Penfed check payable to me and dealership question

[Sabrian31487]

So penfed just finished my auto loan and they are sending me the check in the mail .. My question is since it is made payable to me and the dealership would it be easier to deposit the check into my checking account and then pay the dealership through my checking account or can you even do that? Or send the dealership the check directly?.. Never bough a car before so this might be an easy answer for most of you..
Thanks

[Gmood1]

You'll have to take the check into the dealership. You'll endorse it there and hand it over to the finance manager during the initial paperwork.

[Anonymous]

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@Sabrian31487 wrote:
So penfed just finished my auto loan and they are sending me the check in the mail .. My question is since it is made payable to me and the dealership would it be easier to deposit the check into my checking account and then pay the dealership through my checking account or can you even do that? Or send the dealership the check directly?.. Never bough a car before so this might be an easy answer for most of you..
Thanks

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You can't do that.  There is lien recording info on the check and because it's made out to both of you, both need to sign the check before PenFed will cash it.  Just hand the check over to the dealership and they will take care of the rest.

Congrats on your new car!

[Sabrian31487]

Thanks guys!

[Anonymous]

Congratulations!

[Anonymous]

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@Sabrian31487 wrote:
So penfed just finished my auto loan and they are sending me the check in the mail .. My question is since it is made payable to me and the dealership would it be easier to deposit the check into my checking account and then pay the dealership through my checking account or can you even do that? Or send the dealership the check directly?.. Never bough a car before so this might be an easy answer for most of you..
Thanks

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Since, you said you've never done this before....don't take my slow walk thru, with any offense, just want to be clear and help educate anybody else for future like situations, that being said

would it be easier to deposit the check into my checking account

Do not even TRY that.....

a) We know it isn't 'your' intention but ANY check written out to 2 parties must be endorsed by BOTH parties, or somebody might be looking at FRAUD/theft charges.

*Sidenote: FYI

When checks are made out

So n so OR Mi mi.... either So n so OR Mi mi....can cash that check and have it honored but if the check is made out

So n So AND Mi mi....then it's check needing BOTH endorsements, as the check was made to 2 parties, not one and not either or

This is important not only with for this car loan but insurance checks come like that, checks to partnerships, income tax checks from to IRS or the state ( now many times spouses don't trip out, when you sign there name but otherwise the word AND is very important on ANY check...so be careful....just an FYI for checks, period, I wouldn't want anybody to get jacked up over realizing, how big a deal ignoring that one word could be.

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Never bough a car before

2ndly TRUST ME the dealer has sold one before THEY know what to do

Seriously, they'll have YOU sign your part real quick.....don't you worry about how EASILY they'll get THEIR MONEY, friend...they will get their dough, when they see a

Pre-approved check from the bank they 'get' that it's CASH in the bank, baby.....

When I got my car 2 months ago that NFCU check was as golden as cash ( with cash for 10k, there government red tape)....with a check from a well known source, they get you coffee and detail your new ride, while you wait

Enjoy your car...what'd you get?