Car Loan from CU euro cheque to dealer. But dealer in NI will only accept sterling.

C

Cush

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Hi, I am trying to get a car loan to buy a car in northern Ireland. I have a loan approved with my credit union, but they will not give a sterling draft and the dealers up north won't accept a euro cheque! Is there any bank in the republic that will issue the loan amount in sterling? Thank you in advance!
 
Re: Car Loan

Why not ask the CU to issue the cheque to yourself, lodge to your own bank account and get a draft from your bank?

I'd be surprised if you had a problem with any bank doing this with an unsecured loan: maybe CUs have different rules, though.

By the way, is the CU the cheapest source of credit you've been able to get?
 
Re: Car Loan

CU is the cheapest rate I can get because it's a promotional car loan rate. They will not issue the cheque in my name but it must be issued to the dealer, hence the problem. It is the same with several banks I've contacted.
 
credit union should be able to issue the cheque in your name,i have seen it done, then if you lodge the cheque to your own account you will have no problem getting a sterling draft from your own bank.
 
Re: Car Loan

Cush said:
CU is the cheapest rate I can get because it's a promotional car loan rate. They will not issue the cheque in my name but it must be issued to the dealer, hence the problem. It is the same with several banks I've contacted.
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I dont think that this is right. I have had plenty of dealings with credit unions over the years and have had loans for various things including car loans. Any cheque that I received from a credit union has always been issued in my own name. And also at times if not a large loan cheque they have even cashed it for me in the office before I left on the rare occasion that I needed cash. A credit union has to issue a cheque in the first place but it is nearly always issued in the name of the credit union member unless specifically requested by that member to make it out to a third party.

I would go back to your credit union and ask for the cheque to be issued in your name and then lodge it into your bank or building society account and ask for a draft. I have never heard of a credit union insisting that a cheque be made out to a car dealer.
 
Re: Car Loan

steph1 said:
I have never heard of a credit union insisting that a cheque be made out to a car dealer.
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It depends on the CU. I recently got a car loan at a promotional rate (<5%) from my CU (a large CU with more than 20,000 members) To avail of the promotional rate, the cheque HAD to be made out to the car dealer. No exceptions.

A normal loan rate of 8% would have applied if I got the cheque made out to myself.
 
Re: Car Loan from CU euro cheque to dealer. But dealer in NI will only accept sterlin

There's plenty of other car dealers and plenty of other cars out there. If this one doesn't want your money, tell him where to go.
 
AJC is spot on. These are the CU regulations. For the special promotional rate the cheque must be made out to the dealer.
 
oldtimer said:
AJC is spot on. These are the CU regulations. For the special promotional rate the cheque must be made out to the dealer.
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These are that particular CU's POLICY as opposed to regulations.
Policy in each CU is decided by the its Board of Directors
Not all CU's operate that way.
 
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