Quote:
Originally Posted by Jason
sorry if my post was confusing...
- i applied for a penfed loan
- it was pending when it was time for me to buy the z
- i borrowed money from a relative and told them i'd pay them back when they approve the loan
- i bought the car with my relatives money
- when penfed approves my loan, how do i get that money to my relative instead of the dealership?
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Jason,
You're in an unusual situation. Technically, they are expecting to issue the check to the dealer. They may, or may not issue the check in your name, they may ask to see a copy of the bill of sale so that they can verify the dealer, VIN, year, mileage, etc...
Its up to you, buy maybe you should be straight with Penfed and tell them what happened. They may change your rate, higher, but I don't think that you want to get caught in a lie.
You've represented to them that you are going to buy a new car from a dealer and use Pen Fed's money for part of the financing. I think you should come clean.
I'm not trying to imply that you're trying to rip them off, because you're not, but they may see things differently, especially if they find out by accident before closing.
Just my two cents.