spidsta

I've done a search and haven't really found the answer but a lot of members seem knowledgeable on the subject so here goes.

I'm buying my first big boy car that i'm financing (my previous vehicles i paid straight up cash) through an auto loan. I called NFCU and got pre-approved for a used car auto loan. After speaking with someone, she said I need to fax the buyers order from a dealership. So the process goes... I find what I want, talk shop and settle on a price, then get them to fax the buyers order to NFCU... and then the dealership finalizes the process? Or would NFCU cut me a check to give to them?

Thanks in advance.

Slooby

Usually on a preapproval they cut you a blank check for upto the amount approved for then you go and find your future car and do the wheeling and dealing there. Just don't tell the dealer you have a preapproval because then they will be less likely to bargin because all they see is money.

slogsr@sage

This.

Back in 08 when I bought my TL they did this.

sidewaysil80

agree, I don't know why their would be a buyers order from a used car lot involved in this. Generally it's "hey I want to buy a car, for around this much, don't know what though", they say "congrats you've been approved you can pick up your check from branch x" , you say" golly, gee wiz thanks!". the "check" we are referring too is essentially a blank check that says "not to exceed $ (insert what your loan amount is) dollars. you then go car shopping, when you find one you want AFTER negotiating price and (remember most dealerships get a kick back from whoever they have a financing deal with so it doesn't hurt to make them think you will finance through them to get a slightly lower price) then at the last possible second whip that check out, fill it out, give it to the dealer, and drive off.

Otacon

That's how it worked when I bought my TL. I bought from a private party though so it was much easier to settle on a price.

spidsta

What the hell. My housemate told me he did the same thing (blank check), so I'll give them a call tomorrow. Thanks all.

shawn22

They usually do a buyers order if its the first big purchase you've gotten from them so they dont spend a shitton of money on a car that isnt worth fuck all.

They tried that with me once. But then I got a regular loan and they just cut me a check.

MORE IMPATIENT

NFCU, no longer does the BLANK CHECK (up to your preapproved rate) anymore. From what I recall as of last year. If you are buying a car, you have to contact the bank, give the name, the vin of the car, miles blah blah blah. It SUCKS.

I wrote them a few nasty emails because I liked the way they used to do it, was so much easier. Bought multiple cars thay way and if I didnt like the car when I saw it than I could just hop skip and jump to the next one without having to worry about it, than after I went to buy an 07 sti last year and did all the shit they wanted me to, specifics on the car, mileage, they made the check payable to the owners name, etc etc and then the fucking dude sold it out from underneath me right before I bought my plane ticket. so its a hit on your credit report for nothing, and if you want another car than they do it all over again and have to hit your credit report again. Hence why I wrote them very angering emails saying this new way sucks because of things like this happening making the whole process longer and harder.

I am hoping they changed it back the next time I go to buy an expensive car.

shawn22

When did they change it? Because I bought my S2000 in may of last year and I got a blank check that was pre-approved up to a certain amount.

keefboz

I also had to give details of the car initially, then I told them I had my eye on something different and they ended up giving me the "blank cheque" which was good up to a certain amount. This was in 2011, so things may have changed.