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How can I prepare for this stressful ordeal? Do I notify my bank that I plan on making a big purchase? Would the bank clear the personal check?
Imo you would need to have at least 5k more than the quote you received from the dealer. This will cover the extra fees and whatever inconveniences may arise.
You also need to have enough savings to pay 1 year worth of full coverage insurance.
The problem with advertised prices is that they subconsciously make you believe you can afford the car, when in reality, once you go to the dealer, it will be higher. The regular person sees the prices, and assumes he can cover it, but doesn't take into account all the extra fees and insurance.
Imo you would need to have at least 5k more than the quote you received from the dealer. This will cover the extra fees and whatever inconveniences may arise.
My first new car was advertised in the TV section of the Sunday newspaper - back page.
$2,656.00 "Delivered".
That is what I paid.
Now, the dealership actually did not have that car in stock. I had to order it. And wait 6 weeks.
But that is what I paid out the door. $2,656.00. No more. No less.
Did they try to sell me Scotchguard, rustproofing, paint guard, etc. Yes they did. I just declined.
And drove that car for a decade.
How can I prepare for this stressful ordeal? Do I notify my bank that I plan on making a big purchase? Would the bank clear the personal check?
Imo you would need to have at least 5k more than the quote you received from the dealer. This will cover the extra fees and whatever inconveniences may arise.
You also need to have enough savings to pay 1 year worth of full coverage insurance.
The problem with advertised prices is that they subconsciously make you believe you can afford the car, when in reality, once you go to the dealer, it will be higher. The regular person sees the prices, and assumes he can cover it, but doesn't take into account all the extra fees and insurance.
You can just write out the check for the amount of the purchase, (if you bank online you can transfer the funds after you write the check, especially if you do it on a weekend). Some dealers will take a personal check, some want a certified check. Some of it depends on whether they do a "spot delivery", (you drive off in the car within a couple of hours), or you pick it up a day or two later after it's been prepped.
Insurance payment is between you and your insurance company whether you pay annually, quarterly, or monthly.
Quote:
Originally Posted by unit731
My first new car was advertised in the TV section of the Sunday newspaper - back page.
$2,656.00 "Delivered".
That is what I paid.
Now, the dealership actually did not have that car in stock. I had to order it. And wait 6 weeks.
But that is what I paid out the door. $2,656.00. No more. No less.
Did they try to sell me Scotchguard, rustproofing, paint guard, etc. Yes they did. I just declined.
And drove that car for a decade.
Back in the day, they used to advertise that way, in the fine print it would say, "not in stock, allow 6 weeks for delivery". Today they have to list a serial number, so they pick something that was just sold and use and excuse that it was sold between the time they placed the ad and it was published. They have to get you in the showroom somehow.
You can just write out the check for the amount of the purchase, (if you bank online you can transfer the funds after you write the check, especially if you do it on a weekend). Some dealers will take a personal check, some want a certified check. Some of it depends on whether they do a "spot delivery", (you drive off in the car within a couple of hours), or you pick it up a day or two later after it's been prepped.
Insurance payment is between you and your insurance company whether you pay annually, quarterly, or monthly.
Back in the day, they used to advertise that way, in the fine print it would say, "not in stock, allow 6 weeks for delivery". Today they have to list a serial number, so they pick something that was just sold and use and excuse that it was sold between the time they placed the ad and it was published. They have to get you in the showroom somehow.
So how do i do certified check when this check cannot be left blank, i mean you dont know what the full cost of the car is going to be after fees, does the bank give you a empty certified check? if not then youd have to go to the dealer, get the full total price and then go to your bank and ask for a certified check for that amount, then go back to the dealer wtf
So how do i do certified check when this check cannot be left blank, i mean you dont know what the full cost of the car is going to be after fees, does the bank give you a empty certified check? if not then youd have to go to the dealer, get the full total price and then go to your bank and ask for a certified check for that amount, then go back to the dealer wtf
I did just that when I bought my car. They actually would have taken a personal check, except that I refused to let them pull my credit. So it had to be a certified check.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Last time I paid cash I just wrote a personal check and drove it away. It was a weekday but 9pm by then. It really depends on where you are. In the city where I bought they really don't have problems with bad checks and the median income is $105,000. If a check did bounce, they can reposess it, but can also file charges for that amount, and it's a class C felony here.
As for the amount, figure on needing about 10% over the sale price, and try to negotiate a lower price. If you have never had insurance before, it may be expensive. Get a quote in advance, many companies will give them online, or call agents from several highly rated companies. Don't use the company the dealer offers, they will cost more to cover their kickback.
We just bought a Subaru and paid by check. The catch was that the finance office still required us to fill out loan paperwork. They called it a contingency loan, and said that it would expire in five days or as soon as the check cleared. If the check didn't clear within five days, the loan would go into effect.
We weren't happy about this as it took half an hour or so to fill out and sign the seemingly endless paperwork. Then we had to wait in the customer lounge while our credit rating was checked and the contingency loan approved. The reason we wanted to pay by check in the first place was so we could bypass all that hassle!
The only good thing about it is that we got to find out what our credit score was, and it was pretty good. We had no idea.
How can I prepare for this stressful ordeal? Do I notify my bank that I plan on making a big purchase? Would the bank clear the personal check?
Imo you would need to have at least 5k more than the quote you received from the dealer. This will cover the extra fees and whatever inconveniences may arise.
You also need to have enough savings to pay 1 year worth of full coverage insurance.
The problem with advertised prices is that they subconsciously make you believe you can afford the car, when in reality, once you go to the dealer, it will be higher. The regular person sees the prices, and assumes he can cover it, but doesn't take into account all the extra fees and insurance.
Very confusing post, statements, or are these questions?
Others already responded about check. I have bought car by personal check couple times. Most recent time, it was weekend and bank is closed. But bank has automated phone system that can be used to verify balance. That was what the dealer did to check proof of balance.
5k over quote? What quote are you referring to? Is it advertisement? Advertisement will state specific car(s) at that price, with either VIN or lot # of the vehicle in the ad. If dealer claims car is sold, you can ask to see sales contract. If the car is available, you get to buy the car at advertised price + tax & license. I have purchased advertised unit previously.
If you are talking about email quote (such as internet sales department), then my experience is that dealers will honor email quotes. In fact, dealer will accept email quote from other dealerships. I don't think email quote is legally binding. Email quote pricing is probably so that dealer still makes some money, so they will sell you any car with same trim/options for the email quote.
Insurance? If you are paying insurance on your old car today, then insurance for new car won't be much more. Most of insurance premium is liability, so new car won't increase your liability, unless you buy a sports are or car with high horsepower. And insurance payment can be 6-months, or monthly. By the way, I'm paying less insurance premium for brand new car than 16 year old car. I have no idea how Geico did the calculations, but I'll take the savings.
Extra fees? You can search what are the fees. Below is for California.
- Doc processing fee. Typically $80.
- Sales Tax. Depends on your state, county, and city. It's 8.75% here.
- Registration or Transfer charge. California is $29.
- License fee & Registration/Transfer/Title fee. Around $300, depends on your car and value.
- Insurance is not part of the transaction.
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