Okay, so I'm financing through my credit union since they are offering the lowest rate that none can beat (except PENFED but got denied). I'm still waiting for the final approval but I'll most likely be approved.

My first question is, I remember my credit union finance lady telling me I will have to provide them some sort of a document - sales contract or bill of sale - forgot which one it was. Is this something that my dealership can provide before my car physically arrives there? It's current at the VDC.

Second question is I was told by my MA, once they receive a check from my credit union, they need to hold my car and a check for 10 days till the check gets cleared. Which I think is absolutely ridiculous. It will be an official check, not the draft check, they should be able to let me drive off in my new car the same day I hand in the check.

Just wanted to check with you guys if this is normal and if you had to go through the same procedure when you financed through your credit union.

I sold my old car already and I need a car asap - this is absolutely driving me nuts.

 

there are lots of fraudulent checks out there.. my guess is that they have been burned in the past.. so they aren't letting the car out, til they are paid .. and guaranteed the cash.

maybe have the credit union wire transfer the money into the dealers account.. then you can drive off with the car.. have the credit union president call the business manager at the dealership and work thru the deal
should be easy .
i have NEVER waited for delivery .
i have actually signed an IOU and left the dealership with the car.. had the bank send the money the next day.. but.. that will come with relationship and a credit score of over 790

good luck to you.. it will work out

 

I was given the same spiel about the 10 day wait as I was paying with a personal check. When I ordered, I had to fill out the finance paperwork even though I was paying cash. When I picked up, I went ahead and signed the loan papers along with the check. I was told they wouldn't initiate the loan unless the check bounced (which, of course, it didn't).

I've heard of a few people who have gone with the bank wire transfer but you have to make sure you find out what the cut-off time - I think my credit union cutoff was around 11am the day before.

Congrats on the 'future' addition!

 

The bill of sale is officially the paperwork you sign when you pick up the car-basically the sales agreement. It's a catch 20-20 since you won't get that until pick up or close the sale, which you cannot do until you get a check from the bank. You have 2 options;

1. Use the invoice your MA can provide. It should list all the details of your car and the price- basically your order form. Some banks will accept this, others won't.
2. Get an auto draft from your bank(I did this). Which is a certified bank's check with a maximum allowable amount(your approved loan amount). You fill the amount in at the dealership.

As for waiting for 10 days to clear, that's absurd. Yes, I can see their point of view but since other dealership(most I would say) does not practice this, then their argument is weak.

Obviously if this was stated prior to your order, then it's for naught-since you still order and agreed on their terms. Either way, I would talk to them and see if their financing fellow will talk to your bank directly.

 

See if your CU is part of the CUDL (Credit Union Dealer Liason) Program. No hassle, just sign on the Bottom Line and take the Keys!!

 

I financed at credit union (preapproved), but credit union loan was actually funded after I picked up car. Dealer did a "7 day right of refusal finance contract" (or something like that). I did loan papers from dealer making a $2500 deposit on credit card. Then went to credit union next day, signed their loan papers, got check made to dealer. Took check to dealer as payment in full, dealer finance contract then cancelled by dealer.

Your credit union and your dealer should be able to make this happen.

 

+1

We did CUDL for #1, it was simple.

 

Any dealer that imposed some kind of "hold" on picking up my car would not get my business. Dealers should be used to all sorts of scenarios in today's electronic age and there's no reason they can't confirm any type of funding on the spot with nothing more than a phone call. I've had many cars, bought with both inside and outside financing, and have even left the dealership with the car with nothing more than my signature before while I considered my options. Don't let them blow smoke.

 

I just bought a Cooper S in Pittsburgh, and did all of the financing in Connecticut through my local credit union, I live in CT. The whole deal was done via the phone, eMail and the fax machine.
My wife flew to Pittsburgh with the credit unions check, and a money order from the same credit union that represented my down payment, both equaling the agreed upon price.
Took a taxi from the airport to the dealership, gave them the checks and started driving the car back to Connecticut within an hour. No holds on two out of state money orders.
There is no reason for a 10 day wait on a local finance institution. The dealerships bank should be able to verify the check in less than a day, or an hour.

Your credit Union is "probably" looking for a copy of your sales agreement, and the invoice on the vehicle.
Your sales agreement can be drawn up prior to the vehicle being at the dealers lot,and the dealer should be able to get the invoice ahead of time. "Normally" these documents are faxed between the dealership, and the finance institution.