I went to apply for a loan to buy a car from an individual. Car costs $3,000 but i cant get a a loan for just $3,000. I have to request $5,000 at a minimun.


If I were to apply for the $5,000 can i have two different checks sent to me? One in my name(for $2k) and one in the sellers nam(for $3k)? I could then just pay off part of that loan.


That's a great question, @mc1125. I have forwarded your concerns for review. A specialist from our loan department will reach out to you and address your question. We appreciate your patience. Tricia

I appreciate your patience, mc1125. When you apply for an auto loan, you will need to have the collateral evaluated to see what you qualify for. If approved, you may request a check issued to the seller and the second check issued in your name or DMV, if it's for sale tax, tags, and title fees. If you have further questions, please contact us at 800-531-8722. The following information will be required: VIN, year, make, model and mileage. Thank you for reaching out. Tricia

So then the answer is no to two checks for the ammounts i mentioned? $2k and $3K? I don't need $5,000 for this vehicle, i just need $3,000 to pay this person. The remaing $2,000 should be able to come to me, im the one requesting the loan, as long as my credit states I should be able to pay it back.

@mc1125, our policy prevent two checks from being issues. You may want to consider applying for a persona loan for that amount this way you don't have a loan for more than what is needed. 

So after pre aproval will i be able to chose who to make the check out to? And would I be able to set up auto pay for that loan form a non usaa account?

If this is a personal loan, it will be made payable to you and deposited into your account. You can then send funds to the seller.  If this is for an auto loan, the funds are sent directly to the seller.  You may setup your automatic payments on usaa.com, once the loan is completed.

Then how will i get around the zelle limit of 1000 a day, 2500 a week to trasnfer to this individual..i dont have usaa checks

Great question. You have a few options.  You may 1) request a wire transfer to them.  You can find the details of how to do this online under the My Tools link > Wire Transfers.  2) Sent an official bank check - you may order this online from your account any time you are ready.  3) Set the payee up on web bill payment to have a check sent out that way.  4) - If you know this person and there is trust, they can provide you an account number to directly transfer funds to. You would simply add their account to your funds transfer feature online.  (Select My Tools > Transfer funds > add an account).  I do caution that the setup takes three business days so if this option would work you would need to do this as soon as possible so it is ready for transfers.  Hope this helps.

You could write up a bill of sale using a legal service and state in the terms of sale that the seller is to transfer $2000 to you at time of purchase or shortly after. Give them the full $5000 and get the $2000 back from them once it clears with the car.