Subaru Ascent Forum banner
1 - 4 of 4 Posts

·
Registered
Joined
·
234 Posts
Discussion Starter · #1 ·
Hey All,

Question on obtaining an insurance binder when financing outside of Subaru.

Going through AAA and they are requesting a binder from my insurance (Progressive) showing that the Ascent will have coverage and also the binder will include who holds the lien.

So I call Progressive and they will only issue the binder for the Ascent once I make the purchase and have ownership of the car. This is great except I can not buy the car until the lender cuts me a check for the amount being financed. :grin:

How have others handled this? Have you exaggerated the purchase date by a day or so to meet the lenders requirement and get the loan finalized with check in hand?

This is the first time I have lended from someone other than the dealer so not sure what the best way to handle this is.

Thanks :)
 

·
Registered
Joined
·
14 Posts
Not sure if rules may vary by state? I’m in illinois and also utilized AAA for financing. I have Allstate insurance. My dealer simply asked for a copy of my insurance card (from my previous vehicle) as proof of insurance. I was not asked by AAA for any insurance information. AAA provided me with a payment “code” that I gave to my dealer. I then was able to take the Ascent home. A day later I contacted my Allstate representative and gave him the details of my AAA loan. The two parties worked out the details after that and I didn’t need to do anything more. Hope that helps? Again, the rules may vary by state.
 

·
Registered
Joined
·
234 Posts
Discussion Starter · #3 ·
Not sure if rules may vary by state? I’m in illinois and also utilized AAA for financing. I have Allstate insurance. My dealer simply asked for a copy of my insurance card (from my previous vehicle) as proof of insurance. I was not asked by AAA for any insurance information. AAA provided me with a payment “code” that I gave to my dealer. I then was able to take the Ascent home. A day later I contacted my Allstate representative and gave him the details of my AAA loan. The two parties worked out the details after that and I didn’t need to do anything more. Hope that helps? Again, the rules may vary by state.

@tootall

Thanks for the reply. Yea my process is different. AAA membership, DL, and Sales agreement, and binder all go to AAA at a central process location. They then fwd me and the paperwork to my local AAA office and then we are given a ck made out to the dealer for the amount financed. I then go to the dealer with the loan ck and my downpayment and go through the standard big day and get the keys and drive off.
 

·
Registered
Joined
·
646 Posts
@tootall

Thanks for the reply. Yea my process is different. AAA membership, DL, and Sales agreement, and binder all go to AAA at a central process location. They then fwd me and the paperwork to my local AAA office and then we are given a ck made out to the dealer for the amount financed. I then go to the dealer with the loan ck and my downpayment and go through the standard big day and get the keys and drive off.
Worse come to worst just finance through whoever at the dealership and when you have possession refinance with AAA? I've never heard of any lender doing what you are saying they want. Just proof of current insurance is all I've ever needed. We're covered from purchase through every insurance broker I've ever had.
 
1 - 4 of 4 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top