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How is this different from what the Credit Unions have been doing for years? Thus, apply for a car loan online or in a branch without actually picking a car, o
by pavornyoh 11y ago
How is this different from what the Credit Unions have been doing for years? Thus, apply for a car loan online or in a branch without actually picking a car, once approved for an amount they send you a blank check. You go to a dealership and once you decide on a car, you just write them a check and drive off. Penfed CU, DCU, NASA CU etc. all do this and it actually gives the buyer an upper hand to negotiate and get a better deal on a car. The rates these companies offer are also more often better than the rates the dealership offers.
- atourgates 11y agoAll that does is remove financing from the equation. Last year, I paid cash for a new car at a dealership. I arranged the entire purchase via email, but it still took about 2-hours at the dealership doing paperwork, declining all the BS extras and getting my car "prepped" to drive out the door. Then I had to arrange for the single largest wire-transfer I've ever had leave my bank account. Assuming Drive Motors takes away a good part of that hassle, it'll be a great asset to people like me who don't particularly relish the dealership process.
- pavornyoh 11y agoI suppose you are right. The last time a bought a car, it was out of state. Everything was done via email and the extra perk was they drove it down to me at no extra cost along with the paperwork to sign after final inspection. It will be nice if Drive Motors can offer the "Drive the car to you" at some point after purchase.