My question involves a consumer law issue in the State of: CA
Hello,
I recently purchased a vehicle on Friday and I think I made a grave mistake. I have done all my homework and was preapproved for a autoloan from PenFed for $20k. Now here is my mistake. PenFed does not send out the check until I have the VIN# of the vehicle. Unfortunately, I found the car that I wanted about 100 miles away for my home and was too excited to bring it home that same day. I think the dealer noticed this and took advantage by saying that they would not release the car to me unless I signed up for a "Simple Interest Loan" (LAW 553-CA) with them or if I came back to their dealership with the PenFed check already cashed and cleared. Unfortunately, I did not want to drive back 100 miles away and wait a few days for the check to clear so I signed up for their simple interest loan (LAW 553-CA). The finance guy told me I am able to pre-payoff their simple interest loan in full within the first month without penalty with my PenFed check and would just have to pay their inflated APR accured interest for that month.
Now the thing that worries me is if there is any chance that the dealer will refuse to accept the PenFed auto loan check and refuse to cash it. Is this possible? I mean, the PenFed auto loan check is already money in their bank. I am afraid of them not accepting it because the APR on the dealer's loan is quite high at 4.99% as supposed to my bank's PenFed's 0.74%. That's practically interest money in their bank for the next 60 months at 4.99%. Please send me your opinions.
Am I just being too paranoid? This is my first car purchase. Thanks in advance.

