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Finance FAQ's

Ken Garff Automotive Group Finance FAQ's
 
Q: Who do I contact if I have any questions or issues regarding my vehicle purchase, finance, or registration?
A: Your dealership contact is:
Name: Byron Neibaur
Phone Number: 801-257-3500
Email Address: byronn@kengarff.com
Hours: Monday-Friday 8AM-9PM

If your contact does not resolve your questions to your satisfaction, please contact the General Manager:
Name: Will Schaerr
Phone Number: 801-257-3500
Email Address: wills@kengarff.com

Q: What happens next in the loan approval process?
A: Our dealership business manager will take your loan application to one or more lending sources in order to secure a
loan for you. This process does not negatively impact your credit score, it is only a review process wherein the banks or credit
unions review your credit qualifications. Once a preferred combination of rate and term is found, the business manager
finalizes the loan with that lending source and the winning lender will begin communicating with you personally. For most loans,
this process takes place within 2 weeks.

Q: Is my loan approved once the dealership business manager approves it?
A: The dealership business manager is a dealership employee who gives you a preliminary loan approval based on your credit qualifications. Dealership business managers will not approve the sale of a vehicle unless they are confident that they will be
able to secure you a loan based on your credit qualifications, but ultimately the bank or credit union makes the decision to fulfill
your loan request.

Q: What do I do if I receive a letter from a bank or credit union stating that my loan request is denied?
A: Because different lenders have different qualifications for getting a loan, and because credit qualifications vary dramatically, it is possible that a lending source may deny your loan application. If a lending source denies a loan application, they are required by law to notify you personally. Please note, however, that this does not invalidate your vehicle purchase. Your dealership business manager will already know about this denial and will have already begun working with one of many other available sources to secure a loan for you. We are successful at this the vast majority of the time, and this should not be a concern to you. If you receive a loan request denial and would like to contact the dealership to ensure that we have secured a loan for you, please call your dealership contact.

Q: How soon can accessories be installed on my vehicle?
A: Once the loan on your new vehicle has been secured and the funds have been received by the dealership, but no longer than 30 days from purchase, accessories may be installed on your vehicle.

Q: Will additional information be required for my loan?
A: Possibly. We collect all the information generally required to complete the loan process during the vehicle sales transaction.
Sometimes, however, a lender will require other specific documentation based on your individual situation. The dealership will contact you for this additional documentation. We ask that this documentation be submitted as promptly as reasonably possible in order to ensure timely delivery of your license plates.

Q: When will my trade be paid off?
A: Once the loan on your new vehicle has been secured and the funds have been received by the dealership, the trade payoff amount is disbursed to the lien holder on your old vehicle. If a payment on your current loan is due, we recommend making that payment. This will ensure that no missed payments show up on your credit report. Any excess funds received by your bank will be refunded by your bank once the lien has been released.

Q: How and when will I receive my vehicle license plates?
A: Once the loan on your new vehicle has been secured and the funds have been received by the dealership, our business office submits the necessary paperwork to the state's Department of Motor Vehicles (DMV). The DMV processes the transaction and sends the vehicle plates to the dealership. The dealership business office will then contact you to let you know that the plates are ready and set a time for you to come in and have them installed. The time required to get the plates will depend on two primary factors: the amount of time required by lending sources to approve your loan and the amount of time required by the DMV to process your registration and return your plates.