Buying new car cash: Dealer wants a credit check/financing application?

[Cyberbill]

As an accountant, I can tell you the best way is to go to your bank and get a cashiers check for the bottom line amount.made out to the dealer…Show them the cashier check, and they won’t balk..if they are smart they will sell you the car and you get out of there.
Grandpa Bill

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[DadzMach]

This is pretty normal now. They want to have a signed credit app because if you walk with the car and your check bounces or something happens, worst case they can ram you through with financing and still get paid for the car. Some dealers nowadays require at least one pull by their FI guy just to make sure if you do try to scam them, they can get you financed and not be screwed. It sucks, but its today's business with all the ways to fake a valid check.

Now if you are walking in with actual cash, like a bag of money, then i'd say no way homie you got the green now give me the machine...lol

If you pay with actual cash, they will make you fill out all sorts of paperwork for the Government, unless it’s under $10k. The money has to be reported. It was a big pain in the azz when I tried so I just wrote a check instead.

 

[twbthird]

Sometimes you can get a better deal by financing, then refinancing or paying off the loan at once. Just make sure there are no prepayment penalties in the deal.

 

[ORRadtech]

But what's stopping the dealer from saying "Oh, we see that you're not financing the car through us, we've decide not to sell it to you?"

This is the most telling post in this whole thread. He has, for whatever reason, decided this is THE car and is afraid the dealer will tell him no. As such the dealer now has the upper hand.
You really should always be willing to walk away. There's always another car out there that will be the same or better and often for a better deal.

 

[RTFM]

But today the short term interest rate yield is too rich to not take a 0% offer and bank the interest.

This!
And with some Savings accounts giving you back 4% or more at the moment, you could make 5K over 36 months.

 

[mustangman02232]

cash is cash, green legal tender for all debts, public and private

Writing a check is not cash, it’s just a transfer, one that the crown is able to eyeball at that…

 

[2016S550]

I just want to know if the OP bought the dam car……….lol

 

[Slackaveli]

Paid cash for my PP/HP 2020 eb, no CC.

 

[Blwnsmoke]

Generally a Dealer will require a credit application even when paying cash/check. They do it in case your check bounces. If you wire them the money then you should have zero issues, or if you are buying from a Dealer where you are known well, they will not ask for this.

certified checks don't bounce

 

[Balr14]

There's no real way for me to get the deal done without telling them I'm paying cash. I'll be buying this from an out-of-state dealer and having it shipped.

That means you should pay via wire transfer. That is generally secure and risk free for both parties and requires no other information. I've purchased multiple cars from California and had them shipped. Always paid via wire transfer.

 

[ORRadtech]

certified checks don't bounce

Counterfeit ones do but a simple call to the issuing bank will verify it's authenticity.

 

[Johnnydarkgt350]

A lot of people go to their credit union of bank and secure a line of credit for a purchase at the lenders rate and are told to tell the dealership that they are paying cash! When the dealership might have a contract with that lender for a bought in lower rate . Thus securing the buyer a better rate . Some dealers know that “ how to buy books “ say to get your best deal tell them you’re paying cash! Dealers get lied to more than you realize , causing them to ask questions and help them, secure their best purchase with the new buyers best interest. It may earn trust and a buyer for life from the dealership.. yes a verified bank check needs no credit check . After 30 years in the auto industry, I’ve been lied to so many times I just am immune . Just say you have an account with that cash and are getting them verifiable bank or cashiers check .

 

[DadzMach]

certified checks don't bounce

That is actually incorrect. I don’t know how, but bank checks/cashiers checks can be faked.

watch dealers will no longer take them as payment unless you allow them to clear your account first.

 

[Blwnsmoke]

That is actually incorrect. I don’t know how, but bank checks/cashiers checks can be faked.

watch dealers will no longer take them as payment unless you allow them to clear your account first.

If it's fake then it's not a certified check.

Real personal checks can bounce if you don't have the funds.

Real certified checks can not bounce because the funds are pulled from your account the moment the check is printed. So funds are guaranteed.

So I still stand by my comment that certified checks can't bounce.

 

[DadzMach]

If it's fake then it's not a certified check.

Real personal checks can bounce if you don't have the funds.

Real certified checks can not bounce because the funds are pulled from your account the moment the check is printed. So funds are guaranteed.

So I still stand by my comment that certified checks can't bounce.

Ok, let me rephrase, people are using fraudulent Cashiers Checks and many people are putting a hold on them now, because of this.

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