Questions About Financing New Vehicles

I'll tell you a little secret about banks... They don't consider cashier checks the same as cash, either... The check still has to go to the bank, and be cleared. All it takes is an allegation of fraud to gum up the works (legitimate or not).

If you really don't want to fill out a credit app, pay for the car, and wait for the check to clear.

Personally, if I'm dealing with a reputable business (and, I would consider a new car dealer reputable.. ), then I'm not going to go to all that trouble. The credit app is a backup, in case it turns out you don't have the funds (for whatever reason).

Of course, you could always tell the dealer that you won't do the deal, if you have to fill out a credit app, and see what they say? Maybe the rules change, if they know you'll walk.

regards,
kyfdx

Replies to this message:

shoalhaven (Sep 26, 2010 5:56 pm)
- grandtotal (Sep 27, 2010 8:21 am)
- deltheking (Sep 27, 2010 10:45 pm)
  - lrguy44 (Oct 04, 2010 11:46 am)

#2396 of 2451 Re: Financing Application [kyfdx] by shoalhaven

Sep 26, 2010 (5:56 pm)

Replying to: kyfdx (Sep 26, 2010 5:45 pm)

Thanks for your help. I may be making a mountain out of an ant hill.

Replies to this message:

grandtotal (Sep 27, 2010 8:21 am)
deltheking (Sep 27, 2010 10:45 pm)
- lrguy44 (Oct 04, 2010 11:46 am)

#2397 of 2451 Re: Financing Application [shoalhaven] by grandtotal

Sep 27, 2010 (8:21 am)

Replying to: shoalhaven (Sep 26, 2010 5:56 pm)

I may be making a mountain out of an ant hill.

No, not really, I would not fill out an application for credit that I have no intention of using either. I've never had a problem showing up with a cheque.

#2398 of 2451 Re: Financing Application [shoalhaven] by deltheking

Sep 27, 2010 (10:45 pm)

Replying to: shoalhaven (Sep 26, 2010 5:56 pm)

Nope. Frankly,no need to fill out a credit application. I would not. Why should I? I am paying for the car by cash. So,no need for a credit check. If the dealer is not confident that I dont have funds-- he should wait till the funds clear.

Also , I have done wire transfers too. So that way, it`s instant and goes directly to the dealer's account along with proof of the fund transfer.. Dont know why many dealers or buyers dont do it. For me,wire transfer seems very convenient..

Or maybe,you can withdraw the cash from the bank,put it in a suitcase and go directly to the dealer and pay him instant cash right then and there !!

Replies to this message:

lrguy44 (Oct 04, 2010 11:46 am)

#2399 of 2451 Re: Financing Application [deltheking] by lrguy44

Oct 04, 2010 (11:46 am)

Replying to: deltheking (Sep 27, 2010 10:45 pm)

I realize I am late into this thread, but I can speak from experience. We once took a $75k check from an individual. The next day, they stopped payment. The car was later found 2000 miles from the dealership. Turned out, we were not the only dealership they had pulled this on. Since then, we do one of 4 things (customer choice) with new customers.
Back up contract
Go with them to the bank and get a counter check. (cashier checks are easy to fake).
Have them wire funds.
Wait for funds to clear to deliver the car.
We do not get complains ever as customers understand our exposure.
Previous customers can write us a check- we know who they are.

#2401 of 2451 Owner needs to be present for loan closing? by grmile

Mar 22, 2011 (12:51 pm)

My mother wants to sell her car to a friend who lives in MD. I also live in MD, and can deliver documents such as the notarized signed title and bill of sale (a MD-required item). The car is owned outright by my mother, but the friend wants to get a loan from her credit union. The friend's credit union is insisting that in order for the loan to be finalized, the owner (my mother) must be present. Is this a common practice, or is this policy out of the ordinary?

Thanks in advance for any replies or information.

Replies to this message:

tallman1 (Mar 22, 2011 3:10 pm)
- renchjjj (Jun 21, 2011 11:11 pm)

#2402 of 2451 Re: Owner needs to be present for loan closing? [grmile] by tallman1

Mar 22, 2011 (3:10 pm)

Replying to: grmile (Mar 22, 2011 12:51 pm)

That's a new one on me. The banking world is a bit different now though.

Replies to this message:

renchjjj (Jun 21, 2011 11:11 pm)

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