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Old 04-20-2009, 12:29 PM   #15
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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.
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Old 04-20-2009, 12:32 PM   #16
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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.
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Old 04-20-2009, 12:33 PM   #17
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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...
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Old 04-20-2009, 12:34 PM   #18
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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, 12:37 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, 03:45 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, 04:17 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, 05:19 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, 07:04 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, 07:14 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, 07:55 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, 08:20 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, 10:09 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, 10:21 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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