Eloan Power Check Process Help

FWIW, I just did a refinance with E-Loan. It was nearly just as simple as filling out the check for the right amount and sending it in. There was only some ancillary paperwork.

I have asked dealers about using E-Loan with them and it is hit and miss, some don't want to deal with it and some don't mind to make the sale. I think there are some additional requirements on the dealer such as where to send the title.

One tactic might be to negotiate a deal on the car without telling them how you plan to pay for the car, then pull out the E-Loan check when the deal is done. They might not want to give up aa guarunteed sale.

 

Good Advice.
Always negiotiate as if it is a cash deal. Most dealers have an account with E-loan, but if they don't want to take it, just walk away. Go in on the last day of the month - They'll take the check

 

Any smart dealer will take the check and offer you an option contract. Thats what generally happens when ever someone is coming in with a check from another bank (mainly online banks) with the option contract if for some reason e-loan falls through and decides not to pay the dealer the dealer can assign the loan to one of their banks at the terms that were agreed to in the contract. One thing to keep in mind is that e-loan wont pay the check unless you have completed all the necessary paperwork that they may need for example if they want to see your pay stubs, proof of residence stuff like that. once e-loan gets that stuff from you and then the dealer sends in the appropiate paperwork then e-loan will pay the check. I know a lot of dealers that wont take e-loan because they have gotten burned in the past, and the reason they got burned was they didnt send in the right paperwork or the customer lied about income now e-loan decided to rescend the contract. in this situation the dealer is on the hook and has to try to get the car back or the loan bought at one of thier banks. thats why a lot of dealers dont take the e-loan checks