Financing on my new Evo X
 

Greetings All,

I am currently in the process of buying a 2011 Evo X from a dealer in Chicago, and am curious if anyone knows how long it takes to be approved for financing. I will try to provide as much information as I can so as to paint a clear picture.

I live in Atlanta, GA and wanted a very specific Evo, but the only vehicle that matched those specifications was in Chicago, IL. I considered driving to pickup the car, but the wife was not cool with me taking a 12 hour drive to get it.

Ultimately, I told the dealer I would purchase the car, but would have to have everything notorized here and sent via Fedex.

I overnighted all of the required paperwork to the dealer last Wednesday, and the dealer confirmed receipt on Thursday. With my credit score of 770, I qualified for the 0.0% financing currently being offered to new car buyers and put $20k down.

I was hoping to have the car by this weekend so as to enjoy it on the Labor Day holiday. I have been calling the dealer daily to figure out when the car would be shipped. The dealer keeps telling me that the financing is pending, and that he will let me know as soon as it is approved and the car is on its way.

I am starting to get a little bit nervous, as the financing has been "pending" since last Thursday and still has not been approved. For the vehicle purchases I have made in the past, the financing has been almost instantaneous.

Am I just getting anxious because I want this badass car in my possession? Is 3.5 days to get approved for financing within a normal range? The dealer has told me that the delay is because I am out of state, and that Mitsubishi just wants to make sure that all is are dotted and ts crossed on the paperwork.

I am starting to get nervous that the car is messed up and that the dealer is scrambling to get it fixed in order to send it down here. The odometer read 10 miles on all of the sales paperwork, so I am expecting it to have next to nothing more when I receive it.

I am considering telling the dealer that if he can't have the car to me before the weekend, I want out of the sale. Is this a bit rash?

I apologize for the long first post, but I am chomping at the bit to get my new ride.

Thanks.

I'm surprised it hasnt been approved... like within one day. Other people that bought out of state along with financing perhaps could answer you the best.

My 0% financing was approved within minutes...

This sounds really fishy, I say back out of the deal and find a better dealer, possibly one of our site sponsors (Don Herring Mitsubishi and SouthCoast Mitsubishi).

My financing was approved in a matter of minutes

I bought mine in California (South Coast)...it took a couple minutes to do and I got 0% for 60 month at the time.

-B

The zero percent financing is with Mitsu, not the dealership. Call Mitsu directly for the status.

And it only takes a few minute to make the loan approval decision.

Question: Why are you putting down 20K with zero percent financing??? It's free money which has got to cost less than wherever you are keeping that 20K. Even a savings account will pay 1%.

Maybe I should be more stern with the salesman.

Others have suggested that it could be the fact that it is 0.0% and I am out of state. A. I'm not there to put on pressure B. The financing division is making $0 on me.

Still, you would think that if it was them that was ultimately responsible for losing a sale, it would be a somewhat big deal.

They would only approve me for 0.0% financing if I put money down as my income isn't high enough to facilitate ~$38k over 36 months (or so they told me).

Financing is fast as they only need to confirm your credit, income and the value of the car (it's the collateral. Something is wrong.

You can probably arrange to finance the car locally, based on the vin and then have the money wired over tomrrow, really. Money is pretty cheap right now, and, as nice as 0% is , you can find auto loans at 2% or so. That's not a lot of money and I suspect you could put down MUCH less. So, let's say you put down 10k and finance 30k at 2+%. Your cost is about $750 a year in interest. The 10k you save you invest at 5% and so the difference is $250 or so. That's not a lot and might make the difference of getting the car soon. Alternatively, use a local delealer, get the 0% and miss labor day, in the long run it doesn't matter.

You really need to try local.

If your credit score is that high it's an automatic yes. Assuming your income is enough. I have bought several cars in different states before. All it takes is a phone call and boom your done. Also why is there an issue with you flying up and driving your new ride home?

Originally it was an issue of convenience. My wife really didn't want me to "waste" one of our weekends to go up there to get it, but now I am starting to regret not having done so.

I think I am going to call the salesman and tell him that if he can't complete the sale by the end of the day tomorrow, the deal is off.

This is really starting to get frustrating.

Thats exactly what you should do

With your credit score, this should have been a done deal. I bought a new, 2011 GSR at the end of July. Paperwork took about an hour. I traded in a car and put down 12k. I financed the rest at the 0% financing that Mitsubishi offers.

You need to press these guys to get their butts in gear. They can easily overnight any paperwork. I do have one bad thing to say about getting your car this weekend. Ain't gonna happen. How do I know? Because I just bought a second 2011 Evo from a dealer in Houston, Texas. Car was picked up on Wednesday and I got my car Monday evening around 7:00 p.m. Car was absolutely filthy. I just spent about 10 hours on detailing the car to get it like showroom new.

When shipping companies transport cars, they want a full transporter. This means diverting to various places to pick up and unload shipments. My car was all over the Midwest from Texas to Minnesota. The one good thing is that the driver put my car up front on the lower rack to protect it from any bad weather. Just prepare yourself for a very dirty car when it arrives, especially if it goes through any thunderstorms. Ask that your car can be transported behind the cab and on the lower rack. Best wishes on getting your car. Keep us posted.

P.S.: What dealership are you getting your car from? I searched the US far and wide to find my car.

Sometimes its hard when your buying this car because you get emotional but you have to remember the ball is in your court when buying a car. You need to be firm with the saleman and threaten to walk...this is the key way to get salesman's attention. It might not seem like it but there are plenty of EVOs out there and many willing dealers.

When I bought mine 2 weeks ago, I easily walked away from some ridiculous offers and finally found a dealer that "wanted" to sell the car. The total time for me to trade my car, sign the papers and get financing was 3 hours. My financing took about 2 minutes (750 credit). At 770 you are considered tier 1 and mitsu finance loves you. As long as your income is decent and you've been at your job for some time there should be no hiccups. ALso if you own a house and have a large amount of credit lines open with high available ceilings this shouldn't be an issue. Sounds like the dealer is dragging his feet. I would think the only delay would come from the shipping transport aspect and not the financing in your situation.

I'm surprised you cant find the exact car you want being near a major city like CHicago...I'm in Philly and found plenty in my area ( like 4 or 5)