So I’m on a cruise ship until the first week of January, but would like a car to pick up when I arrive in Miami if possible. But was also trying in several other states. I’ve only tried to purchase, no leasing. I figured why not try to push a dealer over their end of year numbers if possible. Not a single dealer I emailed said they use Docusign. This ranges from Ford dealers to VW, Kia and Hyundai. And not just Florida dealers. I tried in several states. They can FedEx overnight the documents, but that’s it. (We never spoke about pricing, so that wasn’t a factor) I am surprised that in this day and age, they don’t use Docusign or something similar. There’s just no reason not to. I’ve used it for WAY bigger financial transactions than a vehicle. And done so while out of the country.
Anyone know why electronic document signing isn’t used by many dealers?
That’s probably the main reason, especially for out of state buyers. Once the asset leaves the lot, it’s gone.
The older methods, don’t eliminate fraud entirely, but it reduces exposure significantly.
And if a dealer makes enough with local/in-state volume, they have little incentive to go out of their way for out-of-state buyers (i.e. CA dealers).
Oh, plus for EOY, no one wants to deal with the hassle of out-of-state buyers. The cutoff for OOS buyers was probably a week or two ago. You’ll see dealers/brokers on LH that have stated the same thing. It’s such a rush now, the sure sale is the sale I have physically in front of me.
Some banks and states require wet signatures, even for cash purchases. It doesn’t become a problem until a dealer gets audited and now has all these state forms with electronic signatures.
OH MY. I can relate. This is really a bummer! I had to purchase new flight tickets to return from vacation last night so we could sign a car lease today 12/31. The dealers would not close the deal unless you are there in person. Although they already ran your credit.
But in SoCal you can purchase an 1100 sq ft house for 750K and sign the paperwork online!!! SMH
I did a remote deal recently for a GC 4xe from Baltimore, no DocuSign. Had to send selfie holding my DL, then get contract notarized. Day the transporter was supposed to pickup car, GM said they won’t release car until deal is funded. A little harsh, and I was offended. 850 FICO, no fraud alerts, everything was legit. I would’ve understood if I were a subprime customer trying to get a car that would be ripe for fraud, such as a Scat Pack or Hellcat Charger/Challenger.
Had I disappeared with GC 4xe before the deal funded, wouldn’t the dealers insurance cover that as a “stolen car”, or am I wrong?
Have done many remote deals, all from using docu-sign, sending back and forth docs and even paying $500 for a Maverick Notary. It is what it is… (hate paying $500 for a notary though haha)
real unicorn hunters know to keep calendar clear EOM/Y right @perdana?
I know people use docsigns or similar ones for signing (but only with in-person not online deals since I never pay vehicle online myself). I personally hate it because the financing manager I have just get my first e-signature and then he clicks every place by himself for me to e-sign the contract, like he just swipe through the contract and click where I used to need to sign without asking for my clear consent to put down the e-signature and I have to formally ask him to stop and say I need to look at the contract and there is indeed a typo on contract with wrong number (a small error though, they put the wrong insurance deductible I am having for the vehicle). Personally I prefer wet signature that way you have time to read through contrast and check again.
the mortgage application and other docs may be docusigned, but a notary is still coming to your house to collect wet signatures prior to escrow closing.
