almost like he didn't really want to help us because there was nothing in it for him. You can also go directly through a bank or credit union to finance your car or auto loan. Why there were trying to get your credit info is because if they can get you a competitive rate, they can one sell you the car today and two, try to make some off the front end. Over the life of the loan, you would end up paying an additional $1,420 - that's the profit the dealer would make on your loan. The lender checks this score before approving the loan to the buyer. I won't become the owner of the car until I pay all the installments in full. While some dealers arent so welcoming to cash buyers, a smart dealer knows that if these customers are treated right it will often mean a quick sale and a better likelihood of good survey scores. Agree to a selling price. Long story short, my wife and I decided (for a variety of reasons I won't mention) to buy out our car lease early (8 payments left). New comments cannot be posted and votes cannot be cast, A place to ask questions from car sales professionals - sales people, finance and sales managers. After inspecting the car on delivery day, I completed paying for the car by entering ALL my bank info, and authorizing payment. I call them back the next day and talk to a different salesman about a $31,000 car instead of a $37,000 and the different salesman about using a cashiers check and he says there should be no problem with that. However, some options may also seek to exploit buyers and charge them extra. Some consumers say they have been getting around this conundrum by accepting the dealer loan, and then immediately refinancing with their pre-approving lender, which was offering them better terms. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 2. Do they bounce checks? Please note that verified professionals will have flair, take advice from non-flaired users with discretion. The dealer likely does not have a relationship with your bank, so they will deposit the check and wait the time it takes for the clearing house to authorize the funds going from NFCU to their bank and make sure that it's a legitimate transaction. So I get a call from a dealership saying that the car I wanted just arrived a 2019 Honda civic type r I was on their waiting list and as soon as I could I was on my way to get it. and our Some car dealerships refuse outside financing. I was preapproved for a car loan with my credit union. The rate is good enough (in my mind) that it's not worth letting the dealer have our info to shop us around and hit our credit 10x with all sorts of different banks to try to beat our loan rate. Previously we had used a debit card on the day we collected the car but this main dealer now only accepts the deposit by card. Have the check cashed and then turned into a cashier's check made out to you. institutions like brokerages, may refuse to accept a power of attorney if the. Of course, this strategy only works if you have the cash to pay in full and your state does not have prepayment penalties. It may not display this or other websites correctly. And we are exactly the same way, and know what sucks? Yes, dealerships and hotels and other consumer goods purveyors can accept cash, but with an amount like that there will be a paper trail, because several federal agencies (in the USA and their equivalents in other countries) would be really interested to know why you have so much money in cash. No biscuit.". Man, do they get pissed off. Is that not illegal. I'm often able to beat USAA rate by .5%-1% and I normally have more movement on top of that. That's understandable but they also told me they won't accept any draft I have from this specific bank. I used to tell people to just focus on the price of the car and not disclose the fact that you are a cash buyer until the last minute. Thanks for the replies everyone. What we are trying to do here is help you prove to the car dealer that they don't need your Social Security number if your cashier's check is over $10,000. When buying a car, individuals will encounter various financing options. It's more complicated to handle. Both times we were there looking at $30k+ vehicles, and both times they couldn't bother to look our direction till I walked up and actually tapped a salesman and asked for help. To make up for this discount, they want you to finance with them to recoup that money. One of the best ways to get a bit of money back at the end of a car lease is to sell your leased car to a third party for more than its residual value, then pay off the leasing company and pocketing the difference. 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