Hello all. I am doing this as a MINI community service announcement for people who will be financing their MINI. At Bill Jacobs MINI(My Dealer), he would not accept the Blank Check from PeopleFirst.Com. He said it is almost fraud and that they never get there money with them. Because of this I might not get my MINI Cooper(he is holding it untill friday, which gives me 48 hours to get financed, it was a dealer spec. car by they way, so I haven't had alot of time to get financing). Has anyone else had this problem?

 

Yes. New Country Motors in Hartford, CT would not take the blank check. I was not to happy at the time butvthey got me a loan with Chase. The interest rate was a little higher but the terms were OK.

 

Hmmm...iI know many people who have succesfully used Peoplefirst.com...it sounds like those dealers were trying to rip you off and may have actually done so!!!

 

hmmm....
What did People First say when you told them of this?
SW

 

It happened to me too in Southern CA! The dealership asked about where I was getting financed (since I didn't want to deal with the dealership) and when I told them about the "blank check" they knew who it was through, where they were located, and what the deal was. They said a customer was approved for the blank check, faxed all the paperwork, signed over the check to the MINI dealership and 3 weeks later People First refused to honor the loan!!! Then they had to notify the customers that they were driving a car that still hadn't been payed for and that they had to come up with alternate financing immediately. I guess People First is allowed to (and does) refuse to honor their blank checks after it's too late and you already have the car. So, my MINI dealer ended up beating the blank check rate I was offered by 2.5% through BMW financing. I think the blank check deal is bogus if so many people are having problems with it. Don't waste the inquiry on your credit report!!!

 

Ok, let me be the first to assure everyone that PeopleFirst is NOT a fraud. When you use this kind of wording, you better make sure you have all your info together before saying something like this (or the dealer's quote).

I have used PF just recently and did my home work before I went with them. I talked to at least 14 different people who used them with ZERO problems. Remember that PF finds loans through different companies - this is why they can get you an excellent loan APR.

I have heard about a few dealers who are refusing not only the PF check, but also the Lending Tree checks as well as others because they have processing issues as well as loosing that all important sale to a lower APR. Face it, the standard Mini (and lowest APR is around 6.25% - someone correct me if I am wrong). Of course the dealer is going to TELL you that they do not take outside loan checks like from PF, LT and others.

Now - what I want to make perfectly clear is that your credit will dictate your availability to your loan - it is not PF's fault should someone default on a payment soon after the loan is approved, etc. There are so many factors with your credit - the important fact here is that if you have good credit (and a good BEACON score), you should be ok. And you will know if you have any blemishes on your history- I would assume that this is the case with the dealer in CMINIGO's story.

My question to CMINIGO is did anyone have any intelligence to call PF to find out why the check was called back? We only have one side to the story here. Call the dealer back and find out why - just so everyone is clear about this.

All I am trying to say is that when people have a negative issue on anything - it will get posted (most of the time). I can list you a number of postings from various auto forums where people have posted positive comments on PF and their experiences with them and their dealer - whether is was Ford, Chrystler, Honda, Subaru, Mazda, Mini, etc....I would in fact like to hear from people, who had their car recalled because the PF check did not transfer properly and what the actual reason was. I'd bet my Mini that it was a credit blemish - and yes, PF should catch these kind of things in the transfer - but does this warrant a black eye for PeopleFirst - I think not

Also, let me state that PeopleFirst.com meets all BBBOnLine Reliability participation and Better Business Bureau membership standards and is authorized to display the BBBOnLine Reliability seal on their web page. And yes, they have about 5 resolved complaints filed within the last 36 months - but I encourage you to look at other lending comaonies at BBBOnLIne - you will see the same thing. In the credit industry (as my friend states) - it is the nature of the beast.

I do not work for PF, but have had nothing but a GREAT experience with them - my Mini dealer said they had many come through and they do not mind processing these checks as they are certified for sale. If you Mini dealer has an issue with PF checks, then you may want to reconsider another Mini dealer who cares about getting you what YOU want and not what they want (you get the idea) - there are over 50 Mini dealers in the US and I would assume that 97% accept outside loan funding like from PF and LendingTree.

(I am not affiliated with these companies - but am a happy customer!)

-Peter


_________________
R*Speed Miata and Mini
Accessories*Performance*Service
http://www.rspeed.net/mini/
1011 S Marietta Pkwy, Ste 4
Marietta GA 30060
1-888-551-0025
2002 Mini Jet Black with Tartan Red

 

whew! Did we touch a personal button there Potato?

I have not used this company before but I did get my Mini through a 'Blank Check' program through my local credit union and the Mini dealer didn't even bat an eye at it, so I would have to agree it is probably a credit problem.

 

My dealer (Global Imports in Atlanta) took my PF blank check no questions asked. In fact, the sales manager himself said he recommended them.

JimC

 

If you have a credit union it would be smart to check that out too. The credit union I belong to (Kinecta) financed my MINI at 4.9%.

 

Just got an e-mail back from PeopleFirst.Com. They told me they would send me a cashiers check if the dealership does not accept the blank check. Unfourtunatly for me though I don't have enough time(I am leaving for the dealership tonight at midnight-I live in Kansas City and am picking up my car in Chicago), so I have to settle for the higher rate through MINI Financing or not get my car. PeopleFirst.Com does have great customer service and I reccomend them to everyone. Sorry if this post made anyone panic or get angry.

 

WELL! Sounds like an advertisement to me. A forum is for opinions, and that's why we're here. My PERSONAL experience with PF customer service personnel both on the phone and through e-mail was HORRIBLE. They could not answer basic questions and were obviously reading off whatever material the company prints out eventhough it was no where near what I was asking about. I did contact them about what my dealer told me and my concerns about using the check at a MINI dealer, but they said they could not speak about other cases, even anonymously, nor could they even tell me if MINI qualified as a "franchised dealership". I did not get a good feeling from them and also feel they should post on their site how many damn inquiries they will make on your credit report just to get one loan approved. That's just my experience. I wouldn't recommend them to anyone based on my dealings with them. Opinions are just that.

 

I agree with CMINIGO. My Dealer has had problems with the Blank Checks and when I called People First to ask if I could get a 'Real' check, they said no!.

I do not trust them and am happy with Chase.

By the way, the Dealer did not care if I got my financing elseware but the deal they jot me from Chase was better than my Credit Union or any local banks.

:smile:

 

How did you get that cool moving "CMINIGO" car across the screen? I would love to have that on my e-mail! :smile: Thanks!

 

I, too, bought from Bill Jacobs MINI, and was told very politely that they do not accept People First's checks. I learned of this on the day I was to pick up my MCS (7/23). Because of the timing, at first I suspected that the dealer was trying to screw me, knowing I would not be able to secure anything other than their financing on such short notice. Worse, they were talking about a rate that was about 1 to 1-1/4 % higher than PF. I knew I could go with MINI's higher rate, shop around after I took the car home, get a better rate and refinance the loan, but what a pain!

The sales manager told me that they were not getting paid promptly by PF, that the check was not a 'real check' and was not funded by PF right away. So I called PF, and, as I expected, was assured that their checks were in fact real and they would even fax a letter immediately to Bill Jacobs MINI 'certifying' that the check would be funded immediately. So I called the sales manager back, and he (politely) told me that what PF promises in not consistent with what they practice, that they have experienced difficulty many times in the past, and had opted to quit dealing with them. I smelled a rat, but the smell was beginning to emanate from the good folks at PF. The sales manager's tone and demeanor just didn't seem to be that of someone trying to take advantage of me. So I told the sales manager that if he could get me financing at the same rate as PF (which was extremely low) I would tear up the PF check and go with them. So he faxed me a credit ap which I faxed back in 15 minutes, and within an hour he had me approved for a loan through Chase at the same rate as PF. Now, I don't give a rat's *** who loans me the money as long as I get the rate/terms I want, and I'm dealing with an established lender. And I don't think PF is guilty of anything more than denial that their program is not universally accepted by new car dealers. There were no real bad guys here. My suggestion is check with the dealer before going with PF.

One more thing: PF will next-day FedEx the 'check' for a fee of $15, which they will bill me for. Since PF never hinted that some dealers were refusing their checks I'm debating whether or not I'm going to pay that bill. If you are thinking of using PF, don't consent to the rush delivery before confirming that the dealer will accept the 'check'.

One last comment: I was treated well at Bill Jacobs MINI in Naperville, IL. Got my MCS 4 months from date of order, exactly as I ordered it, at MSRP, and no pressure to buy extras I didn't want. No games, and I was in and out in 90 minutes. Just how I like it.