How do dealerships usually get people financed on the weekends?

Question

obviously the banks are closed. Do they just jog down your employment info and copy your paystubs and let you drive the car away? What exactly do they do? and how can they let you sign contracts without being sure they will get approved.. that money for car is for sure.

Answer 1

thats what they do and if you dont pass then you have to return the car and that sucks.. never buy one on the weekend... and really if your paying a down on it you can lose that money

Answer 2

Some banks are open for the auto finance part of business.  And, a lot of it is done by computer, the computer can approve people all day.  In the event that the bank is closed and there is no analyst to look over the deal, the dealer can make a judgement call, and deliver the car without approval (not all dealers, only shady ones), and this is why you see all the questions about people asking why they have to return their car.

In my business, BMW FS has a system which can approve in a matter of seconds at all times during the day.  If an analyst needs to look it over and they are closed, the car goes nowhere, ever!

Answer 3

The smart thing to do is to get pre-approved before you go shopping. That way you know the financing is there, all you have to do is pick out the car.

If you are not pre-approved the dealer can run your credit report on Saturday and get you pre-qualified, but not approved.  They can tell if you'll be approved by looking at the documents. They'll get everything filled out and submit it on Monday morning. The bank will approve the loan on Monday and write the check.  

NEVER drive off the lot without the contract appoved and signed. You can wait until Monday or Tuesday to pick up your car.

Answer 4

They don't know if you're really approved or not.  If they find out on Monday that you are not approved, a lot of the companies run your credit through 3 or 4 companies until you are.  Some will even tell you to bring the car back even through you have signed papers and have taken it home.  I get my cars approved on a weekday.  That way I know the company who is financing it and I can call them myself.  I don't take the car home either.  I tell them to clean it up, and I'll pick it up tomorrow.