car ready to be taken away.....they are waiting for my pre-approved loan draft to clear.....I gave it to them on the 24th of june...they deposited on the 26th.....now I have to wait 7-10 days for it to clear.....I've been calling my MA and bothering him alot since penfed says they already received their $

 

I gave my VIN # when I applied and have a check in hand. When my car is ready, my MA said I only need a driver's license, proof of insurance (for any car), the PedFed check and a personal check for the difference. My loan pay ment is due 8/7.

 

Yeah that's b/c your dealership doesn't suck like mine. Just wait until that survey gets filled out.

 

Must be the bank's fault your dealer has gone through with. You think they screwed up?

 

To be honest, I don't know who is at fault. But I do know it doesn't take 7-10 business day for a check to clear. That is the dealership policy - just make sure your checks are certified checks and you shouldn't have to deal with this nonsense.

 

After reading all of the post on this thread I did the Penfed thing yesterday. Got approved for the 4.25% no problem. I emailed my MA today to tell him I had financing all taken care of. He said to just bring the check in when I come to pick it up and he will have all of the other paperwork filled out ready to go to finance and I will be in and out of there in no time. Hopefully only another week and I will be in the drivers seat. I even talked my MA into throwing in Rubber 'S' floor mats for the front, rear, and boot. I called Penfed last night to confirm they had everything they needed as far as vin etc.. They said no problem. My check will go out today and I will have it FedEx tomorrow. As long as everything goes smoothly at the dealership this will be by far the best/easiest experience buying a car that I have ever had.

 

TooLazy: I really think the problem is with your dealership. I just reviewed the check clearing requirements with my regular bank, PNC, a few weeks ago. For a instate check under 50k, it will clear after 1 banking day. For an out-of-state check under 50K, it is three days max. Even for an out-of-state check over 50k, PNC imposes a 5 business day wait. And PNC is a PITA bank, IMO. 7 to 10 days??? Bull-hocky! I'm willing to bet dollars to donuts that your dealer is imposing these requirements on its own.

After re-reading this thread, I also think that problems can be avoided by not using the blank, pre-approved check and by making sure that PenFed has your VIN number as early as possible.

 

It is different for each bank.. I put a check in our acct .. it was considerable size, and it took 10 days to clear. Just all depends on your bank and the requirements..
Have faith, I know you want your car, and its waiting for you.. when you get into it and start it up to pull out of the dealership.. the anxiety and anger your feeling now will quickly dissipate!

 

Yeah I know. What makes it tougher that I'm sitting here without a car...

 

Applied and approved with PenFed today Only got insurance to sort out and we're all ready for pick up day. 10 more days!!

 

Reg CC is a federal banking regulation that directs a bank on how long to "hold" a check before funds are released, its not arbitrary...the number of days are specific to the size of the check and the physical location of the originating bank. What is arbitrary is whether the bank chooses to place the deposit hold or not. Most banks follow a case-by-case policy in which they decide when or if to do a hold, but some banks use a blanket policy where every check gets a deposit hold. I'm not defending banks, I'm only explaining that there are very clear cut regulations that direct the banks on holds. 7-10days sounds like a hold placed for a non-local check over $5000.

 

Rates just increased to 4.5% for online loans....4.25% is now GONE.

 

Im glad I got in on the 4.25 but 4.50 is still an awesome rate. It makes the payments on a 30k loan about 4 bucks more per month on a 60 month loan. That is 240 over the life of the loan. Still not bad.

 

I have been waiting on applying because my car is not due here until September. I decided to apply this morning and within 2 hours, I got my approval. Now I have some bargaining power to get an even lower rate. WooHoo!

 

You may want to give PenFed a call. I think they told me that the check they sent was only good for 30 days. I should be getting my MINI in the next 2 weeks, so it shouldnt be a problem here. Maybe they can hold off on sending the check for you.

 

You'd better call PenFed to avoid uneccessary interest or loan check cancellation. If your MINI is due to deliver in September, it's a good idea to get approval about a week prior to the expected delivery date. Once you approved and check is delivered to you, you are actually paying interest from the date the check was created, not from the date the check was cleared by dealer. So be cautious about that. I remember that I dicussed about this issue with customer service. CapitalOne loan check is good for 45 days, and interest won't accrue until the check is cashed. But PenFed loan check is different. I highly recommend you call customer service.

 

Oh wow, this is really good to know!!! No one told me that, so I guess the glitch in my application is a good thing since I probably won't take delivery until the 3rd week of July. Thanks for the heads up! Really!

 

My approval is good for 90 days. I called them already. Im not new to auto loans. Payment does not start until the check is actually cashed.

 

Quick question:

As I understand it, I provide the vin and they give me a certified check (as opposed to no vin and getting a preapproved check.

In my situation, I want to use just 20k loan and pay the rest out of my bank account.

Do I simply provide the vin and can I then ask specifically for a 20k loan or by providing my vin do I get a check for the amount of the car?

 

tell them you only want 20k for the certified check.

I'm still waiting....

 

Your situation has to be the most complicated Ive ever heard.... I have never had the problems you are having. Ive nver had to wait when purchasing a car. The most Ive ever had to wait is 3 hours and that was because the dealership and the lender were playing phone tag. Hope it all works out quickly for you.

 

Thinking about financing with penfed, but now worrying from reading all the complaints here about having to wait for your car, and check issues.

I was also wondering, my granfather was in the air force could that qualify me for financing with them?... instead of a $20 donation, that you usually have to do.

 

MY father (now deceased) qualified. Your Grandfather should also. Gave a VIN# and got the check in a few days. Very smooth and fast. Dealer will take the check and my personal check with a copy of insurance (for any car).

 

Hmm ok. That instills some hope. My gradfather is deseased as well, does that matter at all?

 

the only "gotcha" was when I selected deceased, they still asked for a phone number. I then put "deceased" as the phone number. He does not pick up calls anymore. I then converted to use their Credit cards. Monthly rewards back on purchases. So far, real easy to do business with. The hard part depends on the dealer.