Buying a car privately with a credit union cheque

Shox2711 · 28-01-2019 06:57PM #1

Hey all,

Credit union approved me for a loan a while ago and told me because it's a special rate car loan the funds can only be written as a cheque to the seller. Obviously it takes a few days for a cheque to clear.

Anyone have any advice on what to do here? Seller is Hardy going to let me drive away without the funds cleared in their account. And I don't want to give them the cheque and rely on their good will to let me know when it clears so I can collect the car either. At a bit of a cross roads.

Any help would be greatly appreciated.

w211 · 28-01-2019 07:22PM

Send credit union over the board and use the cash. If you do not have enough cash, buy the cheaper car or ask the big discount.

The high horse brigade · 28-01-2019 07:41PM

guyfo wrote: »

Cash the cheque, pay in cash..... Context is a wonderful thing.

The cheque is to be made out to the seller. You cannot cash a cheque that is not made out to you

punisher5112 · 28-01-2019 07:43PM

I thought they had it that it would have to be paid dealer to avail of the better interest rate.

Shox2711 · 28-01-2019 07:56PM

punisher5112 wrote: »

I thought they had it that it would have to be paid dealer to avail of the better interest rate.

I thought so too but they were happy to give it to me for a private sale.

wonski · 28-01-2019 08:49PM

Do they require you to buy from a simi registered dealer? Was it a car loan, or just a cash loan?

Normally there is a limit on the age of the car and it is supposed to be bought from a dealer.

If, however, they did not make that condition of the loan, tell them the seller's name is the same as yours coincidentally, lodge it into your current account and withdraw.

w211 · 28-01-2019 09:49PM

Here was load of text but all are gone. The censorship as on North Korea...

Ashleigh1986 · 29-01-2019 12:03AM

Is the special credit union car loan @ 6% ???
I beleive the credit union will only give that rate if you purchase from a garage.
If you buy private the rate is at a personal loan which is 12 % ??

JohnFalstaff · 29-01-2019 01:51AM

Take out the loan as a personal loan at the higher rate of interest. You can withdraw the loan in cash.

Pay for the car and get an official receipt - with a stamp if possible. Bring the receipt back to the credit union and explain to them that the loan was for a car and ask them to change the repayments to the lower interest rate.

This worked for me years ago and I was told in the Credit Union that it is the only way around this problem. I'm not sure if this is possible for a private sale as I was buying from a garage.

aerofoiled · 30-01-2019 01:26AM

Shox2711 wrote: »

Hey all,

Credit union approved me for a loan a while ago and told me because it's a special rate car loan the funds can only be written as a cheque to the seller. Obviously it takes a few days for a cheque to clear.

Anyone have any advice on what to do here? Seller is Hardy going to let me drive away without the funds cleared in their account. And I don't want to give them the cheque and rely on their good will to let me know when it clears so I can collect the car either. At a bit of a cross roads.

Any help would be greatly appreciated.

See if the seller is happy call the credit union once you give him the cheque to verify it is genuine. I was in a similar situation (as a seller) a couple of years ago and had no issue letting the car go once I knew the cheque was legit.

PaulKK · 30-01-2019 08:41PM

Do a bank transfer.

I've done this from the credit union in the past.

Buying a car privately with a credit union cheque

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