Vehicle Finacing Issue

[zeus6703]

About 3 weeks ago I purchased a vehicle from a dealership. I had gotten my own financing through my credit union and had the draft check in hand. The transaction went smoothly, and I traded my old vehicle in. Recently I received a letter from my CU that sai the draft check was returned to payee's institution because of a missing signature. I contacted the dealership about this and brought them in the letter. They copied it and said they would overnight it and take care of it. Nothing has happened so far and I have already registered the car in my name. What can happen now?

Thanks.

 

[quincy]

About 3 weeks ago I purchased a vehicle from a dealership. I had gotten my own financing through my credit union and had the draft check in hand. The transaction went smoothly, and I traded my old vehicle in. Recently I received a letter from my CU that sai the draft check was returned to payee's institution because of a missing signature. I contacted the dealership about this and brought them in the letter. They copied it and said they would overnight it and take care of it. Nothing has happened so far and I have already registered the car in my name. What can happen now?

Thanks.

What is the name of your state?

 

[zeus6703]

What is the name of your state?

New Hampshire

 

[Zigner]

I don't think you need to worry about anything. This is just a paperwork issue.

 

[zeus6703]

I don't think you need to worry about anything. This is just a paperwork issue.

My concern is that the draft check is only valid for so long. What happens if this is not resolved before then?

 

[Zigner]

My concern is that the draft check is only valid for so long. What happens if this is not resolved before then?

Again, don't worry. The draft check has already been presented...

 

[zeus6703]

Again, don't worry. The draft check has already been presented...

Is there any chance that my CU would refuse to honor the financing if the draft check expires? Almost seems like (but highly unlikely) the dealership is waiting for it to expire so I will finance through them.

 

[justalayman]

Recently I received a letter from my CU that sai the draft check was returned to payee's institution because of a missing signature.

sounds like the dealership didn't properly endorse the check


.

Nothing has happened so far and I have already registered the car in my name. What can happen now?

if they took care of it, nothing.


call your CU and ask if the situation has been remedied.

 

[justalayman]

Is there any chance that my CU would refuse to honor the financing if the draft check expires? Almost seems like (but highly unlikely) the dealership is waiting for it to expire so I will finance through them.

If it expires, you just get a replacement and deliver that to the dealership.