Bit of a pickle… home purchase.

[Ravenron]

Hey James, congrats on the pending truck. Several posts indicate Rivian will "delay" for you. I just got my truck on Friday and it was four days from notification of truck to delivery. Rivian can do it fast when they want to. I suggest you just explain the situation to your guide...I bet they'll let you delay. Also, the 8 steps don't have to occur in order so you can do several things before the financing step...maybe that'll be your last step?

Good luck with the new house and the new truck! October's gonna be a great month for you and your family!!!

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[IRun]

I went through the same thing in May as well and my guide was going to allow me to delay delivery by 4 weeks if needed. The truck purchase ended up not affecting our construction loan or DTI ratio so I ended up not needing to.

 

[Zoidz]

If you have plenty of margin, the mortgage company will not bat an eye.... Being a frequent mover for work, I have personally had 7 mortgages.... The only time there is significant rework is if you are getting close to margins and we as Americans tend to like living close to those financial margins....

For the sake of transparency, I am a guy that only buys cars with cash.... I do not believe in financing cars so I am certainly extremely conservative with finances.....

All that said, if you are worried about a car loan derailing a mortgage, you may want to look at your situation before you get under that car loan..... YMMV

Read this explanation straight from the credit rating company as to why it matters, regardless of your margin, income, or assets. You may have had seven mortgages, but that doesn’t mean you understand how the industry thinks and works and why they do what they do.

https://www.experian.com/blogs/ask-experian/will-new-credit-card-affect-mortgage-application/

 

[ciderarchitect]

Went through this in May. They wouldn’t let me drag out the process. Had to go on hold and then back off hold after the move. Now it’s October and no truck yet

Unfortunately, you moved to a location that is more than a couple hours from a service center and you may be on hold for a while. Rivian has told an early reservation holder in the southeast that lives five hours from a SC that they are low priority, and Spokane is 4.5 hours from Bellevue so all Spokanites at this point in time appear to be low priority.

 

[silkyjohnson]

Unfortunately, you moved to a location that is more than a couple hours from a service center and you may be on hold for a while. Rivian has told an early reservation holder in the southeast that lives five hours from a SC that they are low priority, and Spokane is 4.5 hours from Bellevue so all Spokanites at this point in time appear to be low priority.

Not buying that. There are R1Ts in Spokane already and my Spokane address was the one they were using for delivery

 

[jphillips97]

Read this explanation straight from the credit rating company as to why it matters, regardless of your margin, income, or assets. You may have had seven mortgages, but that doesn’t mean you understand how the industry thinks and works and why they do what they do.

https://www.experian.com/blogs/ask-experian/will-new-credit-card-affect-mortgage-application/

I am not sure why I am responding here, but your article is based on a bunch of things that can or may happen.... It is also looking at a revolving credit account not a car loan... It is also talking about a situation which this "may" move you from "good" to "fair" credit ratings... That is your article example is exactly the case of living too close to the edge that I was referring to....

Again, I do not know everyone's situations, but I encourage everyone to live life with financial margin.....

 

[ciderarchitect]

Not buying that. There are R1Ts in Spokane already and my Spokane address was the one they were using for delivery

Yes, there are a few in Spokane, but I believe they changed policy late summer and are “holding off” on fulfilling orders that are more than a couple hours from SC’s, to better manage the ancillary expenses associated with each and every service ticket. I’ve seen quite a number of folks with order dates after me get trucks, and they all seem to be within an hour of a service center.

 

[cardad]

I am not sure why I am responding here, but your article is based on a bunch of things that can or may happen.... It is also looking at a revolving credit account not a car loan... It is also talking about a situation which this "may" move you from "good" to "fair" credit ratings... That is your article example is exactly the case of living too close to the edge that I was referring to....

Again, I do not know everyone's situations, but I encourage everyone to live life with financial margin.....

there are a lot of people here with a pretty high level understanding of these things. You may have had 7 mortgages in your lifetime and some of us may have had 7 mortgages in the last year. I just closed on another house and multiple HELOCS on other properties. The guidance here that you should avoid disturbing your credit before you close is 100% accurate. You can believe what you want but your ignorance is blasting loud and clear to those who know what they’re talking about.

If the guy was married (or the equivalent) and able to split his car financing and his house financing with his partner it would make things much simpler in this instance. Or he could sell some other financed asset (like another car) and offset it with the new one. My wife is an expert on this so believe me, I’ve been getting in plenty of trouble for using the wrong credit cards.

 

[timf]

The best thing you can do is wait until they call you to schedule delivery. There's no guarantee whether that will be 1 week, 3 weeks or more. If they call too soon, then you can explain your situation and see how long they can delay delivery. I doubt a week or two would be much of an issue. The worst thing you could do is to tell your guide you aren't prepared to take delivery at this time, thus removing the VIN from your account and potentially waiting months until your turn comes up again.

 

[loudog3114]

The best thing you can do is wait until they call you to schedule delivery. There's no guarantee whether that will be 1 week, 3 weeks or more. If they call too soon, then you can explain your situation and see how long they can delay delivery. I doubt a week or two would be much of an issue. The worst thing you could do is to tell your guide you aren't prepared to take delivery at this time, thus removing the VIN from your account and potentially waiting months until your turn comes up again.

This might come in handy for those that end up in my situation. I just confirmed with my credit union that they dont have to pull my credit again to process a loan for me because I purchased another car through them within the last year. I realize this might be rare, but I can now consider myself financing secured without having to touch my credit.

 

[Zoidz]

This might come in handy for those that end up in my situation. I just confirmed with my credit union that they dont have to pull my credit again to process a loan for me because I purchased another car through them within the last year. I realize this might be rare, but I can now consider myself financing secured without having to touch my credit.

Cool.... but ...... The CU will amost certainly file a UCC form when the car loan executes to protect their first position as a creditor. If that happens before your mortgage is finalized, and the mortgage company pulls a last minute credit report, the UCC filing will show up and they may have issue with the "undiscosed" credit obligation. Just something to consider.... A bunch of IFs but it's likely. You might want to ask the CU about that....

 

[loudog3114]

Cool.... but ...... The CU will amost certainly file a UCC form when the car loan executes to protect their first position as a creditor. If that happens before your mortgage is finalized, and the mortgage company pulls a last minute credit report, the UCC filing will show up and they may have issue with the "undiscosed" credit obligation. Just something to consider.... A bunch of IFs but it's likely. You might want to ask the CU about that....

yep, I wont let them write me the check until after the clear to close (if not close itself). But I think I can stretch the process until then. The truck is built but still in Normal.

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