11-15-2021, 04:40 PM | #1 |
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Question on financing/closing loan at delivery
Hi - I’m eligible for the military incentive via PenFed membership so I’m using non-BMWFS financing. I’ve been pre-approved by DCU and opened an account over there about 1 week ago. I expect my car should be ready for pickup by EOD Friday.
The DCU auto loan officer walked me through the options to fund the loan at the time of delivery:
The CA is saying that option 1 would force them to hold the car until they receive the physical check. DCU says that they do this all the time and the dealership should have no issue releasing the car before the check is received. What is the normal process? Should I push back on the dealership or push the lender to wire funds or send me the check ahead of time? Thanks |
11-15-2021, 07:37 PM | #2 |
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I totally understand the dealer's position. I think most folks opt for #2 and take the check to closing.
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Chuck_skyline15.00 5pacey55.00 |
11-16-2021, 12:51 PM | #3 |
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Take the check with you. Different dealers handle it differently and we get to play the game according to their rules. Thus, take the check with you and swap consideration for consideration to complete the transaction.
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Nuke888.00 Chuck_skyline15.00 |
11-16-2021, 06:11 PM | #4 | |
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Just bring the check with you to the dealership for mutual peace of mind
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Chuck_skyline15.00 |
11-17-2021, 10:00 AM | #5 |
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Yea what DCU guy says makes no sense. From the dealer's perspective, no check = no payment. Its as if you were selling a car to someone and they told you to give them the car and wait for their check in the mail.
PenFed CU, Navy Federal CU always send checks to me, which I then bring, fill out, sign and hand over to the dealer. The check is made out to me and has a place that requires me to fill out the dealership info and VIN number of the car. |
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09-13-2022, 08:12 AM | #6 | |
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Last edited by richardcooper; 09-23-2022 at 08:08 AM.. |
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09-13-2022, 01:15 PM | #7 |
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I agree that option 1 isn't fair on the dealership, but curious how option 2 would work. Do banks issue checks to the buyer just like that? What stops them from misusing the money on the pretext of a low-rate "auto loan". Or, do they issue the check in the name of the dealership and also verify some purchase documents to begin with before issuing the check?
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09-16-2022, 07:20 PM | #8 | |
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