that I want to avoid.
I would recommend that, if you decide to finance, wait until at least two weeks from the date of confirmation that your vehicle is in Chicago before financing. Hope this helps.
The issue is that an approved loan is good for 30-days. My approval expires on Wednesday 5/11. I reached out to my DA Friday and again today - no response, no email, including a request to speak to a supervisor (not to get the DA in trouble) but to see if a manager can reach out and get a status on the car.
I finally cold called sales just now and spoke to a very nice person who listened to what I had to say and spoke to a manager. He returned and said the manager will be reaching out to BofA to request a two week extension.
The real issues with the loan approval expiring in 30-days:
1) You have to reapply and there is a hard hit on your credit - my credit was over 825 prior to the loan now its just under 800;
2) Once you sign, you are on the hook to start making payments for a car that you don't have delivery of yet. Let's say they find an issue and the part is 4-6 weeks out as an example; and
3) My personal concern is that, let's just say I work in security, and I am constantly monitored by the government and dramatic increase in credit hit and utilization has a negative and adverse effect that I want to avoid.
I would recommend that, if you decide to finance, wait until at least two weeks from the date of confirmation that your vehicle is in Chicago before financing. Hope this helps.
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