[Car loan not funded]

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Topic Author
Chris5301
Posts: 3
Joined: Tue Jan 18, 2022 12:39 am

[Car loan not funded]

Post by Chris5301 »

[edited thread title for clarity - moderator prudent]

Hello,
On January 2, 2022 I purchased a vehicle (2018 Grand Cherokee) by trading my truck with positive equity. When I log into Capital One, it has not been updated. My old auto loan is still there instead of the new one. I called CapOne and they said it was approved but the dealership hasn’t sent the paperwork yet. In talking with my salesman, he said the bank hasn’t funded the loan.
I live in California and know that the 10 day period is passed for the dealer to request for me to return it.

This afternoon, someone from the dealership called explaining the vehicle was never given a smog check. I ran the vin number on the state website and there’s no smog submitted.

Any thoughts on this situation? I’ve been in situations where either myself or my wife was asked to come back and redo the contract.
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CAsage
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Joined: Sun Mar 27, 2016 6:25 pm

Re: [Car loan not funded]

Post by CAsage »

Suggest researching smog check requirements. I do not think (google guess) that a 2018 vehicle needs a smog check, so they are blowing smoke? While I would have hoped a dealer would know how to process a sale and new loan, perhaps not. Call them back, and watch out for payments due on your old loan which might still be due?

https://www.dmv.org/ca-california/smog-check.php

Edit to add - while 2 weeks seems reasonable to process paperwork, when is your first payment due on new car? Maybe they are just slow....
Last edited by CAsage on Tue Jan 18, 2022 12:30 pm, edited 1 time in total.
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.
Topic Author
Chris5301
Posts: 3
Joined: Tue Jan 18, 2022 12:39 am

Re: [Car loan not funded]

Post by Chris5301 »

Got it. Thank you.

I found this on the link you provided:

Similar to transferring vehicles, selling vehicles does not require smog certifications for gasoline-powered vehicles 8 years old or less*; the new owner will pay the smog transfer fee. Diesel-powered vehicles are not included in this exemption.
Topic Author
Chris5301
Posts: 3
Joined: Tue Jan 18, 2022 12:39 am

Re: [Car loan not funded]

Post by Chris5301 »

CAsage wrote: Tue Jan 18, 2022 12:06 pm Suggest researching smog check requirements. I do not think (google guess) that a 2018 vehicle needs a smog check, so they are blowing smoke? While I would have hoped a dealer would know how to process a sale and new loan, perhaps not. Call them back, and watch out for payments due on your old loan which might still be due?

https://www.dmv.org/ca-california/smog-check.php

Edit to add - while 2 weeks seems reasonable to process paperwork, when is your first payment due on new car? Maybe they are just slow....
Per my contract, the first payment is 2/16/22.
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