Buyback Check or Electronic Bank Transfer

k1xv said:

Not every credit union has a direct participation in the ACH network. So, in such instances, it could add a little time.

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Mine does has direct ACH transfers. I just checked again, and the transfer has completed!

As of this evening (Wednesday August 22,2017) it appears in the portal that selecting a check automatically queues to a mailing to your home address. Now, I'm not certain whether this was a setting I selected months ago when I created my account or not but that is the only option I'm seeing for buyback on my 2012 Jetta - no check at turn-in.

Quick question for someone who chose to be paid by check: what type of check is it? Any chance it is a cashiers check? I ask because I’m trying to figure out the best way to combine the buyback with picking up my new vehicle, 500 miles from home (where our bank does not have an account). The salesperson I’m buying from said I could sign over the check if it’s a cashiers check. Otherwise I’ll have to take out a loan for a short time.

S-Spinnister said:

Quick question for someone who chose to be paid by check: what type of check is it? Any chance it is a cashiers check? I ask because I’m trying to figure out the best way to combine the buyback with picking up my new vehicle, 500 miles from home (where our bank does not have an account). The salesperson I’m buying from said I could sign over the check if it’s a cashiers check. Otherwise I’ll have to take out a loan for a short time.

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It is a cashier's check with your name on it. As far as I know, you cannot deposit it into a dealership's account from who you are buying the car...

What about a mobile deposit? My bank allows up to $50,000 to be deposited through my phone

Thanks for the response! Not sure about the mobile deposit, since I’d need the money the same day and I suspect it would take some amount of time before it was available. I’ll check into that though. I was hoping I could just endorse it over to the Subaru dealer, and their finance department said I could, depending on the type of check.

teamyoga said:

As of this evening (Wednesday August 22,2017) it appears in the portal that selecting a check automatically queues to a mailing to your home address. Now, I'm not certain whether this was a setting I selected months ago when I created my account or not but that is the only option I'm seeing for buyback on my 2012 Jetta - no check at turn-in.

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I got the reminder email about the turn in on Tuesday next week. I chose the check, and it said if the miles match what bin I was supposed to be in, I got the check at closing, otherwise 3 day fedex to the home address. Make up payment if I was under would be sent plus I leave with the partial check. Either way, check in 3 days or walk out with the check is about the same.


Check at turn in is part of the settlement, it may be harder to find, but still part of the settlement.

Just do backup financing. They will hold your loan application until you pay. It won't cost you anything extra and should not be much of a headache.