NFCU auto loan + car buying process

xerostatus — Sat, 14 Jun 2014 02:46:50 GMT

So earlier today, I applied for an auto loan with NFCU and got an instant approval for up to 30,000 @ current lowest rate. I plan on running by the closest branch and picking up the pre-approval check tomorrow. I already picked out the car I want, negotiated the price, all that good stuff. So immediately after I pick up the check, if I present the check to the dealer as payment, will I be able to take delivery of the vehicle?

The reason I am asking is, there was unfortunate bit of "aligning of events" if you will; I've been looking to purchase a new car for some time now, and just when it started materializing, if you will, suddenly my current car took a dump (hmm somebody is REALLY eager to get traded in... ) so suddenly, the clock is ticking a bit faster for me as I need a car before the start of next week.

This is my first new car purchase with a dealership, so I want to hear what the process would be like. I think i got all the hard parts out of the way (already negotiated the price, already got it in writing, already got the loan approval, etc). but I want to make sure I can actually physically take delivery of the vehicle I want to purchase tomorrow, when I walk in with my check. Is that likely/possible?

Re: NFCU auto loan + car buying process

Remember0 — Sat, 14 Jun 2014 05:20:05 GMT

With most dealers, yes. If you have a preapproval + a check you make out to them, they'll give you the keys.

I have heard a few cases where they are unprofessional (to try to pressure you to go through their financing companies) and withhold the keys until the money clears. But again this is the exception not the rule. If this happens, I'd look into going to another dealership to be honest.

Also be sure to get a quote from Carmax for your car before just agreeing to the dealer's trade-in price.

Finally if you don't want the dealer running INQs even though you've prearranged financing, I highly recommend freezing your bureaus before going to the dealership. In most states it'll cost $10/bureau to freeze and another $10/bureau to unfreeze. The downside here is there's a SMALL chance they might not release the keys and might wait for the check to clear before giving you keys if they can't look at your credit at all.

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topic NFCU auto loan + car buying process in Auto Loans

NFCU auto loan + car buying process

Re: NFCU auto loan + car buying process