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Originally Posted by OfficiallyBroke
Any idea if this is standard practice or specific to this institution? My credit union is typically understanding and semi-flexible but this sounds like it may be a bit of a reach. I guess it can't hurt to ask them…
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I don't have a clue if any other bank does this, I would imagine some do. It's almost like an unspoken thing, half the people at PenFed said it couldn't be done too....
I received my 2nd check on Saturday. My first check was cut 3/3/22, I contacted them Monday of last week & got the process going, it takes a few days as they have to put a stop check on the first one. My new check arrived & was dated 3/29/22, good for another 30 days! I will most likely have to do this again as I don't believe my vehicle will arrive this month. Regardless my first payment is in due in less than 2 weeks.
For PenFed they called it "Loan Maintenance" they are just re-issuing another check to extend it another 30 days, kind of like you lost the check. They can't go back and date a check the 3rd when it's the 29th, so you automatically get another 30 days. I hope this helps.