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Old 04-20-2009, 01:34 PM   #18
DDustiNN

 
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Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks
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Old 04-20-2009, 01:37 PM   #19
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Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks
90 days from the date of issue.
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Old 04-20-2009, 04:45 PM   #20
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They don't give you a "check". They do a electron funds tranfer (draft) from there bank account into the dealers bank account.

The guy probably wants to charge you a crazy documentation fee's and what not.
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Old 04-20-2009, 05:17 PM   #21
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They don't give you a "check". They do a electron funds tranfer (draft) from there bank account into the dealers bank account.

The guy probably wants to charge you a crazy documentation fee's and what not.
I'm using PenFed as well and it's a check. Trust me.

Like someone else has said, he wants to get you concerned enough that you'll pay his higher "sale" interest rate. He's losing money by us using outside financing. I don't mean GM, the dealer.

I highly recommend everyone find that thread about "Confessions of an F&I Salesman". It answers a lot of questions.
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Old 04-20-2009, 06:19 PM   #22
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Much like a Capital One draft, alot of dealers won't take it because they have 90 days to rescind payment. We don't take drafts, PERIOD.

Cash, bank cashier's check or certified funds. That's all.
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Old 04-20-2009, 08:04 PM   #23
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Well I have a check from Pentagon Federal Credit Union as well and my dealer better damn well take it!
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Old 04-20-2009, 08:14 PM   #24
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Well I have a check from Pentagon Federal Credit Union as well and my dealer better damn well take it!
I confirmed it with mine the day I called and he said no problem, they get checks like this all the time. It's made out to the dealer as well as myself. Once I endorse it, I assume it's a done deal. I don't know what circumstances would come up that they would not make the check good, but I don't care. He said he's taking it, that's all I can do. If others won't, they must have their reasons.

It's a loan check on a Federal Credit Union. I don't know how that's any different than any other bank check.
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Old 04-20-2009, 08:55 PM   #25
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The dealer is just concerned that he cant bump you another point and make some cash on the back end of the deal. Screw him, he has no reason not to take it. If he is so concerned he can call Pen Fed and put him self at ease with his own Vaseline.
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Old 04-20-2009, 09:20 PM   #26
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My dealer finally emailed be back today.

He said that the check should be fine after he called and spoke to the credit union. He said his fear was that the credit union would "put a hold on the check" but he confirmed with a call that they DO NOT.

So he said we shouldn't have any problems....

Now I just need my car to show up!!
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Old 02-19-2012, 11:09 PM   #27
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Great topic.

My question is, how does going through a credit union insulate you from higher doc fees ???? And what is the normal amount for said fees ???? (I live in CA, if that helps)
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Old 02-19-2012, 11:21 PM   #28
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Dealers a moron. I put down a pretty substantial amount when I purchased my vehicle. I gave them a certified cheque (I think what you call pre-approved is the same thing). They happily took the cheque and, gave me the keys.
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Old 02-19-2012, 11:24 PM   #29
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Now that the car thing is worked out I'm going to laugh like hell at this,
so funny and accurate.

Quote:
Originally Posted by Vash View Post
I'll translate the salesman speak for you with my terminator mode on.


"The CU won't let us pork you with overbloated doc fees and overpriced paint and underbody sealants etc etc".

Terminator translation mode... OFF
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Old 02-19-2012, 11:44 PM   #30
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financing through the dealer is not always a bad thing if u actually know what your doing and not just some idiot who buys a couple cars and thinks he knows how the business works...yes the dealer is allowed to mark up points within a 1.5-2 limit...but they also get a much better buy rate since they do 100 loans a month with banks compared to joe shmo who does 1 loan ever 3 years, so the best way to have your cake and eat it too is to go get approved for your best rate possible at your local bank, present the rate to the dealer and tell him he can have your loan business if he beats it, and they will most def beat it. so outside financing is def not best, its actually usually higher than what a reputable dealer can get you
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Old 02-19-2012, 11:53 PM   #31
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financing through the dealer is not always a bad thing if u actually know what your doing and not just some idiot who buys a couple cars and thinks he knows how the business works...yes the dealer is allowed to mark up points within a 1.5-2 limit...but they also get a much better buy rate since they do 100 loans a month with banks compared to joe shmo who does 1 loan ever 3 years, so the best way to have your cake and eat it too is to go get approved for your best rate possible at your local bank, present the rate to the dealer and tell him he can have your loan business if he beats it, and they will most def beat it. so outside financing is def not best, its actually usually higher than what a reputable dealer can get you
This seems to work. I got approved for 2.9 APR for 60 months through my Credit Union that I joined when I purchased my first new vehicle and the dealer said they would beat it.
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Old 02-20-2012, 08:30 AM   #32
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So I just talked to my dealer and he seems to think that paying for a car with a pre-approved check is "not normal".

He is worried that some of these "online credit unions" charge hidden fees or if the dealer doesn't do something "exactly right" that the check will bounce.

This is a pre-approved check from Pentagon Federal Credit union. I am in Michigan and the CU is in Nebraska... so he was also worried that there wasn't a Brick and Mortar place here in Michigan.

Can any other dealers say whether this is a major concern for dealers? I thought a pre-approved check was GOOD thing.

Can he refuse to accept this check???
I have a Pre- approved through Navy Federal for my new ZL1 and I showed it to my dealer yesterday and he was actually happy to see it. You are good to go man no need to worry.
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Old 03-03-2013, 07:24 PM   #33
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Tell the dealer you will finance thru him if he can give you a lower rate than PenFed.
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Old 03-19-2015, 07:07 AM   #34
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Originally Posted by Embalmer View Post
So I just talked to my dealer and he seems to think that paying for a car with a pre-approved check is "not normal".

He is worried that some of these "online credit unions" charge hidden fees or if the dealer doesn't do something "exactly right" that the check will bounce.

This is a pre-approved check from Pentagon Federal Credit union. I am in Michigan and the CU is in Nebraska... so he was also worried that there wasn't a Brick and Mortar place here in Michigan.

Can any other dealers say whether this is a major concern for dealers? I thought a pre-approved check was GOOD thing.

Can he refuse to accept this check???
As a former finance manager, there are reasons to do your due dilligence with those, you can get screwed big time by them. They will only allow a certain amount of Black Book value to be financed, usually it's 80% or so. So often, a good chunk down is needed. You also have to fax over everything before hand to make sure you are going to get funded properly and not screwed out of money. Sadly with these, they actively look for ways to not pay the dealer.

They are frustrating to deal with and do take a while to get done, but they can be done. I haven't refused any, but more often than not, I'd get them a better deal with in house financing (better rate, less money out of pocket, etc)
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