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#2398 of 2452 Re: Financing Application [shoalhaven]
Sep 27, 2010 (10:45 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 !!
#2399 of 2452 Re: Financing Application [deltheking]
Oct 04, 2010 (11:46 am)
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 2452 Owner needs to be present for loan closing?
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.
#2402 of 2452 Re: Owner needs to be present for loan closing? [grmile]
Mar 22, 2011 (3:10 pm)
That's a new one on me. The banking world is a bit different now though.
#2403 of 2452 Re: Owner needs to be present for loan closing? [tallman1]
Jun 21, 2011 (11:11 pm)
This is remedied by having your mother give you a limited powerof attorney authorizing you to sell the vehichle representing her interest. Military members use this all the time.
#2404 of 2452 Credit Score and APR
Dec 17, 2011 (5:23 pm)
With a credit score of 700, would that be considered a good score to get a lower finance rate?