Question Regarding PENFED Check...

[ZombieEatsYou]

Originally Posted by Croathlete

Does anyone have anymore info on the insurance requirements when using the Penfed check? I remember reading a while aback about them requiring a lower deductible which would raise our rates. Anyone that used it recently actually have this happen?

I just checked my pre-approved voucher and there's nothing about insurance minimums.

[nards444]

if its a new car guarenteed they are going to want to see the insurance before you get the money on a new car. Now you should be able to write less if thats what it comes up to, usually how it works. Unless you specify an amount it. Im sure the dealer would also be able to write you a check if it was a small amount or something

[y2jdmbfan]

I got my check yesterday and unfortunately it has the dealer name and the amount in there already. At least I got a check I suppose. And there was definitely a sheet in there informing of the $500 deductible...haven't sat down and read the entire thing yet, but I am pretty sure you have to show them proof of insurance once you get the car.

[Banshee]

Drop the Comp and collision to $1000 afterwards...

May work..is a $350 savings per 6 months for me.

And YES, there is a notice with the check that you get from PenFed that is supposed to be mailed or faxed to insurance company stating there is a minumum of $500 C&C required.

[Banshee]

Originally Posted by DDustiNN

If you have a co-signer, does that person have to be present at the time of delivery of the car?

Call Matt and ask

[Fast Eddie]

Originally Posted by Banshee

Drop the Comp and collision to $1000 afterwards...

May work..is a $350 savings per 6 months for me.

And YES, there is a notice with the check that you get from PenFed that is supposed to be mailed or faxed to insurance company stating there is a minumum of $500 C&C required.

That must be a state to state thing. Here in NE if you have the money, you can leave with the car. Last car I bought I put a down payment on my debit card, signed that papers, and drove off. They said send us the money when you get it (in the next week). I got a hold of penfed, did the paper work, and went and picked up the check (they have an office in Omaha). Dropped it at the dealer and all was good. The deduct with USAA was 1000 from day 1 and no problems.

Don't know if you can make the voucher out for less than the max or not. If not then send in the difference and have them recalculate the payment. Penfed is pretty good with helping out members.

[Vash]

It won't work changing it later. Once a lienholder is marked they get a copy of any policy changes via snail mail.

500 deduct is standard in the biz.

[DustinK]

Originally Posted by Vash

It won't work changing it later. Once a lienholder is marked they get a copy of any policy changes via snail mail.

500 deduct is standard in the biz.

^^ this.

As the letter they have you give to your Ins. company states -- if they don't receive word that you have proper coverage they're going to obtain a policy meeting their 500/500 reqs at your expense.

These insurance companies have been doing their thing for quite awhile now -- they've filled most of the loopholes

[kozzmo49]

you can get a 1,000 deductible, but you have to call them and ask them permission, and they said that should be no problem