Credit Union cheque

Maseykel84

Hi, I was approved for a car loan by the Credit Union for my first car, which is giving to me by cheque. Credit Union has now told me to buy from a private seller I first must have proof of purchase and the log book transferred into y name before they give me the cheque, which makes no sense to me and wasn't told this before, how does this even work?? Anyone else had this problem with the Credit Union?

I've since asked the Credit Union to change my loan to personal loan at a higher interest rate and I'm waiting to hear back from them.

Just wondering how anyone else dealt with this problem.

Thanks.

robm360

I once had to go with a seller to his local credit union branch to lodge a credit union cheque as he thought it might be a fake. I had no issue with this.
Perhaps go with the seller to their credit union/bank and get a proof of lodgement from them or they could contact your local branch with a quick email?
Either way if your using the funds to buy a car then stick with the car loan interest rate as it’s much cheaper in the long run than a personal loan rate.

horse7

Maseykel84 wrote: »

Hi, I was approved for a car loan by the Credit Union for my first car, which is giving to me by cheque. Credit Union has now told me to buy from a private seller I first must have proof of purchase and the log book transferred into y name before they give me the cheque, which makes no sense to me and wasn't told this before, how does this even work?? Anyone else had this problem with the Credit Union?

I've since asked the Credit Union to change my loan to personal loan at a higher interest rate and I'm waiting to hear back from them.

Just wondering how anyone else dealt with this problem.

Thanks.

The seller keeps the registration document, fills in the buyers details and sends it to the authorities who send out the updated document to the new owner.

colm_mcm

horse7 wrote: »

The seller keeps the registration document, fills in the buyers details and sends it to the authorities who send out the updated document to the new owner.

How many sellers will let you fill out the document, wait 2 weeks for a new document to come out before you can even pay for the car?

Ridiculous requirement given that it’s an unsecured loan either way.

Eoinbmw

Lodge the credit union cheque into you bank account and give seller a bank transfer/draft?

bazz26

I'd get clarification from the Credit Union on that policy and a link to where it is written rather than just word of mouth from someone over the phone because it makes no sense. No seller with half a brain is going to sign over the registration of their car to a new buyer who hasn't actually paid for the car yet. If it is indeed their policy then it sounds like it's there to discourage using their car loan to buy a car from a private seller.