I have never purchased a car this way before but here is the situation...
I applied and got approved for an auto loan by my local credit union. They sent me a letter that says I have been pre-approved for $xx amount and once I found the car I want to purchase, to call the CU to complete the transaction.
A person at the CU explained to me that dealers will usually accept the letter of loan approval and based on that, will sell me the car and let me take it home, then I would have to take the Purchase Contract and Window Sticker to the CU, and the CU will send the check to the dealer. Does it work that way? Or the dealer won't let you take the car until they get the check?
I know some CU or other finance instutions will issue the check and you go car shopping. So I wonder if what my CU told me is something dealers also usually accepts.
Like I said, I have never bought a car this way before. I have always just had the dealer shop around for financing for me or bought car outright with cash.
I asked my dealer to shop around for me as well in case there are better rates than 4.99% out there.
No offense to some of you but please, let's try to stick to the topic
