Anyone have success doing an ED with a Bank of America auto loan?

[PhiTauBill]

Secured a very good rate from them, but they are expecting title within 14 days of disbursement. Hoping for any tips on how to explain the ED process (and title timing) to them so that an exception to their general rules can be granted.

[ibrennan]

Why not just use PenFed? They always have the best rate, I've used them countless times for ED.

[PhiTauBill]

Originally Posted by ibrennan

Why not just use PenFed? They always have the best rate, I've used them countless times for ED.

Because I can get 2.69 percent for 72 months at BoA as I have other investments with them. PenFed can’t match that!

[TXSoxFan]

I would start by just calling them and asking. Might have to talk to someone above a front line rep. Alternatively, you could always finance with BMWFS and then do a re-fi after you pick up the car (although the rate may be slightly higher).

[ando]

I did. My title was late

[PhiTauBill]

Originally Posted by ando

I did. My title was late

How did that go for you? I basically abandoned my application this afternoon after multiple phone calls and letters explaining the process to my loan rep (who checked with her manager) to no avail. They were firm that they could not provide the loan if title was going to be delayed.

[ando]

Originally Posted by PhiTauBill

How did that go for you? I basically abandoned my application this afternoon after multiple phone calls and letters explaining the process to my loan rep (who checked with er manager) to no avail. They were firm that they could not provide the loan if title was going to be delayed.

I applied online, got my rate for being a client and then sent the details to the dealership who printed the loan agreement. The title got there in about sixty days if I remember correctly. They were the secured party all along the way. Maybe someone who works at a dealership can rep this. On my most recent loan for the X3 in November 2017 I gave them the online approval information and they pretty much wouldn't let me leave until I financed it with BMW FS.

[NickyC]

Originally Posted by PhiTauBill

Because I can get 2.69 percent for 72 months at BoA as I have other investments with them. PenFed can’t match that!

Nice rate, basically free money!

[PhiTauBill]

Originally Posted by NickyC

Nice rate, basically free money!

It would have been nice, but unfortunately, I eventually decided to go with PenFed at more than a full percentage point more. Perhaps, I'll be able to refinance with BOA once the vehicle arrives in the states.

[TXSoxFan]

If they just needed the title, I suppose you could've had the dealership register the car when you paid for it (before ED) and that would generate the title.