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Purchase finance question

Discussion in 'Ferrari Discussion (not model specific)' started by KrisM_AL, Mar 14, 2014.

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  1. KrisM_AL

    KrisM_AL Rookie

    Dec 22, 2013
    11
    Birmingham, AL
    #1 KrisM_AL, Mar 14, 2014
    I have a general finance question. I am buying a used 458 out of state. I agreed to buy the car on 3/12 and put down a deposit. The car will be ready for delivery on 3/17 at the earliest. I plan to take delivery in person on 3/22.

    I was surprised to receive my deal paperwork via Fedex today with everything (including my loan start) dated 3/13. This basically means I will be paying for the car starting over a week before I take delivery. Am I right to be bothered by this? Should I ask them to change the dates or is this a usual industry practice which I should not protest?

    I guess I have never encountered this before since all of these things have happened on one day for me in the past.
     
  2. SAFE4NOW

    SAFE4NOW F1 Veteran
    Sponsor Owner

    Aug 25, 2004
    5,854
    Dallas Texas
    Full Name:
    If you know you know
    #2 SAFE4NOW, Mar 14, 2014
    The day you purchase the car is the date the dox will be dated, not the day you take delivery.

    I would not be ( personally have been in the same position as you ) concerned about the date difference.

    Congrats on your soon to be new to you Ferrari!

    S
     
  3. KrisM_AL

    KrisM_AL Rookie

    Dec 22, 2013
    11
    Birmingham, AL
    #3 KrisM_AL, Mar 14, 2014
    Ok, that's what I needed to know. I'm not bothered at all so long as this is the usual industry practice. Thanks!
    Kris
     
  4. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,807
    Weston, MA
    Full Name:
    Paul
    #4 Nospinzone, Mar 14, 2014
    That is certainly normal for my neck of the woods (Massachusetts). Otherwise I could not register the car and would not be able to pick it up and drive it back.
     
  5. Mr. V

    Mr. V Formula 3

    Oct 23, 2004
    1,247
    Portland, Oregon
    #5 Mr. V, Mar 14, 2014
    Does risk of loss shift to him as of 2/13?

    Hello, insurance conundrum.
     
  6. PbPedis

    PbPedis Formula Junior

    May 6, 2007
    710
    Ontario, Canada
    Full Name:
    Dennis
    #6 PbPedis, Mar 14, 2014
    Yes, not sure how this works. I just purchased a car as well. Paid for it about a week before delivery. Car was flatbedded to me by the dealership. Insurance company would not date the start of insurance until date of delivery. So in the week between payment of the car and delivery, I assumed the car was still insured under the dealership, but you know what happens when you AssUMe.
     
  7. henryr

    henryr Two Time F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    22,472
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
    #7 henryr, Mar 16, 2014
    i buy crap off amazon all the time..... have to pay for it before it gets delivered also...
     
  8. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,807
    Weston, MA
    Full Name:
    Paul
    #8 Nospinzone, Mar 16, 2014
    In Massachusetts you can't register your car until you get the minimum insurance required by law. You have to bring a form stamped and signed by your insurance company. So the day I bought my car I insured it, otherwise I couldn't register with the RMV and get my license plates.
     
  9. dooInMa

    dooInMa Rookie

    Feb 18, 2014
    8
    #9 dooInMa, Mar 19, 2014
    Just went through this, but like Nospinzone I'm in Mass so I registered and insured the vehicle before it was placed on the transporter. You want to make sure the transporter has cargo insurance, and make sure their limit will cover your vehicle. As I understand it, cargo insurance won't cover a scratch on your car, but would cover the loss (up to their limits) for accidents/theft/fire.
     
  10. niklas

    niklas Formula 3

    Apr 25, 2008
    1,535
    Chilliwack BC
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    N. Olafsson
    #10 niklas, Mar 19, 2014
    :D
     
  11. amer_qureshi

    amer_qureshi Karting

    Jul 9, 2013
    66
    Harrisburg, PA
    Full Name:
    Amer
    #11 amer_qureshi, Mar 19, 2014
    I just bought my car and my loan started on the 7th and I received my car yesterday, the 18th. Since these cars are usually from out of state so there is always a situation like this.
     

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