Red Flag: My Dealer Won’t Accept My Credit Union Draft

by Ken Frank
Finance Supervisor
We Drive

Over the years I’ve had members attempt to purchase vehicles at dealers that would not accept the draft they received from their credit union. If this happens to you, remember that something may not be quite right about the dealership or the vehicle you want to buy.

Sometimes dealers won’t accept a draft because of the conditions that come with the draft. These conditions protect you, the credit union member. For example, We Florida Financial’s drafts are not allowed to be used to purchase vehicles that have reconstructed, salvage, or flood titles. If your dealer is not accepting your credit union draft, the vehicle may have a bad title. Also, We Florida Financial does not allow dealers to use their drafts to purchase vehicles that are overpriced. We Florida Financial has pricing and value guidelines that the dealer must follow.

Some dealers won’t accept credit union drafts because they want you to sign up for their financing. For extra profit, dealers add additional points to the interest rate that their banks give them on auto loans. The extra profit is nice, except when it’s coming from your wallet!

Some dealers will ask people to get a certified check instead of a draft. Remember, if you pay for a vehicle with a certified check there’s no protection from the problems that I mentioned. Of course a safe and secure way to buy your next vehicle is to purchase through We Drive. We can help you with new or used vehicles, luxury or practical vehicles, performance or economy vehicles. We Drive is just a phone call away. Drive Safely!

Car Buying, Vehicle Financing