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How do I use a credit union check for financing a new car?
So my wife and I were at a dealership yesterday and were ready to purchase a vehicle after weeks of research/looking. We're pre-approved through our credit union and were given a check to fill out in financing. However... and this is where the problem starts... the fiance manager wanted us to fill out an option contract instead. He said that this was SOP and that we would have to go through the process of bringing the contract to the credit union to get a purchase order (I think that's what it was), and then bring in a check for the amount of loan.
But the instructions on the check are different and very clearly state that we fill in the amount, and that no other check or paperwork is needed. The finance manager was adamant about the option contract and wouldn't budge. We walked out, but can't get any clear answers today because the credit union is closed. What to do?
But the instructions on the check are different and very clearly state that we fill in the amount, and that no other check or paperwork is needed. The finance manager was adamant about the option contract and wouldn't budge. We walked out, but can't get any clear answers today because the credit union is closed. What to do?
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I guess I'm confused about the process itself. Is it standard for them to fill out that option part of the contract with their own financing number even though we've given them a check? Will they shred the contract once the check goes through? What if they don't process the check in time?
Let's see if we can find some current or past car salespeople to jump in here.
That's what happens when you do the backup financing contract. Once your credit union deal goes through, they tear up the contract.
But, they want to sell you their financing, and won't make it easy for you to use your credit union. All that said, they are perfectly justified in making sure they get paid.
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