Anyone ever heard of a 7 to 10 day funding period on an Acura lease?

[tbck2793]

Here's the situation, I'm in Florida, there's an 05 Long Beach Blue w/ blue interior at Libertyville Acura in Libertyville, IL.

Last night I gave them a deposit over the phone on it with my credit card to hold it. They told me they'd hear back from Honda on the lease approval today but didn't expect any problem getting approved.

Here's what makes me a little concerned. They said that after they get the approval, they will Fedex me the paperwork to sign and I will need to sign it and Fedex it back. THEN, they said it will be 7 to 10 days before the lease is funded and before I can either come there to pick it up or have it shipped. Is that funding period something normal? I never heard of that before....it makes me wonder if there is something wrong with the car that needs to be fixed and has me nervous now, that's why I'm up at 4:30 am.

Is there anyone near Libertyville, IL that goes by there on their way from work that wouldn't mind stopping in and seeing what the car looks like now? (According to their webpage, they also have an 04 Long Beach Blue on the lot, not sure if that's current info though.)

Or anyone know an inspection service in the area I can have go check it out before I sign the paperwork and send it back? Any help would be greatly appreciated.

I found an inspection company called www.carchex.com , anybody used them before?

I know I'm being really anal, but I got totally misled on an 03 NSX that I bought in October because of being too trusting and didn't find out about the problems until I had it almost 4 months, so now I'm extra cautious.

 

[zanardi43]

the approval itself should have come to them via. fax within 30min.. any score over a 700 should be automatically caught by ahf's computer. what they are talking about is the turn around time that it takes for them to send in your contract and for ahf to actually pay that dealer for the car. that typically takes 7-10 days. that however is not your problem, the car is yours as soon as you sign the contract, which is why when people buy cars they go in for delivery, sign a contract and drive home in their new car. maybe their strapped for cash on their floorplan and want the actual cash before they release it? that however is not a typical business practice.

 

[tbck2793]

AWESOME!!!!! :biggrin:

Like I said, I'm just being anal and overly overly cautious because of the problems I found with my 03 after I got it.

It was almost 9pm central time when they sent my credit info to Honda, so that's why they said it would take until today to get the approval. Plus I already have 2 other loans with Honda, but they said that shouldn't be a problem with my income.

If everything gets approved and I get it, I'm going to get it shipped using www.almondexotictransports.com , unless I decide to pick it up and drive it home.

 

[MarkB]

By all means, pick it up and drive it home. You won't regret the decision.

 

[zanardi43]

this is not normal for this type of car, but it may be for that dealership. they are not used to selling high priced cars it is not that ahf isnt. with a high enough credit score no human ever has to see your app., all that needs to be run is a ss# as to there are no overwriters who just look at just nsx leases. as far as your approval you are correct w/ the time it was submitted being late in the day. in the overall scheme of things this is not a high priced car and have had a lot of experience as a finance manager at a dealership where all we sold was porsches, ferraris and old jags. many of the new porsche orders stretch well above 100k w/ all the options they have and we always let the buyer drive down the road right after signing a contract. you start paying for the car as soon as you sign it unless the contract is post dated for that 7-10 days later. my father and i even did it in the same day, approval to delivery, when recently leasing a nsx from greenwich acura. im sure it just the dealers inexperience and wouldnt worry, just make sure your not paying for the car whie your waiting for it. your payments start the date that is written on the contract! btw congrats. on finding the car you wanted and taking advantage of this incredible lease deal :biggrin:

 

[zanardi43]

sorry to hear that your still finance mgr.. working 60hrs. a week must make you bitter. what? nothing to say about 7-10 day period that he will be paying for the car and they wont let him have it. must be a special nsx thing :smile:

 

[tbck2793]

Well.......Just got the call from Libertyville.









Everything's approved, with NO stipulations from Honda even though I already have 2 other loans with them!!!!!!

I do have to wait anywhere from 7 days to 2 weeks until Honda funds the lease before I can pick it up. But, oh well.....I'll enjoy it that much more when I finally get it. :biggrin:

 

[Modernceo]

tbck2793, I think you bought your 03 Yellow just after (or around) the time I bought my red 02 (11-18-04). You bought your car off Ebay for a really good price I believe, and im curious now, what were the problems with your car ?

 

[whealy]

Congradulations ... but strange ...

I pulled the trigger on my lease on a Wednesday and had it delivered by Friday of the same week. They told me it would take 7 - 10 days for the dollars to clear, but they sent it anyway. I guess they took a optimistic approach to the process. Mine was also from Illinios. They gave me a temp plate that only lasts 7 days and said it would be close in getting the apporpriate paperwork by the end of the plate. Eventually IL law says they have to get it out within 7 days. Indy law says 30 days.

BTW - woudl you expect to go to the dealer, sign the lease and wait 7 - 10 days? I don't think so. That's why they have you sign a POA jsut in case there is something missed. I don't think there's anything up with the car, I just think the dealer is being WAY over cautious.

Hope everything works out.

 

[tbck2793]

tbck2793, I think you bought your 03 Yellow just after (or around) the time I bought my red 02 (11-18-04). You bought your car off Ebay for a really good price I believe, and im curious now, what were the problems with your car ?

The problems I found out it had were (# 88 for 2003):

1) After I had it for 4 months I took it in to Acura to have it checked out for a rough idle and it's second oil change. When I went to pick it up they put it up on the rack and told me that the front tow hooks were almost ripped off the frame of the car and that the frame around them was damaged. They said someone who didn't know what they were doing must have transported it somewhere and that only an "extreme force" could have done the damage it had. To fix it they said they would need to remove the tow hooks and reweld new ones to the frame as well as reweld part of the frame. They told me it would cost about $2,000 for me to fix it. They told me that it didn't "necessarily" need to be fixed and would be safe to drive if I just left it the way it was. However, at this point, I already knew I no longer wanted the car because I am very picky about stuff like that.

2) They also pulled out one of those paint measurers and proceeded to show me how there was quite a bit more thickness in the paint on the passenger's side door than on the entire rest of the car. I do have to admit that whoever painted it did a superb job, because you couldn't tell it from the rest of the car and I would have never know. But finding that out on top of the other thing made me want the car even less.

I traded it in at Tampa Hondaland the following week (2/18) for $65k which wasn't bad since I paid $65,500 for it. Last I heard was that their General Manager was going to buy the car off of them.

 

[zanardi43]

actually for a finance mgr. your kinda slow. they told him he couldnt p/u or have it delivered untill his contract went through. i.e. (their paid)
so much for racking up the mileage? i guess you are a master so i will try to explain it to you. whether you are leasing or buying the car is purchased for the same price. most people when they sign a contract would like to take their car home, even more so when they start paying their LEASE on that day. 2793 congrats on the new lease. thats a great deal and sorry if we went off track. 287 sorry on....you :biggrin:

 

[NSX Prime]

Is it really so hard to have a discussion about leasing a car without getting nasty?

 

[tbck2793]

most people when they sign a contract would like to take their car home, even more so when they start paying their LEASE on that day.

That's the thing I find quite odd. I was approved with no problem by AHFC. They already have a $1,000 deposit from my AMEX. I will have the contracts from them by Thursday and by Friday they will have the signed contracts back from me along with a CASHIER'S CHECK for the balance of $3954 due on the lease. They also told me that Friday is the day my lease starts and that I have to have my insurance in effect on the car by Friday as well.

That's why I don't really understand why I cannot have the car until they get the lease funded. I have a STELLAR credit history with AHFC and they have proof that I make almost $20k per month.

Yet I have been told that I will have to wait 7 to 14 days before I can have the car. Tonight they clarified to me that it's "business days" which means that if it goes 14 days, it would actually be 3 weeks. That seems like a long time to be paying insurance and having almost $5k down on a car that I'm not even allowed to have yet.

If they don't budge and I do get stuck paying and waiting; I'm definitely going to write about it in the comments on my survey when I get it and depending on how long they make me wait, it may majorly affect the overall ratings I give them on the survey.

 

[zanardi43]

thats the only point i was trying to make. in that initial down payment is your first months lease payment. now if you have to wait 3 weeks total ( funding time and shipping time) 1 week after you get your car you will make your 2nd payment to me it seems like a dealer who is strapped for space on their floorplan (their own finacing on the cars on their lot) and would like to just payoff your nsx w/ ahf's actual check. try and talk to the sales manager and very nicely tell him of your concern w/ the overall time between you taking ownership and actually receiving the car. they will not lose a 80,000 sale over this. if they still make you wait, which will be worth it :biggrin: , call ahf AFTER receiving the car and tell them what happened. maybe a partial lease payment could be returned?

 

[whealy]

At this point, I would simply say the deal is off unless they release it on the day the lease initiates. But you have to be prepaird to walk ...

 

[tbck2793]

At this point, I would simply say the deal is off unless they release it on the day the lease initiates. But you have to be prepaird to walk ...

I'm seriously considering it........but I want a blue NSX really bad.......so I want to have other options before I change any plans.

I actually contacted the internet manager at my local Acura dealership this morning. He told me they have a yellow on the way in about a week or so. He's going to check and see if they can do an in-transit swap with someone else who is getting a blue/camel or blue/blue. Then he said I can let him know what I want to do once he finds out.

Even if he can't, I know Greenwich Acura in CT has a blue with black interior. Black isn't really on the top of my list for interior choices, but it would be ok if I had no other choice.

I just feel now like the Libertyville dealership is treating me like they don't trust me. They're willing to take my $5k and my approval from AHFC, but aren't willing to give me the car (that I will be paying on and insuring) until they get the rest of the money from Honda.

 

[SCS2k]

Is it really so hard to have a discussion about leasing a car without getting nasty?

I second this.

 

[zanardi43]

sorry, edited. your right.

 

[tbck2793]

The thing I'm mainly concerned about is this.......

I sign the papers on the car making it mine.....it sits in their showroom for 1 to 3 weeks.......one of their customers happens to brush against it and it gets scratched........I now own a damaged car.

 

[zanardi43]

i agree, i would be just as nervous as you! what ever your decision you will not regret it once you actually have it. :biggrin: its the waiting that is the most agonizing. btw. did you ever bring up your concerns to the sales or general mgr.?

 

[tbck2793]

i agree, i would be just as nervous as you! what ever your decision you will not regret it once you actually have it. :biggrin: its the waiting that is the most agonizing. btw. did you ever bring up your concerns to the sales or general mgr.?

Yes the General Sales Manager, his response was that they aren't "neophytes" in delivering NSX's and that I should just "trust" them that nothing will happen to the car while it's in my name and they are holding onto it. I should also "trust" them that they will "try" to get the money from Honda as fast as they can and "try" to make it not take 3 weeks before I can have the car.

The other problem there is that my insurance company told me that it is a mandate here in Florida that if I put the insurance on the car this Friday, I have to do 1 of 2 things within 7 days or they are required to cancel the insurance on on the car after the 7th day.

I have to either bring the car in for them to inspect for damage or since it's a new car, my other option is to fax them the bill of sale AND the window sticker.
Now here comes the kicker........the dealership told me the car was delivered 2 weeks ago without a window sticker! They said they have to get Acura to send them a new one from the port in CA. But they said the only way to get it is that they have to send a letter by mail to request it because Acura won't accept a request any other way. They said they'd do their best to get it before the 7 days was up, but can't guarantee it. They said they meant to send in the request for it last week but they didn't have time and forgot.

So the situation I'm in is that if I do what the dealership wants and sign the papers when they come today and overnight them back with the rest of my money, the car will be in my name this Friday. If they don't have a window sticker for me by next Thursday, I will have an $80k car in my name sitting at their dealership with no insurance on it.

I really want the car but because of them wanting to put the car in my name this Friday but not wanting to release it until they have all the money from AHFC, them not having a window sticker for it, and the insurance requirements here in Florida that could cause my insurance on it to be cancelled in 7 days...........I'm in a situation where I don't know what to do.

I actually called Acura customer service last night and told them what was going on. I explained the whole situation to them and they said they'd see what they could do. If nothing else, maybe they can get a window sticker there asap.

 

[zanardi43]

just be careful. and think it all through before you sign the contracts. once you sign those the "trying" to get everything done as fast as they can becomes it happens when it happens. like i said earlier 2 mos. ago my father and i performed the whole process in 1 day, mostly in a car on the way to greenwich acura. that was credit approval to delivery in @5hrs. i also regularly used to try and deliver cars as fast as i could because buying a 90,000 car is such a impulse buy that a 1000 deposit on a sat. becomes a sad phone call on mon. morning about how the wife isnt letting it happen. this is why i dont understand their handling of this

 

[tbck2793]

just be careful. and think it all through before you sign the contracts. once you sign those the "trying" to get everything done as fast as they can becomes it happens when it happens.

like i said earlier 2 mos. ago my father and i performed the whole process in 1 day, mostly in a car on the way to greenwich acura. that was credit approval to delivery in @5hrs. i also regularly used to try and deliver cars as fast as i could because buying a 90,000 car is such a impulse buy that a 1000 deposit on a sat. becomes a sad phone call on mon. morning about how the wife isnt letting it happen. this is why i dont understand their handling of this

The "getting it done asap" becoming "whenever it happens" is exactly what I'm worried about and why I called and talked to Acura last night.

I got the papers from Libertyville this morning. They're all filled out, but I'm not going to send them until at least the very end of the day before Fedex closes, if at all.

I'll know today if my local dealer can swap the yellow they have coming next week with a blue/camel or blue/blue if there's one going to someone else and they're willing to trade.

If I don't hear something back from Acura customer service today telling me that they will have a window sticker asap and that Acura will get the lease funded asap and/or my local dealer can't get me the color combo I want..... I may just contact Greenwich Acura and see if they still have the blue/black that was there the other day.

 

[Dave Hardy]

I know that the lease is a good deal for a lease, but it sounds like you have a good bit of liquidity. Why not just buy the car, and drive it out? It sounds like it would make things a lot simpler.

 

[tbck2793]

I know that the lease is a good deal for a lease, but it sounds like you have a good bit of liquidity. Why not just buy the car, and drive it out? It sounds like it would make things a lot simpler.

Because I just bought a really expensive house less than a month ago and I don't really want to drain my savings accounts or close out any other investments right now.

I could put about 30 to 40k down on it without having to do either....but I'd still be in the situation where they'd want to wait on the rest of the funding before releasing the car. And they still wouldn't have the window sticker that I need to make sure my insurance wouldn't be cancelled in 7 days.