Quote:
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.
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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.
Quote:
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.
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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.