Tried that. Dealer still insists that Peoplefirst doesnt send you a "real" cashiers check. :P
Anyway, it's all sorted out. I just have to go through the financing fun twice...

 

I had similar iissue. Star Nissan was great to me. but wheni said i got 5.49% from peoplefirst.COM, they said we have to clear internet checks and it take 15 days. so you have to leave the car here for 2 weeks. "Do you want to do that?"

So i called peoplefirst.com while i was there and the peoplefirst rep got pissed and said do you take cash? then you will also accept a cashiers check from Citibank?

Ok i am going to send matt a cashiers check from a NON INTERNET bank. is that ok sir. and hung up. Peoplefirst sent me a cashiers check for $34,000 payable to me and the dealer and the bank name on the cashiers check was "U.S Bank"

PEOPLEFIRST YOU ROCK!

btw i sat in my car today at the dealer. prepped and ready for pick up in about 7 hours, 9am friday!

 

about PeopleFirst. When I applied online for the loan, I (dumb-***) gave them an amount that was $1000 too little. When the check came and I saw it, I said to myself-dumb-***. So I called PeopleFirst and without any difficulty got the amount increased $1000. They said just get the dealer to call us and we'll get it straight. A bit later, I called again and got a different person who said all was OK. So, I'm in the office paying for the car and point out the amount on the check couldn't be written for more that the first amount I screwed up. I told the dealer to call PF and they would get it straight. He did and everything looked good. He asked PF to fax him a document indicating the check limit was increased. We waited and waited. No fax. I'm on a tight schedule and times a waistin'. I asked the dealer what he could do with financing? Bottom line I financed through the dealer at a lower rate that PF. I guess I could have asked PF to beat the dealer, but by then I said screw it. The dealer got in touch with the insurance carrier and got a fax in less than a minute. I'm sure others had a great experience with PF, but I think they slipped a bit in my case.

 

LowFuel,
I had the same problem with the dealer I got my Z from a couple weeks ago. I had spent almost a week reviewing different offers & finally going with Etrade Bank, but when I showed up to take delivery, the dealership said they wouldn't take it b/c 1) it was just a draft, not an actual check & 2) they had problems in the past with other online banks taking up to a month getting payment. If I had known this ahead of time I would've tried to get a cashier's check or get financing through a local bank or credit union, but I didn't care for having this sprung on me at the last minute & basically forcing me into financing through them.

Good luck. sounds like you've got a decent arragnement.

 

Guys, chech your local banks.. I just got approved for a 5.25% loan for 5 years.

 

You write this as if there is a problem with pplsoft loans. actually the subject should have said "Warning, my dealer is trying to manipulate my purchase".
There is nothing to the wording that pplsoft doesnt pay them on time. You have a check in hand from pplsfot? Checks are cleared by the bank they deposit it to, it has nothing to do with the peoplesoft bank. Its the same if they said, they wont accept a check from anyone, because checks take long time to clear.

 

I will 2nd what LowFuel said! My dealer here in Dallas (Mesquite) siad the same thing, and this very well could be true! However, I went with NNA.

 

No, thats not what I said. They specifically wont accept checks from PeopleFirst. Thats it. Any other check is fine. So all I am saying is, make sure your dealer accepts a check from PeopleFirst.
I do agree that this is a moronic policy, but my warning is still valid - PeopleFirst loans may not be accepted by your dealer.

 

Try this...Notify people first of this ahead of time, pay yourself at a local bank and get a cashiers check made out to the dealer.

 

My dealer has beaten PeoplFirst by giving 4.2% vs peoplfirst's 6.25.
Some times it helps to look around!

 

Guys and gals, if you're dealer won't take a Peoples First (or any other bank, internet or otherwise) because the bank does not "give them credit in a timely fashion". Point out this is a problem with their bank, not the issuer of the check.

I work for the Federal Reserve Bank. 99.99% of checks written clear in less than a week. If your check is deposited at a bank in Podunck Center, Maine and it has to clear the original account in Out-of-the-Way, California, the longest clearing time is 3 days + the time it takes the depositing bank to get the check to their local Federal Reserve branch or Check Clearing House. The depositing bank gets credit upon presentment of the check to the paying bank. At most, this process takes 5 days!!! That's why signs in smaller banks often stipulate a 5 day hold on out of town checks.

This only applies to standard checks, certified checks are guaranteed funds and should not require a hold at all.

If the dealer trys to make you wait any longer than this or will not accept the check at all, they are BS-ing you.

 

I love people first they gave me a great % rate and the check cleared in two days.

 

Peoplefirst is a subsidiary of Capital One now, a rather large financial institution, so I am surprised to see the boycott. There must have been a ball dropped somewhere.

As for me, I'll use a credit union any day.

 

I am not writing this again so read my post ( myths about peoplefirst)

https://my350z.com/forum/showthread....&threadid=8520

 

Easy there tiger. CapitalOne is a fantastic company.