I know there's a rule when it comes to getting a mortgage that one should not make any large purchases or finance anything before closing.
My husband and I are about to close on our house on Aug 6. We have been trying to be super duper careful not to allow anyone to run our credit or to finance anything. However, we do need a new car once we move to the new house. So we got a really good deal on leasing a Smart car which is the only thing we can afford right now and we wanted to make sure the deal would be waiting for us Aug 7 when we close. Today we went and just confirmed the deal with the dealership and they asked us to give a $500 deposit just to hold the car until then. We told them we couldn't give our SSNs or have them pull credit yet because of the mortgage. However when we left the dealership I started having serious doubts about this transaction. My husband used his debit card and on his bank account it says Mercedes Benz dealership.
So my question is: do lenders ask for bank statements/activity up until the date of closing? And if they do would a $500 debit transaction at Mercedes Benz dealership raise any red flags to the lender at the last minute? Are they going to ask for documentation as to what this transaction was about or make a big fuss because we have now planted a seed that we might buy a car?
Please be nice, I know I may have done something stupid ;o( I just want to be able to fix it in time!
Read more: Is it a big deal to a lender if I made a $500 transaction at a car dealership?
