PeopleFirst/ELoan Issues?
 

Anyone else have a problem with your dealer accepting drafts from People First or Eloan? If you did, how was it eventually resolved?
I tried to use the BlankCheck that People First sent me and my dealer wouldn't accept it! So I called up People First and they said they are going to call my dealership directly to try to work something out.

No, just gave my dealer a 28K check and it was just as cash. I know there is a problem with e-checks, but people first is just like a regular bank check.

well the "excuse" that the dealer gave me was that although the money is guaranteed, they had experiences with them where it took "too long" for them to actually get paid the funds. i half expected this because even on the notice that came with my BlankCheck, it said that dealers might not accept drafts in my area.... New Jersey. is it just me or does NJ get the shaft for everything when it come to automobiles?

I bought a car from a used car dealer a couple years ago using a PeopleFirst blank check...he accepted it without blinking an eye. I read through E-Loan's paperwork, theirs sounds like a lot more hassle, since it's an electronic funds transfer rather than a familiar check.

I'm going through PeopleFirst for my RX-8 purchase, unless the dealership/Mazda offer me a better loan rate.

Who is your dealer? If it's Open Road Mazda in Edison I am not suprised... I got my car from them but not without a HUGE headache... won't ever buy from them again.

i got mine at east coast mazda on rt 17 south. my experience could've been a lot better too. they tried to rape me with their lease rates. hmmm... let's see, you're offering a lease for 3 years/12,000 mi per year at $560/month. now i'm thinking with my credit i know i can finance for 5 years at $600/month (which i did get with peoplefirst if this works out). $40 more to own it. i wonder which one's a better deal?
they try to come off as all nice and having integrity and everything, till they try to rip you off with their interest rates.
i can't believe the first figure they came to me with had like a double digit interest rate if you reverse calculate everything!!! do they think the consumers are that dumb?? the sad thing is, i can see some people not seeing they're getting ripped off before their very eyes.

btw, all the bs interest rates they were throwing at me was even with them acknowledging i had an excellent fico score of 760. unbelievable. and so now i'm ready to hand over the check and they give me this "we don't accept that" crap. unbelievable some dealers.

Sounds like the dealer is a hose-head :D

I have used several checks from PF without a problem. Sometimes I had to explain how it works (small town motorcycle dealer) but never had a problem. I have recommended them to lots of folks w/o a problem too.

I have heard bad things about eloan in the past, but no personal experiences.

If possible, I would just take my business elsewhere.

Dennis

If your dealer did not accept the check, ask them what loan agency are they accepting from beside their own financing department. You are not obligated to finance through the dealer and you have the option to choose an alternative loan providing that the loaning instituition is willing to go extra step to fund the money, such as wire-transfer. The worst case scenarios is your dealer won't release your car until they received the fund.

With that in mind, I think the dealer is full of crap :confused: and is trying to make money off your loan. I would also take my business else where.

Had no problem at my dealer.. they were just bummed they couldnt match the rate. One of the Finance guys there was stoked to see a People First check. Something about he wanted to do the same, but didnt need a car at the moment.

Your gas is the cheapest around the NE and it is still FULL service!

I used my PeopleFirst "Blank Check" last night when I picked up my RX-8. My dealer took it without any guff. I refinanced a car about 2 yrs ago & the original lender had no problem with them either. So, that's 2 times now with no problems whatsoever!

I pre-paid the 1st Peoplefirst loan and they were more than accomodating with me about that too. I would recommend PeopleFirst to anyone! They even sent me birthday greetings!