Just curious to see if any of you all know... if I order a car, and it shows up, we go to the dealer to do financing like normal, etc...

Now what if I'm not able to get financed on the car? Can the car just be left on the lot for someone else to buy in such a case?

The reason I ask is because this is the first time I'm financing a car, my credit is only a year and a half old (granted there are no bad marks tho, and no, I'm not sure of what my score is), and it is a possibility.

 

Yea, but I think you have to pay the delivery charge. Not sure how much that is.

 

Those are usually about $300-$400ish I think. Some people I've talked to that ordered their Stangs said they were required to put down a deposit like $500 when they ordered, and when it arrived, it would go toward the downpayment instead.

 

You having second thoughts?

 

Well I need to keep myself open on something else if I can't get financed on a new Stang. See, the thing is, I drive a 1991 Honda Accord right now. The torque converter is starting to act up some and could take a dump at any time. I figure this is the perfect excuse to get a Mustang like I've been wanting, and use the Honda as a beater. But, it'd be nice cause when the torque converter does decide to take a dump (also keep in mind there is other maintenance work needed on the car, but is still perfectly driveable tho) I can use the Mustang and park the Honda until I can muster up enough money to get the Honda fixed and still be reliably on the road without a vehicle. Granted, the monthly payment on the Mustang will make it take longer to save up to fix the Honda, it's better that I have a vehicle to keep me going IMO.

But if the financing with the Mustang falls through, then I might need to just consider trading in the Honda on a new beater and worry about a Mustang later.

 

Oh btw if you're just curious to see the beater, lol, here it is.... (and that green car is my mom's Mustang).

 

My guess is that they will be very motivated to get you some financing. If not (and this is just my guess) they would likely try to keep some or all of that deposit you gave them.

Ken

 

Oh I'm sure they would... thus why it is a deposit. Otherwise, if that weren't the case, then it'd be pointless to even require a deposit, lol.

 

Well let me give you this bit of info.

If you get approved for a mustang first time you are most likely going to get a very good interest rate, say around the 4% area.

Now, if you fail then they will find other banks to approve you, and dont worry, you will get approved BUT you may have to deal with a higher interest rate..say around 10% which on a $20,000 car can be alot but if you really want it, you will pay it

 

+1 you will get financed... just might be a huge APR%