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    Question about buying a car with cash

    I'm probably buying a car in the next week or so. I'm going to be paying cash. Will the dealers typically accept a personal check or do they want something like a cashier's check from a bank? It'll be about 30K if that matters.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    #2
    I am extremely interested in peoples thoughts on this subject. I am nearly in the same situation as my truck fund is currently at $29k of $32k. I am hoping for the purchase in early January (if I go through with it).

    I was of the understanding that there is no limit on the value of a check you can issue, so long as the funds are available. Any bounced checks over $500 can be a felony, so you absolutely want to make sure its all there.

    Also keep in mind what the minimum requirements for your bank account are. Several years ago my bank switched my money market account to their "platinum perffered" version (with out my authority!!!) which required a $25,000 minimum deposit or they charged a $20 monthly fee. This was waved so long as I had a mortgage. But when I paid the mortgage off using the money market none the less, the balance was below their minimum and I got hit for several months before I realized what was happening. They then only refunded me 3 of 6 months worth of fees saying I was a "bad customer" for not paying closer attention. This is a big part of the reason why the truck fund is with a different bank.

    Comment


      #3
      Originally posted by myrdale View Post
      Also keep in mind what the minimum requirements for your bank account are.
      Not a problem. I'll actually be transferring the money from my Ally account into my checking account and then writing the check. It won't affect the checking account balance. Besides, my minimum is only $1,500 and I never get close to that.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

      Comment


        #4
        Originally posted by disneysteve View Post
        I'm probably buying a car in the next week or so. I'm going to be paying cash. Will the dealers typically accept a personal check or do they want something like a cashier's check from a bank? It'll be about 30K if that matters.
        It's been like 8+ years ago so it might have changed since then, but we made a charge on our CC for the maximum the dealership would permit and we just wrote a check for the rest. I guess you could call the dealership ahead of time and see if they require something different.

        Comment


          #5
          Depends on the dealer--best to call ahead and talk with the finance department. A dealer let me do it on a new truck, gave them a personal check for the balance and drove off.

          Comment


            #6
            I’ll definitely ask them first. I was just curious what others have experienced. I also plan to ask if I can put any of it on a credit card.
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

            Comment


              #7
              We always pay cash, with a personal check. The last time I did this was Saturday. It's never been an issue at a dealership or used car lot.

              Comment


                #8
                I checked the FAQ on their website. It says no credit cards but cash, debit card, and personal check are accepted. That's easy enough.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment


                  #9
                  what car are you buying? Are you getting a tsla?
                  LivingAlmostLarge Blog

                  Comment


                    #10
                    Originally posted by LivingAlmostLarge View Post
                    what car are you buying? Are you getting a tsla?
                    No. I'm getting a Camry. I found one at Carmax that I like. It's currently being shipped to NJ from NC. Assuming I like it once I see it in person and test drive it, I plan to purchase it.
                    Steve

                    * Despite the high cost of living, it remains very popular.
                    * Why should I pay for my daughter's education when she already knows everything?
                    * There are no shortcuts to anywhere worth going.

                    Comment


                      #11
                      I've never had a problem with writing a check. One place wanted a verification of deposit, but they were satisfied by me just pulling up my account on my phone & showing them the balance was there.
                      "Praestantia per minutus" ... "Acta non verba"

                      Comment


                        #12
                        pay with a credit card if they let you.

                        Comment


                          #13
                          Some dealership might take it, I personally wouldn't recommend walking into a dealership with a briefcase full of dough, ready to make it rain. Though most car dealerships do not accept physical cash. Rather, you should plan to pay with either a personal check or verified funds-such as a cashier's check. These are the safest and most secure forms of payment for both parties.

                          Hope this helps.

                          Comment


                            #14
                            Sure you can get the best deal with cash? Most dealers would want you to finance and knock off a few hundred as well. Cash is no longer king.

                            Comment


                              #15
                              Originally posted by Singuy View Post
                              Sure you can get the best deal with cash? Most dealers would want you to finance and knock off a few hundred as well. Cash is no longer king.
                              I'm buying from Carmax so it doesn't matter. They have fixed pricing.

                              In the past, though, I have taken the financing and then just paid it off shortly after buying.
                              Steve

                              * Despite the high cost of living, it remains very popular.
                              * Why should I pay for my daughter's education when she already knows everything?
                              * There are no shortcuts to anywhere worth going.

                              Comment

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