On Again…Off Again

This morning, right in the middle of my first client meeting I get this text from the finance guy at my dealership:

Good Morning. You need to call Your New Lender today to do a three-way call with Your Old Lender. You have to call today or they will decline your loan and potentially return the car.

He left me a number to call.

“Really???” I thought to myself. “I thought this was settled long ago.”

So, being the good little girl that I am, I dutifully called back as soon as my client meeting ended. I had back-to-back appointments booked, so I had to call my colleague to cover me on the next appointment.

I called the number I was given.

Thirty minutes later, I think we got done what The New Lender wanted to have done. After all, I have my deductible ready to pay. My insurance company has a settlement check ready to send. All we are waiting on is a Gap Report so the insurance company can pay the $80-something that it will require to payoff the loan. We are waiting on The Old Lender to provide the necessary requirements so that the rest of us can pay what we need to pay to close this deal out. But The Old Lender is dragging their feet. After the 30-minute phone call this morning, The Old Lender basically said, “It’s going to be three more days.”

During this conversation, it became clear to me that The New Lender is not going to fund this loan until the Old Loan is officially paid off. They aren’t going to take the insurance company’s settlement agreement. They are pushing to get the thing paid off before they fund. Fine. I have no problem with this…EXCEPT…I asked this very question before I even said, “Okay, I’ll buy the car.” The VERY FIRST question I asked the dealer was, “Is the new lender going to require payoff before funding? If so, this will take some time.” I was assured it wasn’t going to be a problem.

That was bullshit.

I’m slightly annoyed that this is still an issue.

And what was the deal with telling me everything was fine on Friday, and then me getting this message today? Really?

I’m about ready to say, “Have the car. I’ll go get a Kia.” The stress is just not worth it.

At this point, I kind of think I’m in the driver’s seat on this. Tell me if you think I’m wrong, but my suspicion is this: If they weren’t going to fund me they would have decided that long before now. They want my business. They are extorting a huge interest rate out of me, and they aren’t going to let that slip through their fingers if they can possibly avoid it. I put up with it because I’m in that “credit rebuilding mode” that follows a bankruptcy. I can put up with this for a year. Then I’m done. But, they want my business and that interest rate I’ll be paying, so they are going to wait for the insurance company to pay off.

If they decline me, the dealer sure as heck doesn’t want the car back so they will try to get me into another loan, by which time, my claim and Old Loan will surely have paid off and all this rigamarole will become a non-issue.

Am I wrong to be thinking along these lines?

You won’t fund me? Fine. Come get the car. I’m going to my friend who has an in at the Kia dealership and I’ll sure-as-shooting bet they will put me into something I can live with. Might not be the luxury Maxima, but at least I’ll have the assurance that my loan funded before I drive off with the car.

They aren’t going to take the car. They will fund me. The economics of the situation dictate that they will fund me because they stand to make a ton of money, on my interest payments. If they take the car, I’m at the place that I can let it go. It won’t be convenient, but I’ll work something out.

I would love to hear from my readers on this one. What would you do, at this point? Okay, no fair saying what you wouldn’t have done up to this point, unless it is helpful for me in the future. I’m not good at the car deal thing. I get that. But what advice would you give going forward? I’d love to hear it. And…I’ll probably follow it.

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About Miz Insomniac

Usually, it's the kids who grow up and leave home, but Miz Insomniac switched it up. When her kids grew up she decided to make her dreams come true so she flew the nest. After making 12 trips across the pond and back to Europe, Eastern Europe, and the Middle East in 2014-15, Miz Insomniac now qualifies as a world traveler. She hasn't quite mastered the fine art of traveling light, but she knows how to manipulate travel plans to avoid missed flights and jet lag. A former hopeless romantic turned realist, she's stateside now reinventing her life in a new city, with new opportunities, and all the challenges that come with leaving a career, traveling abroad for a year, and then returning to a world that's nothing like she left it. Her overseas travel is by no means over, it's just not as frequent. She's different now, but remains a night owl. She writes when she should be sleeping...and while you probably are.

Posted on April 10, 2013, in Dealing With Stress, Finances and tagged , , , , , . Bookmark the permalink. 3 Comments.

  1. mindfulofchatter

    I would basically say “If you can’t get this done by such and such a date, you can have your car back and I’ll go elsewhere” and drop the keys on the table. No lender wants to hear that. While you are correct in your reasoning, a good hard nudge rarely hurts. Who knows? You may end up with a better loan elsewhere.

    • You’re right. At this point I might get a better loan elsewhere. I’m pretty done with the shenanigans. I love the car. Hate the stress. I’ve detached. I can take it or leave it. Love, love, love the vehicle, but am so not going to stress out about this any more. It’s almost becoming comical. I’ve done what I can do.

    • Also, thanks for commenting. It just reassures me that my thinking is solid. This kind of thing is crazy-making.

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