I heard from my sales rep that I would have to carefully check when I get an auto loan (to purchase the car, not lease) to make sure the bank is OK with the fact that this car will be picked up through European Delivery. He says that lots of banks do not like to finance cars that will be picked up this way and will not finance a car delivered to the customer while not in the US. -Has anyone heard of this? -Are there particular institutions that are ED friendly? -Any institutions that are ED-phobic? Thanks for your advice on this matter.  I'll edit this message with ED and ED  as they come in: ED Wachovia Capital One ED No reports of people having problems so far |
| Reply » Some banks dislike ED? |
How would you like to lend me money (a perfect stranger) on a secured transaction (aka Loan) but give me the money first and wait for 30~60 days before you get the collateral (aka Title) ??
Do you see why some banks may have a problem w/ it  . In fact, if I were the bank, I'd tell you to take a hike!! 
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| Reply » Some banks dislike ED? |
I asked AAA and they said ED is OK. It took two phone calls to get the managers answer. On my first car I went with Wachovia. On the second, I was fortunate enough to pay cash.
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| Reply » Some banks dislike ED? |
Well, BMW would have a contract with the lender to deliver the car and title. I guess every institution evaluates what risk there may be and does business as they see fit. I guess all I really need to know is...
Which banks/institutions have people had positive experiences when taking European Delivery of their car. Is there anyone I should steer clear from?
I don't blame banks for doing business as they see fit, they just may not get my business. 
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| Reply » Some banks dislike ED? |
Quote: | I don't blame banks for doing business as they see fit, they just may not get my business. | If you're business is important to them and you have a long relationship, things can be worked out. However, to many big banks, you're just a number and they have policies in place that interfer with loans for ED. I went with BMWFS because they were giving a great rate at the time (end of model year) but it also made the process painless.
This reminds me of my experience of trying to build a modular home several years ago. Its sort of like doing an ED: pay a big chunk up front before you get delivery of the item. I had many, many problems getting banks around here to understand the process and finally ended up with an out-of-state bank that the modular home supplier recommended. Of course, then I had tons of resistance from the county because they didn't understand the concept either, to the point where one year into the project without breaking ground, I gave up.
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| Reply » Some banks dislike ED? |
I called my credit union before hand about financing via ed. They absolutely will not accept ed deals for them to finance. When i submitted my application i didn't mention anything about ed, only the purchase order had a hand written european delivery in the middle of the contract, luckily for me they overlooked this and approved my application. However, if they were to turn it down, i had a backup plan in capital one blank check. Chances are with any institution they'll turn u down if u tell them ahead of time. If i were u i would choose the bank u wanted to go with and submitt ur application with only the invoice receipt or po receipt and tell ur ca to write european delivery small in a conspcious space. if all else fails go with capital one or another bank that will issue blank checks.
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Some banks dislike ED?