Originally Posted by formgen
Does Penfed have echecks and does your dealership accept them. I use USAA for my bank and all I did was show up with a letter from the bank, the dealership calls with their info and the money is confirmed and transferred to the dealership in seconds.
The dealer has specifically said they will only trust a wire transfer or a cashier's check they witness being created at a local branch. PenFed does not offer wire transfers, but does offer phone verification of the loan, check, etc.
Originally Posted by Its_Canuck
Sound very unusual for a dealer to do this. Especially with the lack of communication on their part.
How was your dealings with PenFed so far in getting the loan.
I joined them a month ago (veteran status) and planned on using their services for the loan. Haven't decided on a traditional or their 'select loan' yet.
To be honest, I have not started the app yet, and am glad I haven't. I might look at BofA, which is claiming 3.2% loans, and if they can cut the check at a local branch while BMW watches, BMW says they will accept it without the hold. Otherwise, I am going to have to free up the cash and get a check equal to the loan amount out of my personal account just so I can pick up my car. Then they will give me my money back when the PenFed check clears.
I feel like I showed up in tattered clothes at a cash and carry dealer a few miles from the border, not a luxury car dealership I have been working with for months. If I wasn't locked into this already, I would be at least changing dealers, if not car choices too.