When do payments start when you order a new car?

Discussion in '2005 - 2014 S-197 Mustang -General/Talk-' started by FordStang, Mar 24, 2010.


  1. FordStang

    FordStang Founding Member

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    Just like the title says.....Im thinking about ordering a 2011 mustang GT and just wondering when do you start making the payments on the vehicle? I've never ordered a car before so I'm kinda clueless how the whole things works? And do they run your credit twice? Like once when you place the order with deposit and then again when u get the car? Also does the down payment need to be given to the dealership when? Thank you!
     
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  2. Jrodd

    Jrodd New Member

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    If you finance it through the dealer the payments usually start a month after the day you pick it up. If you go through a bank it could be anytime depending on the bank's policies. Hope this helps.
     
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  3. stanmckinney

    stanmckinney Active Member

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    They start about a month after you actually get it.
     
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  4. SpartaPerformance

    SpartaPerformance Site Sponsor

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    One month after you sign the papers
     
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  5. Gregor111

    Gregor111 Member

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    Often times you have the option to start payments at 30 or 45 days from the date of signing. This allows folks like me with a house payment due on the 1st to have a car payment due on the 15th.

    Greg
     
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  6. Five Oh Brian

    Five Oh Brian New Member

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    When you special order a car, you are typically just giving the dealer a very small deposit. That deposit is typically refundable if you change your mind, or will be added to your down payment when you eventually get the car.

    You don't actually pay for - or finance - the car until it arrives. Most loan approvals are good for 30 days, so do not do a credit application until just a couple weeks before the car arrives. Better yet, don't do the credit application until the car arrives.

    Most auto loans set the first payment 45 days after the contract is signed. And most lenders will allow you to move the monthly due date to a day of the month that works better for you - if you ask. I almost always pick my own due date, unless it happens to line up okay to start with.
     
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  7. FordStang

    FordStang Founding Member

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    How much does the deposit have to be for the dealer to order this vehicle?
     
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  8. walter

    walter Founding Member

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    One dealer told me the deposit for a special order was one thousand bucks that will be applied to your down payment when the car arrives. Not sure about getting it back if you say no though, I never asked.
     
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  9. ruffy

    ruffy Member

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    I ordered my late Feb and got the financing done early March. I went through my bank for the financing and they gave me the choice of when I wanted my first payment to begin. I asked for it to start 1 May but, I have already made 3 payments. I want to get it paid off soon as possible. I hate oweing a somebody. I don't know what will happen or what I will do if I get a car I didn't order or some screwy thing happens.
     
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  10. mfbris

    mfbris New Member

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    My Ford dealer wanted $250 for a deposit which will be applied the the cost of the car when it arrives.
     
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  11. FordStang

    FordStang Founding Member

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    Thanks guys! And last but not least.......Ford will except the "A" plan on this vehicle?
     
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  12. Five Oh Brian

    Five Oh Brian New Member

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    Each dealer is different. Where I work, a regular car like a Mustang V6 or GT is just $100 deposit. Something exotic (SVT or Shelby) is $1,000. Each dealer is different.
     
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  13. Five Oh Brian

    Five Oh Brian New Member

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    Ford is offering A-plan on 2011 Mustang V6's and GT's to eligible A-plan customers, but each dealer can decide whether or not to honor it. We honor it where I work, but there are still dealers out there who don't (although I can't imagine why they wouldn't).
     
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