E-Loan

[afretiree]

Anyone use E-loan to buy a vehicle??? My dealer is giving me a line that I couldn't take the truck till the check clears. Is this fair or are they just trying to force me to use their financing.

[afretiree]

Anyone use E-loan to buy a vehicle??? My dealer is giving me a line that I couldn't take the truck till the check clears. Is this fair or are they just trying to force me to use their financing.

[H3wannabe]

That's a reasonable response by your dealer if they are not familiar with the lender. There are many "certified check" scams going on right and it is far too easy to be scammed. And the "replica" checks being created by these scammers are IMPOSSIBLE to tell from the real deal by looking at it.

If they are unfamiliar with the lender, I can understand wanting to wait for the check to be cleared by the bank and the funds deposited.

My wife and I just got our dealers license in NH and we use and recommend http://www.capitaloneautofinance.com a lot which I believe is the same type of service. There is one number (the same one each time) that I can call to verify the authenticity of check so I am comfortable letting a car go once I have verified the check with CapitalOne. Not sure if e-loan has this same service?

I would also hold the vehicle if it was a lender I had not done business with before. Having said that, it does see odd that a large dealer would have never used eloan before. But I don't think it is out of line to request time for the check to clear. Lot's of scammers out there these days it seems.

H3wannabe

[HummerNewbie]

I got a fake cashier's check for a Boxster I sold on Ebay. Was kind of leery of the buyer from the start anyway and really scrutinized the check when it came in. Called Wells Fargo where it was supposed to come from and confirmed it was a fake.

[GrimReaper]

Hey newbie, how did you do overall with your Boxster sale (one of my favorite wantahaveit cars)? How long did it take? I may have to take that route with my M3. Blue book is around 20k, and the dealer told me that they would give me $8500 for trade-in. He suggested ebay.

[HummerNewbie]

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by GrimReaper:
Hey newbie, how did you do overall with your Boxster sale (one of my favorite wantahaveit cars)? How long did it take? I may have to take that route with my M3. Blue book is around 20k, and the dealer told me that they would give me $8500 for trade-in. He suggested ebay. </div></BLOCKQUOTE>

Finally got rid of it but actually sold it to a friend of a friend. Fun car but kind of scary to see all the H2 bumpers even with the windows though http://www.elcova.com/infopop/emoticons/icon_eek.gif http://www.elcova.com/infopop/emoticons/icon_wink.gif

I would think that could do better that they are offering. You can check KBB.com and see what they are going for in the area either for trade-in or selling outright. Did you check with CarMax? Isn't there one up by LPGA Blvd. and I95? If not there is one in Sanford. Ebay can be good but you really have to be careful. Just didn't feel comfortable from the beginning with the buyer and ended up being glad I went with my gut on it. Good luck with getting what you should on yours.

[GrimReaper]

KBB trade in is 15k, but the dealer said that they would no go by that. CarMax was going to be my standby in case the dealer lowballed me, but then my wife thought that she remembered that they won't take a car older than five years, no matter that it is in showroom condition. Not sure about this. I'll have to check.

[GrimReaper]

Just looked at Carmax, and they don't say anything about the age of the car.

[HummerNewbie]

As far as I know, CarMax does not care about the age of the vehicle. The car I sold them was either 6 or 7 years old. They also gave me the top figure that KBB said I should get for trade-in. Maybe I got lucky, but worth looking at. I am sure the dealer wants to give you $8K so they can make a nice profit.