topic PNC Check ready auto loan in Auto Loans

PNC Check ready auto loan

eyarman128 — Sat, 07 Jan 2023 14:13:37 GMT

Last night I decided to apply for a PNC check ready auto loan. PNC is where my family does 90% of our banking. (paycheck deposits, business banking and deposits etc) I requested a loan for $34k got an email right after submition saying I was approved for the $34k and then a hour after that email I recevied another email saying they needed

ADDITIONAL VERBAL OR WRITTEN EXPLANATION OF WHAT THE REQUESTED LOAN FUNDS ARE TO BE USED FOR

I found this odd and wondering why they need verbal or written explanation when I applied specifically for a auto loan. Also when I called the 866 nubmer listed they are closed until monday morning(imagine that). Does this mean my loan is not apporved or can anyone shed some more light on why this would have been sent after I already received a congratulations email saying I was approved.

CS:

EX 749

TU-767

EQ- 757

Re: PNC Check ready auto loan

FireMedic1 — Sun, 08 Jan 2023 09:36:08 GMT

Probably like getting a new credit card. Verification and such. They want to know what they're buying. Its their auto until its paid.

Re: PNC Check ready auto loan

AutisticPretzel — Sun, 08 Jan 2023 10:13:19 GMT

From my knowledge, there has been a decent amount of subversive/borderline fraudulent moves that people have been making use of in the financial community lately - One of those "plays" is applying for a blank check auto loan and using the funds on things other than what they are intended, basically using it as a personal loan.

I'm not familiar with PNC's blank check process but my belief is that youre approved and shouldn't have any issues. This just sounds like a formality to verify that you intend to use the check/funds for the purpose for which it was issued.

Re: PNC Check ready auto loan

EdenL — Sat, 30 Dec 2023 05:12:55 GMT

I had one, and I know the stips *currently* include 2015 or newer, and must buy from a dealer authorized to see at least one new mark.

If you go for private party loan, its more difficult at PNC

Re: PNC Check ready auto loan

blossom_rebuilding — Wed, 03 Jan 2024 16:56:38 GMT

I had a PNC check ready loan awhile back and my application was put on hold until they verified my identity. I also had an existing relationship with PNC and getting the loan was a good experience. The verification didn't detract from that at all. Don't let a minor hiccup impact how the process goes, OP. It'll be fine once you get ahold of them.

ETA: Didn't realize the original post was so old when I replied!

Re: PNC Check ready auto loan

pizzadude — Wed, 03 Jan 2024 22:41:55 GMT

Maybe this is their way of asking for the make, model, VIN# of the car you're planning to purchase ?