Purchasing the car before it actually arrives - question

[Ground Beef]

So, I'm trying to take advantage of a $200 bonus from my credit union for taking out a car loan before the end of May. I've put a deposit down on a 3.0 Premium, but it's still in transit - of course, no one can give me a definitive date on when to expect the car. Why does in transit tracking suck so badly? I digress...anyway, I'd like to take advantage of the $200, so is there any inherent risk in outright buying the car before delivery of the car so I can activate the loan before May ends?

Thanks to the community for any insight.

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[Munkeeboi]

for me, it wouldn't be worth it to incur a debt of 55k sight unseen to save $200. MIght get more trying to negotiate with the dealer for the delay or hope that Toyota comes out with a Big rebate in June to clear inventory.

 

[Ground Beef]

Munkeeboi -
Thanks for the advice!

I'm already at $51,399 on a MSRP $57,105 car. Like, I'm happy with the deal, obviously, any additional incentive would be great. Maybe I'd lose the $750 dealer cash as well that's being used on my deal?

decisions, decisions.

 

[XtremeMaC]

One time $200?
Test driven it and you're definitely sure? If so, go for it.
Make sure there is actually a VIN attached and color is what you want.
What's the longest you think you can wait for. Would you bail if they told you it'll arrive in September

 

[Suggs.OR]

I agree... to save $200 on a +$55k purchase doesn't make much sense. You don't want a car note with no car to drive. You wouldn't have the title/registration, the car, or the money if you pre purchased it. Seems like more trouble

 

[Ground Beef]

One time $200?
Test driven it and you're definitely sure? If so, go for it.
Make sure there is actually a VIN attached and color is what you want.
What's the longest you think you can wait for. Would you bail if they told you it'll arrive in September

Yes! My sales guy showed me the tracking on the vehicle. The VIN matches what was put on the offer sheet. It arrived in Newark 4/12, headed on on rail 4/19 and arrived at the local rail yard 5/4. Just waiting for it to get on a truck and to the dealer...not sure what the delay is. The whole automobile tracking thing is an awful black hole. It's literally been sitting at the 'local' railyard for 22 days.

 

[Ground Beef]

I agree... to save $200 on a +$55k purchase doesn't make much sense. You don't want a car note with no car to drive. You wouldn't have the title/registration, the car, or the money if you pre purchased it. Seems like more trouble

All good points as well. Just wish the car would get delivered already to avoid these uncessary decisions...

 

[Sigg]

So, I'm trying to take advantage of a $200 bonus from my credit union for taking out a car loan before the end of May. I've put a deposit down on a 3.0 Premium, but it's still in transit - of course, no one can give me a definitive date on when to expect the car. Why does in transit tracking suck so badly? I digress...anyway, I'd like to take advantage of the $200, so is there any inherent risk in outright buying the car before delivery of the car so I can activate the loan before May ends?

Thanks to the community for any insight.

You Cannot purchase the car until it is toyotas inventory. Ask me how I know lol. Once it's in their system you're golden. Literally tried to do the same thing you are with a sienna platinum. Will be picking it up within a week, tried to go pay cash for it early but sadly they won't take my 50k after deals and incentives until it's in their inventory. Which it actually arrived on train on the 25th. Just waiting for dealer acquisition now. 200 bucks gets you nothing for this car but minor carbon bits. I would forget about the 200 dollars.

 

[Ground Beef]

You Cannot purchase the car until it is toyotas inventory. Ask me how I know lol. Once it's in their system you're golden. Literally tried to do the same thing you are with a sienna platinum. Will be picking it up within a week, tried to go pay cash for it early but sadly they won't take my 50k after deals and incentives until it's in their inventory. Which it actually arrived on train on the 25th. Just waiting for dealer acquisition now. 200 bucks gets you nothing for this car but minor carbon bits. I would forget about the 200 dollars.

My sales guy was telling me that they could "Bill it out" before it arrives...I'll talk to my CU to see if that's kosher and get their advice as well.

 

[Realygoofyguy]

I run a car dealership, and this is something that happens in Highline sometimes, it's not unheard of. The only thing I would be super concerned about is transport damage. Toyota is pretty good about that stuff, but it does happen. As long as the build is exactly what you want and you are certain you are taking the vehicle, it should be fine. The other thing is you can do paperwork with your credit union, have them issue the check to the dealer, collect your 200, then don't do paperwork at the dealer until the vehicle is physically there. My 2 cents

 

[Ground Beef]

I run a car dealership, and this is something that happens in Highline sometimes, it's not unheard of. The only thing I would be super concerned about is transport damage. Toyota is pretty good about that stuff, but it does happen. As long as the build is exactly what you want and you are certain you are taking the vehicle, it should be fine. The other thing is you can do paperwork with your credit union, have them issue the check to the dealer, collect your 200, then don't do paperwork at the dealer until the vehicle is physically there. My 2 cents

This is great information. The build/color is what I'm looking for. I feel like 22 days is abnormally long to be sitting at the rail yard awaiting. If you could take a look at the 'intransit' picture my sales person sent me and let me know your interpretation, that would be great:

It appears to have left Europe on 3/30
Arrived in Newark, NJ on 4/12
Hopped on a train towards Chicago (where I am) on 4/19
Arrived at the 'local' Chicago rail yard on 5/4 and has been sitting there since waiting to get on a truck to the dealership. Does this interpretation of these milestones sound correct to you? Does any of it look weird? Thanks again!!

 

[Realygoofyguy]

Looks correct, I used to manage a Toyota store in Milwaukee, the biggest issue is that supply lines are horrible right now, I work for VW now and I have cars sitting at port for weeks. Its just so hard to get a transport at the moment. Everything is just taking longer than normal. Does he have an estimated delivery date?

 

[Ground Beef]

Looks correct, I used to manage a Toyota store in Milwaukee, the biggest issue is that supply lines are horrible right now, I work for VW now and I have cars sitting at port for weeks. Its just so hard to get a transport at the moment. Everything is just taking longer than normal. Does he have an estimated delivery date?

Well, when I put a deposit down they kept saying "any day now" - which, at first, I didn't believe, but looking at this information it's probably the best information they could give me based on the black hole they're looking into.They don't have an estimated delivery date as of today which concerns me. Thanks for the inside information regarding the supply lines...what rail yard does it seem that my car is at now? Is it within the metro Chicago area? Or are there multiple possible rail yards that it could have been delivered to?

 

[Realygoofyguy]

I'm about 90 percent sure they send them to West Chicago, which is down by Napervilleish area. Then they truck them from there.

 

[zrk]

I didn't read this whole thread, so ignore me if this was covered, but the juice starts as soon as you sign the note. With even decent credit and a modest downpayment, you're going to blow through that $200 in interest charges immediately.

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