Anyone ever used E-loan's powercheck to buy a car?

[jme5343]

I've got the check, and the car I'm going to buy is in Detroit. I'm flying out next Monday, leaving at 11:00 and arriving in Deroit at 3:45. By the time I get there, the seller's bank will be closed.

Can you just do the bill of sale ahead of time and mail them the check? Otherwise I'm going to have to wait around 17+ hours to start the 20 hour drive home

I imagine you can, otherwise the check wouldn't be so convenient. I'd think you could use the check to buy the car online and have it shipped. To do that you definitely wouldn't have to physically meet with the seller to complete purchase.

I'm going to call E-loan as well, I just wondered if anyone had experience.

Thanks!

 

[iamwiz82]

Make sure that the other bank will take the check and will not hold it. Last time we bought a used car from a private party their bank held our official check for a week :|

What kinda car has you flying here!?

 

[FoBoT]

my bank has a policy to hold all checks over $5,000 for 5-10 business days, if the seller's bank does something similiar, you might want to know that ahead of time

 

[jme5343]

They're going to check with their Credit Union today...If they hold it, you mean like the 10 days for it to clear? I'd hope not, as they can just call E-loan and verify the validity, but yeah, I'll def. check.

A Buick Regal GS. I went with it for a few reasons. The kid in Detroit - Actualy Clinton Township - that has it is throwing in an extra set of rims and new tires (not 22" rims either, lol), sealed the deal for me

 

[FoBoT]

Originally posted by: jmebonner
They're going to check with their Credit Union today...

there you go, he needs to ask them what they are going to do with a $(x)X,000 check

 

[radioouman]

Originally posted by: iamwiz82
Make sure that the other bank will take the check and will not hold it. Last time we bought a used car from a private party their bank held our official check for a week :|

What kinda car has you flying here!?

A rusty one, for sure....

 

[jme5343]

Originally posted by: radioouman

Originally posted by: iamwiz82
Make sure that the other bank will take the check and will not hold it. Last time we bought a used car from a private party their bank held our official check for a week :|

What kinda car has you flying here!?

A rusty one, for sure....

LOL. No rust, no salt damage. It's only been driven about 9000 miles in the last couple years. If I get there and it's rusty, I guess I'll be hitchin' a ride home

 

[iamwiz82]

Originally posted by: jmebonner

Originally posted by: radioouman

Originally posted by: iamwiz82
Make sure that the other bank will take the check and will not hold it. Last time we bought a used car from a private party their bank held our official check for a week :|

What kinda car has you flying here!?

A rusty one, for sure....

LOL. No rust, no salt damage. It's only been driven about 9000 miles in the last couple years. If I get there and it's rusty, I guess I'll be hitchin' a ride home

There will be rust, trust me. I bet you every part of the underbody will have surface rust. The best part is trying to get suspension pieces off that have bolts originally torqued to 150lb-ft and now rusted.