Question about buying a car with cash

[disneysteve]

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.

[myrdale]

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.

[disneysteve]

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.

[Like2Plan]

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.

[ua_guy]

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.

[disneysteve]

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.

[MonkeyMama]

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.

[disneysteve]

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.

[LivingAlmostLarge]

what car are you buying? Are you getting a tsla?

[disneysteve]

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.

[kork13]

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.

[~bs]

pay with a credit card if they let you.

[Singuy]

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.

[disneysteve]

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.

[myrdale]

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.

It amazes me how car buying is no longer limited to a few car lots in your immediate area. It can truly be a nation wide process.

I spoke with a guy last year who lives in Georgia, found a car in California. He bought a one way ticket to get there. Took Uber to the saler. Then drove home.