Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
Dyno Max
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > Camaro Price | Ordering | Tracking | Dealers Discussions

Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

Reply
 
Thread Tools
Old 04-20-2009, 10:51 AM   #1
Embalmer
2G1FT1EWXA9103351
 
Embalmer's Avatar
 
Drives: 2SS RS, SIM, 6pd, 20"Alum
Join Date: Oct 2008
Location: Canton, Michigan
Posts: 608
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???
Embalmer is offline   Reply With Quote
Old 04-20-2009, 10:53 AM   #2
ZZcamaro


 
Drives: 2SS w/ ZZ427 Package!!
Join Date: Oct 2008
Location: Pittsburgh, PA
Posts: 2,706
You are good to go...You should have some supporting paperwork with your check. That is all the dealer needs to see.

____ ______ __ __ ______
ZZcamaro is offline   Reply With Quote
Old 04-20-2009, 10:55 AM   #3
Danno
 
Danno's Avatar
 
Drives: 1993 Trans Am, 2007 Acadia
Join Date: Apr 2009
Location: Idaho
Posts: 50
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.
Danno is offline   Reply With Quote
Old 04-20-2009, 10:55 AM   #4
87irocz
Intermediate Member
 
87irocz's Avatar
 
Drives: 2010 Camaro SS/RS
Join Date: Apr 2009
Location: Elberton, GA
Posts: 78
I've used Navy Federal Credit Union preapproved checks several times and never had a problem.
87irocz is offline   Reply With Quote
Old 04-20-2009, 10:57 AM   #5
Verio
Taking it 1 day at a time
 
Verio's Avatar
 
Drives: 2010 Chevy Camaro 2SS/RS Auto
Join Date: Apr 2009
Location: San Antonio, TX
Posts: 751
Send a message via MSN to Verio
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.
Verio is offline   Reply With Quote
Old 04-20-2009, 10:57 AM   #6
trudawg660

 
Drives: 2006 Dodge Charger / 2SS IOM
Join Date: Dec 2008
Location: United Kingdom
Posts: 1,642
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
trudawg660 is offline   Reply With Quote
Old 04-20-2009, 11:03 AM   #7
87irocz
Intermediate Member
 
87irocz's Avatar
 
Drives: 2010 Camaro SS/RS
Join Date: Apr 2009
Location: Elberton, GA
Posts: 78
Quote:
Originally Posted by trudawg660 View Post
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
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.
87irocz is offline   Reply With Quote
Old 04-20-2009, 11:05 AM   #8
mlee
H-Town Camaro Club
 
mlee's Avatar
 
Drives: Number Twenty-Three
Join Date: Oct 2008
Location: Conroe, TX
Posts: 23,954
Quote:
Originally Posted by Danno View Post
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.
__________________
.
mlee is offline   Reply With Quote
Old 04-20-2009, 11:10 AM   #9
Embalmer
2G1FT1EWXA9103351
 
Embalmer's Avatar
 
Drives: 2SS RS, SIM, 6pd, 20"Alum
Join Date: Oct 2008
Location: Canton, Michigan
Posts: 608
Quote:
Originally Posted by ZZcamaro View Post
You are good to go...You should have some supporting paperwork with your check. That is all the dealer needs to see.

____ ______ __ __ ______
I hope so.

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....
Embalmer is offline   Reply With Quote
Old 04-20-2009, 11:35 AM   #10
Vash


 
Drives: 00 Blazer
Join Date: Aug 2008
Location: Texas
Posts: 5,128
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
Vash is offline   Reply With Quote
Old 04-20-2009, 11:51 AM   #11
toehead93


 
Drives: 2014 2SS/1LE
Join Date: Feb 2007
Location: wpb fl
Posts: 2,663
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.
toehead93 is offline   Reply With Quote
Old 04-20-2009, 11:52 AM   #12
ZombieEatsYou

 
ZombieEatsYou's Avatar
 
Drives: "Bmblbee" 2010 RY 2SS/RS. VIN 12043
Join Date: Oct 2008
Location: Waldorf, Maryland
Posts: 1,276
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.
__________________
ZombieEatsYou is offline   Reply With Quote
Old 04-20-2009, 12:04 PM   #13
Embalmer
2G1FT1EWXA9103351
 
Embalmer's Avatar
 
Drives: 2SS RS, SIM, 6pd, 20"Alum
Join Date: Oct 2008
Location: Canton, Michigan
Posts: 608
Quote:
Originally Posted by ZombieEatsYou View Post
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.
Hmm yea, I'm going to stand pretty firm on this... This IS a legit check from a legit credit union.....no reason they shouldn't accept it.

And I will NOT do dealer financing....
Embalmer is offline   Reply With Quote
Old 04-20-2009, 12:17 PM   #14
Silverghost
 
Silverghost's Avatar
 
Drives: Z28
Join Date: Jul 2008
Location: Florida
Posts: 533
Your dealer just wants you to have to use Vaseline. Stand your ground.
__________________
Speed Kills - Drive a Ford and live forever!

www.rivercityperformance.com
Silverghost is offline   Reply With Quote
Old 04-20-2009, 12:29 PM   #15
c0rsa180
 
c0rsa180's Avatar
 
Drives: 2010 Camaro SS/RS IOM
Join Date: Jul 2008
Location: Long Island, NY
Posts: 208
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
c0rsa180 is offline   Reply With Quote
Old 04-20-2009, 12:32 PM   #16
Embalmer
2G1FT1EWXA9103351
 
Embalmer's Avatar
 
Drives: 2SS RS, SIM, 6pd, 20"Alum
Join Date: Oct 2008
Location: Canton, Michigan
Posts: 608
Quote:
Originally Posted by c0rsa180 View Post
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 is offline   Reply With Quote
Old 04-20-2009, 12:33 PM   #17
Embalmer
2G1FT1EWXA9103351
 
Embalmer's Avatar
 
Drives: 2SS RS, SIM, 6pd, 20"Alum
Join Date: Oct 2008
Location: Canton, Michigan
Posts: 608
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...
Embalmer is offline   Reply With Quote
Old 04-20-2009, 12:34 PM   #18
DDustiNN

 
DDustiNN's Avatar
 
Drives: 2010 Camaro SS/RS
Join Date: Feb 2009
Location: MI
Posts: 1,845
Send a message via Skype™ to DDustiNN
Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks
__________________
DDustiNN is offline   Reply With Quote
Old 04-20-2009, 12:37 PM   #19
Embalmer
2G1FT1EWXA9103351
 
Embalmer's Avatar
 
Drives: 2SS RS, SIM, 6pd, 20"Alum
Join Date: Oct 2008
Location: Canton, Michigan
Posts: 608
Quote:
Originally Posted by DDustiNN View Post
Embalmer, how long is the PenFed check valid? 60 or 90 days? Just curious, thanks
90 days from the date of issue.
Embalmer is offline   Reply With Quote
Old 04-20-2009, 03:45 PM   #20
Vash


 
Drives: 00 Blazer
Join Date: Aug 2008
Location: Texas
Posts: 5,128
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.
Vash is offline   Reply With Quote
Old 04-20-2009, 04:17 PM   #21
NVMY68SS
Drives #296
 
NVMY68SS's Avatar
 
Drives: 1968 Camaro SS - 350/5 Speed
Join Date: Aug 2007
Location: Smithfield, NC
Posts: 954
Quote:
Originally Posted by Vash View Post
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.
__________________
#296 Delivered 6-1-09 Dynoed 10-3-09 384.56HP 387.65TQ with the bolt-ons listed, no tune.....yet!
Roto-Fab CAI (Install pics here), Doug Thorley Shorties, Flowmaster American Thunder 409S Cat Back Vid
NVMY68SS is offline   Reply With Quote
Old 04-20-2009, 05:19 PM   #22
RPO_Z28

 
RPO_Z28's Avatar
 
Drives: 2007 C6Z
Join Date: Jan 2009
Location: RVC, New York
Posts: 1,754
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.
__________________
RPO_Z28 is offline   Reply With Quote
Old 04-20-2009, 07:04 PM   #23
gtjacket
2G1FT1EW0A9118618
 
gtjacket's Avatar
 
Drives: 2010 Camaro 2SS Black/IOM M6
Join Date: Dec 2008
Location: Florence, KY
Posts: 550
Well I have a check from Pentagon Federal Credit Union as well and my dealer better damn well take it!
gtjacket is offline   Reply With Quote
Old 04-20-2009, 07:14 PM   #24
NVMY68SS
Drives #296
 
NVMY68SS's Avatar
 
Drives: 1968 Camaro SS - 350/5 Speed
Join Date: Aug 2007
Location: Smithfield, NC
Posts: 954
Quote:
Originally Posted by gtjacket View Post
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.
__________________
#296 Delivered 6-1-09 Dynoed 10-3-09 384.56HP 387.65TQ with the bolt-ons listed, no tune.....yet!
Roto-Fab CAI (Install pics here), Doug Thorley Shorties, Flowmaster American Thunder 409S Cat Back Vid
NVMY68SS is offline   Reply With Quote
Old 04-20-2009, 07:55 PM   #25
BLUEMARO
A Classical Greek
 
BLUEMARO's Avatar
 
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.
BLUEMARO is offline   Reply With Quote
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Some Dealer Info..... KarlChev Camaro Price | Ordering | Tracking | Dealers Discussions 82 04-23-2009 08:16 AM
Looking for a new dealer.... (Dealer Transcript) GreySteele06 Camaro Price | Ordering | Tracking | Dealers Discussions 41 12-18-2008 05:42 AM
Dealer today, at 5pm, check me before I go.... 350 HRSS Camaro Price | Ordering | Tracking | Dealers Discussions 20 10-20-2008 10:22 AM
Voice Your Comments/Suggestions/Input for Focus Group on 2010 Camaro Mr. Wyndham 5th Gen Camaro SS LS LT General Discussions 236 04-22-2008 12:43 AM


All times are GMT -5. The time now is 01:19 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.