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Using Penfed

Discussion in 'Ferrari Discussion (not model specific)' started by rongotti, May 3, 2016.

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  1. rongotti

    rongotti Karting

    Apr 11, 2015
    244
    North Florida
    #1 rongotti, May 3, 2016
    Anyone ever have any issues with a Penfed check to buy a car? My potential seller says his bank is concerned about the two party check they sent me to use. I asked could the funds be wired but they told me they were not set up to be able to do a wire.

    I am in Florida the car is in AZ, so trying to figure out the best way to do this.

    I was thinking he signs and gets notarized bill of sale, sends it to me, I send him the check, then he sends me title?

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  2. good2go

    good2go Formula Junior

    Feb 9, 2016
    939
    #2 good2go, May 3, 2016
    A bank that can't receive a wire? I would ask more questions.
     
  3. rongotti

    rongotti Karting

    Apr 11, 2015
    244
    North Florida
    #3 rongotti, May 3, 2016
    No, Penfed said they can't send one for a car loan

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  4. riozilla

    riozilla Formula Junior

    Jan 25, 2006
    596
    Austin, TX
    #4 riozilla, May 3, 2016
    I've used Penfed probably a dozen times to buy cars from private parties and dealers. Never once had a problem. They are the best.
     
  5. shad99

    shad99 Formula Junior

    Dec 12, 2013
    300
    Japatul Valley, CA
    Full Name:
    Andy
    #5 shad99, May 3, 2016
    Something strange here. I've purchased a dozen or more cars using Navy Federal without problem. The two party check (Really a counter check that both the credit union and you sign) is SOP. I had a brief problem once with a European delivery because the loan official was unfamiliar with the process. Squared away easily by someone senior. I'll bet that's what's happening in your case. I would recommend finding someone up the chain to talk to.

    Good Luck,

    Andy
     
  6. Dave rocks

    Dave rocks F1 World Champ
    BANNED

    Nov 23, 2012
    16,047
    Orchard Park, NY
    Full Name:
    Dave Lelonek
    #6 Dave rocks, May 3, 2016
    Penfed is great, but IIRC that told me the same that they don't do wires. Just have the seller hold the title until the check clears - it will only be a day or two.
     
  7. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    16,585
    Charleston, SC
    Full Name:
    Curt
    #7 vrsurgeon, May 3, 2016
    Are you sure the seller is legit?

    When I used them for my car, I signed the check they sent and next-day delivered it to the dealership. They deposited it and used a title company to deliver the title to the DMV and then get me a registration.
     
  8. rongotti

    rongotti Karting

    Apr 11, 2015
    244
    North Florida
    #8 rongotti, May 3, 2016
    Ok thanks guys, yes seller is legit, neither one of us have done one of these transactions from this far away before. Just trying to ensure we are both protected here.

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  9. Townshend

    Townshend F1 Veteran
    Owner Rossa Subscribed

    Jul 20, 2005
    6,677
    Chicago
    Full Name:
    Walter
    #9 Townshend, May 6, 2016
    Used PenFed a bunch of times too. You should have no problems.
     
  10. rongotti

    rongotti Karting

    Apr 11, 2015
    244
    North Florida
    #10 rongotti, May 6, 2016
    We are good, car is on the truck heading to Florida now ;-)

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  11. Townshend

    Townshend F1 Veteran
    Owner Rossa Subscribed

    Jul 20, 2005
    6,677
    Chicago
    Full Name:
    Walter
    #11 Townshend, May 6, 2016
    Congrats!
     
  12. rongotti

    rongotti Karting

    Apr 11, 2015
    244
    North Florida
    #12 rongotti, May 6, 2016
    Thank you! :)

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