Hi, I will be getting a check for an auto loan. But the check will not get here in time so I am actually borrowing money from relative to cover this until the loan check comes through. The problem is that the loan check has my name and the dealership's name on it. Can I just deposit the check into my account? Thanks!
2007-09-04 06:30:44 · 5 answers · asked by wjf1973 2 in Business & Finance ➔ Personal Finance
The check will have to be deposited by the dealer. The two party check system gurantees to the lender that you won't use the money for something else.
2007-09-04 06:35:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No you can't.
IF the check is made payable to you and the dealership, you will have to get an endorsement from the dealership as well in order to deposit or cash the check.
Best thing to do is hold off on the loan from the family member and use the check from th loan.
Talk to the dealership and see if you can maybe pay a reasonable fee and get an extension on the deadline for payment.
they may be willing to wait for a little longer to get the check from the loan for a little extra.
The check may actually be coming with your name in the from and the dealership in the to parts. If that is the case, the only thing you can do is hope the dealership will take the check, deposit it and cut you a new check for that ammount.
2007-09-04 06:41:09 · answer #2 · answered by Will Y 3 · 0⤊ 0⤋
No, you cannot legally just put it in your account. The loan company would return it as improper endorsment. You need to take it to the dealership and have them sign it over to you, then you could legally put it in your personal account. Or you need to take it back to the loan company and tell them you have paid the dealership and thus the check should be made out to you alone. Either one should work and is perfectly legal...the best thing would be to have them make it out to the person you actually borrowed the money from. Assuming you have documentation this should not be a problem.
2007-09-04 06:36:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You may want to just wait for that check. You would have to give the check to the dealer and have them cut a check back to you. That sounds pretty complicated and will definitely take some time.
Was there no way to have the loan check overnighted? That's how I've always gotten car loan checks.
2007-09-04 06:38:15 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
You can try, but the bank should deny it. It appears that the loan company did that to ensure that you didn't pocket the money. You will probably have to explain the situation to the dealer, and work out some way to have them give you the money back so you can pay your relative.
2007-09-04 06:42:24 · answer #5 · answered by jirocpa 3 · 0⤊ 0⤋