TOPIC
confused with dealerships and buying a car
Discussion started on 12 Apr 2018
ID: #83
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Noorah101
COMMUNITY MEMBER
Noorah101
Posted on 15 Apr 2014, 23:39
I've seen people pay cash for a car, yes. Instead of using the debit card, just go in person to the bank and withdraw the cash to pay for the car.
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Michael
COMMUNITY MEMBER
Michael
Posted on 15 Apr 2014, 23:39
The $3,000 limit is an limit put on by the banks by default. You can call the bank and ask them to raise the limit. I ran into that about two weeks ago when I wanted to purchase something on my debit card at Costco that was more than $2,500 (my limit) and I called the bank and had them raise the limit to $5,000.
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malchh
COMMUNITY MEMBER
malchh
Posted on 15 Apr 2014, 23:40
If you're looking in the $7-8K range, cut a cashiers check for $6K and put the balance on your debit card.
Also, you can probably negotiate a sale with the dealer and have them hold the car for an hour. Run to the bank, get a cashiers check, run back and close the deal. It only takes a bank a few minutes to issue a cashiers check, assuming you have the funds available.
Also, you can probably negotiate a sale with the dealer and have them hold the car for an hour. Run to the bank, get a cashiers check, run back and close the deal. It only takes a bank a few minutes to issue a cashiers check, assuming you have the funds available.
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DuncanRoberts
COMMUNITY MEMBER
DuncanRoberts
Posted on 15 Apr 2014, 23:40
Dealerships and salespeople get incentives to sell you a loan. You wont get a cash discount, you may actually get charged more if you tell them that up front.
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MidwestBob
COMMUNITY MEMBER
MidwestBob
Posted on 15 Apr 2014, 23:41
I work for a car dealership so may be some help...
1. No credit history will always be a problem until you have been here a while. But even a good credit score of 700+ wont always access the best finance and lease deals.
We send people to the local credit union. Their lending is much more relaxed than the Banks.
Also look out for interest free or zero rate financing on new vehicles.
2. If you are buying a used car. ALWAYS ASK FOR THE CARFAX report. That will tell you everything you need to know about the vehicle. Also dont be bashful. It is much easier to strike a good deal in the US than the UK where haggling can be still frowned on. Ask how much wiggle room is on the price. Ask how much the dealer paid for it and how much they have in it. If they wont tell you, then walk away but leave your phone number...cos they will be back !
3, Most dealerships will hold the car for a deposit while you arrange financing or get a cashiers check. Be suspicious if they wont. Take your time. Right now in this economy you are in the "driving" seat.
4. Cash is a real problem. Anti money laundering laws make it punitive to handle cash above $10k and even below it if you need to bank more than $10k so most dealerships play safe and say financing or cashiers check.
5. People drive much higher mileages here and cars with 200k+ on the clock are not uncommon especially outside cities where distances are measured in hours driving and not miles. But a vehicle with 150k on the clock in Nebraska will be worth more than the same vehicle in Chicago because the owner probably only used the brakes once a week
I travel 78 miles from home to office daily and that journey has 2 stops 1 stop sign at a junction when I leave and 1 traffic light when I exit the freeway by my office !
1. No credit history will always be a problem until you have been here a while. But even a good credit score of 700+ wont always access the best finance and lease deals.
We send people to the local credit union. Their lending is much more relaxed than the Banks.
Also look out for interest free or zero rate financing on new vehicles.
2. If you are buying a used car. ALWAYS ASK FOR THE CARFAX report. That will tell you everything you need to know about the vehicle. Also dont be bashful. It is much easier to strike a good deal in the US than the UK where haggling can be still frowned on. Ask how much wiggle room is on the price. Ask how much the dealer paid for it and how much they have in it. If they wont tell you, then walk away but leave your phone number...cos they will be back !
3, Most dealerships will hold the car for a deposit while you arrange financing or get a cashiers check. Be suspicious if they wont. Take your time. Right now in this economy you are in the "driving" seat.
4. Cash is a real problem. Anti money laundering laws make it punitive to handle cash above $10k and even below it if you need to bank more than $10k so most dealerships play safe and say financing or cashiers check.
5. People drive much higher mileages here and cars with 200k+ on the clock are not uncommon especially outside cities where distances are measured in hours driving and not miles. But a vehicle with 150k on the clock in Nebraska will be worth more than the same vehicle in Chicago because the owner probably only used the brakes once a week
I travel 78 miles from home to office daily and that journey has 2 stops 1 stop sign at a junction when I leave and 1 traffic light when I exit the freeway by my office !
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Pulaski
COMMUNITY MEMBER
Pulaski
Posted on 15 Apr 2014, 23:42
It's actually worse than that because the $10k limit is for the dealer, not the customer, so three customers each paying $4k cash on the same day immediately means a $12k headache for the dealer. AND, worse still, the dealer is also likely to irritate the bank if they frequently deposit amounts close to but less than $10k, where "close" might be amounts in the $7k-$8k range, i.e. only TWO customers per day paying $4k cash each. 
In short, reputable car dealers usually do not like cash sales.
In short, reputable car dealers usually do not like cash sales.
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sir_eccles
COMMUNITY MEMBER
sir_eccles
Posted on 15 Apr 2014, 23:42
I'd be wary of having to change the big battery, at least $2k from what I've heard. The big thing that worries me about high mileage hybrids is how have they been driven. Most aren't driven efficiently so the battery may be ok but on the other hand the small gas engine is therefore being thrashed.
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MidwestBob
COMMUNITY MEMBER
MidwestBob
Posted on 16 Apr 2014, 12:43
If you have a Honda you should change the timing belt every 100,000 miles. They usually change the water pump at the same time.
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robin1234
COMMUNITY MEMBER
robin1234
Posted on 16 Apr 2014, 13:43
My last two most recent cars I paid cash for at the dealer. The first I got a cashiers check for the exact amount at my bank, the next I simply wrote a regular check from my checkbook for the agreed amount, since the dealership already knew us at this point. This is at a very small town dealer, though.
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malchh
COMMUNITY MEMBER
malchh
Posted on 16 Apr 2014, 13:59
My last two most recent cars I paid cash for at the dealer. The first I got a cashiers check for the exact amount at my bank, the next I simply wrote a regular check from my checkbook for the agreed amount, since the dealership already knew us at this point. This is at a very small town dealer, though.