04-20-2009, 10:51 AM | #1 |
2G1FT1EWXA9103351
Drives: 2SS RS, SIM, 6pd, 20"Alum Join Date: Oct 2008
Location: Canton, Michigan
Posts: 607
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Dealer Worried about Pre-Approved Loan Check (PenFed)
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??? |
04-20-2009, 10:53 AM | #2 |
Drives: 2SS w/ ZZ427 Package!! Join Date: Oct 2008
Location: Pittsburgh, PA
Posts: 2,700
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You are good to go...You should have some supporting paperwork with your check. That is all the dealer needs to see.
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04-20-2009, 10:55 AM | #3 |
Drives: 1993 Trans Am, 2007 Acadia Join Date: Apr 2009
Location: Idaho
Posts: 50
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I've bought maybe five cars using pre-approved loans, from four different dealerships, where my FCU just gives me a check that I make out for the price of the car, either through Navy Federal Credit Union. or USAA federal savings bank, neither of which have brick-and-mortar locations by me. I've never had a dealer have any problem with it whatsoever.
As far as refusing to accept, I'm sure he can, if he wants to.
__________________
US Navy retired submariner.
previous cars, starting with my first. 1970 Nova 1967 RS/SS Camaro 1969 Chevelle 1970.5 Camaro A long, undistinguished line of sedans, SUV's, and minivans. |
04-20-2009, 10:55 AM | #4 |
Intermediate Member
Drives: 2010 Camaro SS/RS Join Date: Apr 2009
Location: Elberton, GA
Posts: 78
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I've used Navy Federal Credit Union preapproved checks several times and never had a problem.
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04-20-2009, 10:57 AM | #5 |
Taking it 1 day at a time
Drives: 2010 Chevy Camaro 2SS/RS Auto Join Date: Apr 2009
Location: San Antonio, TX
Posts: 751
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I've also used Navy Fed for every car purchase I've made. You basically apply for the max amount you want to pay, and then haggle it out with the dealer. You then put the haggled amount on the check and you're good to go.
The dealer probably wants you to finance through GMAC. |
04-20-2009, 10:57 AM | #6 |
Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008
Location: United Kingdom
Posts: 1,640
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The check has a approval amount, you can only write the check to that point. if its past that point it will bounce. And Pentagon is not a "Online Credit union" they are on almost every military base. he has no reason to deny it
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04-20-2009, 11:03 AM | #7 |
Intermediate Member
Drives: 2010 Camaro SS/RS Join Date: Apr 2009
Location: Elberton, GA
Posts: 78
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You're right about not being an online credit union. However, I was in the Navy, Army Reserves & Air Force Reserves at locations in GA, SC, & Virginia and never saw a Pentagon Federal Credit Union at any of the bases I went to.
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04-20-2009, 11:05 AM | #8 | |
CamaroFans.com
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Quote:
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04-20-2009, 11:10 AM | #9 | |
2G1FT1EWXA9103351
Drives: 2SS RS, SIM, 6pd, 20"Alum Join Date: Oct 2008
Location: Canton, Michigan
Posts: 607
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Quote:
I just faxed him all the paperwork that came with the check... I appreciate the feedback...the comments make me feel a bit better about this.... |
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04-20-2009, 11:35 AM | #10 |
Drives: 00 Blazer Join Date: Aug 2008
Location: Texas
Posts: 5,104
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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 |
04-20-2009, 11:51 AM | #11 |
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One of my banks told me the check has to be written for the sale price of the car (or MSRP). Sales tax, registration, mark-ups, and any other charges cannot go onto the loan. So even if I'm approved for $40,000 and MSRP is $36,000 I can only write the car loan for $36,000. I have to use my down payment to pay the extras. The lenders don't want to be upside down the first day, normal depreciation is bad enough.
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04-20-2009, 11:52 AM | #12 |
Drives: "Bmblbee" 2010 RY 2SS/RS. VIN 12043 Join Date: Oct 2008
Location: Waldorf, Maryland
Posts: 1,271
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And I've used E-loan twice with no problem. They are NOT a B/M outfit either. A check's a check.
I think Vash is right, he may be trying to plant a seed in your head so you'll take his financing instead.
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04-20-2009, 12:04 PM | #13 | |
2G1FT1EWXA9103351
Drives: 2SS RS, SIM, 6pd, 20"Alum Join Date: Oct 2008
Location: Canton, Michigan
Posts: 607
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Quote:
And I will NOT do dealer financing.... |
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04-20-2009, 12:17 PM | #14 |
Drives: Z28 Join Date: Jul 2008
Location: Florida
Posts: 533
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Your dealer just wants you to have to use Vaseline. Stand your ground.
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