Dealer Worried about Pre-Approved Loan Check (PenFed) - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

c0rsa180 · 04-20-2009, 12:29 PM

Quick question a little of topic, when I was looking through some of the paperwork PenFed had sent to me, it seemed as if there were a lot of fees associated with their auto loans. Not sure if i was just reading it wrong or what, and I've also never taken out an auto loan so I'm no expert.

Embalmer · 04-20-2009, 12:32 PM

Quote:

Originally Posted by c0rsa180

Quick question a little of topic, when I was looking through some of the paperwork PenFed had sent to me, it seemed as if there were a lot of fees associated with their auto loans. Not sure if i was just reading it wrong or what, and I've also never taken out an auto loan so I'm no expert.

I've read everything pretty thoroughly and haven't come across any fees besides the interest you pay on the loan.....

I've got a check in hand and the only money I've given is $5.00 to open an account.

Embalmer · 04-20-2009, 12:33 PM

Did a little homework:

http://www.ncua.gov/indexdata.html

The NCUA (National Credit Union Association) has PenFed listed as a Federally Insured Credit Union.... gives charter number etc.

NO reason this check shouldn't be accepted...

DDustiNN · 04-20-2009, 12:34 PM

Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks

Embalmer · 04-20-2009, 12:37 PM

Quote:

Originally Posted by DDustiNN

Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks

90 days from the date of issue.

Vash · 04-20-2009, 03:45 PM

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.

NVMY68SS · 04-20-2009, 04:17 PM

Quote:

Originally Posted by Vash

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.

RPO_Z28 · 04-20-2009, 05:19 PM

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.

gtjacket · 04-20-2009, 07:04 PM

Well I have a check from Pentagon Federal Credit Union as well and my dealer better damn well take it!

NVMY68SS · 04-20-2009, 07:14 PM

Quote:

Originally Posted by gtjacket

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.

BLUEMARO · 04-20-2009, 07:55 PM

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.

Embalmer · 04-20-2009, 08:20 PM

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!!

mexiken · 02-19-2012, 10:09 PM

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)

calbert1999 · 02-19-2012, 10:21 PM

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.

04-20-2009, 12:29 PM	#15
c0rsa180 Drives: 2010 Camaro SS/RS IOM Join Date: Jul 2008 Location: Long Island, NY Posts: 214	Quick question a little of topic, when I was looking through some of the paperwork PenFed had sent to me, it seemed as if there were a lot of fees associated with their auto loans. Not sure if i was just reading it wrong or what, and I've also never taken out an auto loan so I'm no expert. __________________ Inferno Orange Metallic 2SS RS M6 ordered 2/17/09

04-20-2009, 05:19 PM	#22
RPO_Z28 Drives: 2007 C6Z Join Date: Jan 2009 Location: RVC, New York Posts: 1,748	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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04-20-2009, 12:33 PM	#17
Embalmer 2G1FT1EWXA9103351 Drives: 2SS RS, SIM, 6pd, 20"Alum Join Date: Oct 2008 Location: Canton, Michigan Posts: 607 View My Garage	Did a little homework: http://www.ncua.gov/indexdata.html The NCUA (National Credit Union Association) has PenFed listed as a Federally Insured Credit Union.... gives charter number etc. NO reason this check shouldn't be accepted...

04-20-2009, 12:34 PM	#18
DDustiNN Drives: Cars Join Date: Feb 2009 Location: N/A Posts: 1,986	Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks

04-20-2009, 03:45 PM	#20
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,104	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.

04-20-2009, 07:04 PM	#23
gtjacket 2G1FT1EW0A9118618 Drives: 2010 Camaro 2SS Black/IOM M6 Join Date: Dec 2008 Location: Florence, KY Posts: 550 View My Garage	Well I have a check from Pentagon Federal Credit Union as well and my dealer better damn well take it!

04-20-2009, 07:55 PM	#25
BLUEMARO A Classical Greek Drives: DTS, Bonneville and an SS ! Join Date: Feb 2009 Location: Grand Blanc MI Posts: 226	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.

04-20-2009, 08:20 PM	#26
Embalmer 2G1FT1EWXA9103351 Drives: 2SS RS, SIM, 6pd, 20"Alum Join Date: Oct 2008 Location: Canton, Michigan Posts: 607 View My Garage	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!!

02-19-2012, 10:09 PM	#27
mexiken Drives: Sofia: 2012 Chevy Camaro 2SS LS3 Join Date: Feb 2012 Location: Los Angeles, CA Posts: 409 View My Garage	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)

02-19-2012, 10:21 PM	#28
calbert1999 Camaro SS Lover Drives: 2010 Camaro 2SS/RS Black IOM Join Date: Jun 2010 Location: Toronto, Ontario (Canada) Posts: 2,863	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.