paying before trailer is here

ol Bombero-JC wrote:

Trlrboy wrote:
That all depends on the paperwork you signed for your loan. Every loan statement has a payment amount and start date.

Unless it's a signature loan (very doubtful) the bank sure isn't going to part with *their* money unless they have a title in hand - for the trailer the bank (and you) own.

Could be something fraudulent going on!.:(

Call bank - be polite.

Call dealer - don't be polite.

~

It sure appears that they ordered a rig the dealer wouldn't order without it being paid for, which is becoming more common since the dealers either cannot or do not want to be on the hook for a rig that might not be sold. Once someone sign the loan papers, the bank will have funded the money, perhaps even into an escrow account, but in their eyes, the loan has been funded and the repayment schedule will need to be followed or you will be in default. They obviously have the ability to withold that first payment and deal with any consequences since there is no one physically forcing themm to write the check.
They could badger the dealer, but the dealer can't make the factory build the rig any faster. They can make themselves a real pain, but will that really help when the rig arrives? They can hire an attorney, spend the money and maybe even make enough ruckus that the dealer will flat cancel the deal, but even then they may very well be entitled to some amount as forfeiture of a deposit and is that really what they want? They have many options, but most of the ones that have much instant gratification and give that feeling that they have "stuck it to the man" will really only hurt them in the long run.