Payment Help

Szlachcic · May 5, 2005

I am expecting my car to be in next week so I thought I better get this out of the way. I know I that a few of you payed for your cars in cash instead of doing the monthly payments. I am planning to do this, but since I have never done this before I just had a few things I would like to have clarified. I assume that the dealership will not take a personal check for a large amount of money without holding it for a few days. Will they hold your car until it clears or what? Should I get my check certified from the bank first? Would this help any? Sorry if these are dumb questions, I just have never done this before and I don't want to look like an idiot when I pay for the car, thanks.

Vandil · May 5, 2005

If you are talking about down payment money, use cash or a certified check no hassel that way.

Besides it's always fun whipping out a big wad of 100's from your pocket. (get a receipt)

05Stangster · May 5, 2005

If you are planning on paying cash for the Mustang and having no monthly payments, then this is important in the limited time you will negotiate the final price. First of all, the dealers make more money when you finance - but they also love cash. When you go to fill out the paper work and purchase the car, decide what you are willing to pay. I would not spend much time negotiating. BS for a few minutes and then tell them you are paying cash, don't want to waste time haggling and will pay $1,000 under MSRP - cash - right now (personal check should be fine b/c they call the bank to confirm the funds are available). It doesn't hurt to also tell them you have two friends that are also wanting to purchase a Mustang (V-6 models b/c their in stock) and you would like to tell your friends the dealers name if your happy with the purchase of the car. Starting at $1,000 under MSRP should yield you atleast $500 under MSRP. I got over $1,000 under MSRP on mine. Good luck!

Szlachcic · May 5, 2005

I already negotiated 500 under MSRP before ordering, I was just wondering how do I pay. Are you saying to just walk in with 26k in cash in my pocket? That seems a little too much. I was just asking if a certified check or something like that would work. I have the money and the negotiations taken care of I just want to make sure they don't hold my car.

Vandil · May 5, 2005

Szlachcic said:
I already negotiated 500 under MSRP before ordering, I was just wondering how do I pay. Are you saying to just walk in with 26k in cash in my pocket? That seems a little too much. I was just asking if a certified check or something like that would work. I have the money and the negotiations taken care of I just want to make sure they don't hold my car.

I was speaking in terms of down payment which would be MUCH less than 26k in cash. <7k in cash is not that big of a wad, 26k now that's another story.

Certified/cashiers check is the way I'd go with 26k.

afixer · May 5, 2005

when i bought my v6 premium i wrote the guy a check for 24,850.00 shook his hand and drove off. (int & ext sport pak, tc/anti loc brakes,shaker 500,alum 16 wheels,leather.Activ Anti Theft, No IUP but i replaced the inst cluster a couple of weeks ago ) heck they didnt even cash the check for about a week. if its a reputable dealer they can check if you ave the money. and trust me the amount of paper i still had to fill out even paying for it in full was alot of dead trees. Good Luck and dont stress the small stuff just have fun with the car!

royb · May 5, 2005

Szlachcic said:
I am expecting my car to be in next week so I thought I better get this out of the way. I know I that a few of you payed for your cars in cash instead of doing the monthly payments. I am planning to do this, but since I have never done this before I just had a few things I would like to have clarified. I assume that the dealership will not take a personal check for a large amount of money without holding it for a few days. Will they hold your car until it clears or what? Should I get my check certified from the bank first? Would this help any? Sorry if these are dumb questions, I just have never done this before and I don't want to look like an idiot when I pay for the car, thanks.

Use a bank cashiers check - it's like cash and you can't stop payment on it. You should not pay more than 500 over invoice by now. Get a x plan pin and get a really great price.

Szlachcic · May 5, 2005

royb said:
Use a bank cashiers check - it's like cash and you can't stop payment on it. You should not pay more than 500 over invoice by now. Get a x plan pin and get a really great price.

Can I try to use x plan even after ordering? Where do I get a cashiers check? Thanks everyone for the responses, I guess I am spazing a little about this but you guys have been a big help. Thanks .

Vandil · May 5, 2005

Szlachcic said:
Can I try to use x plan even after ordering? Where do I get a cashiers check? Thanks everyone for the responses, I guess I am spazing a little about this but you guys have been a big help. Thanks .

They are usually free at your bank, you should be able to make a withdrawl and have it given to you in certified check format. Some times they might charge a small fee <$3.

TexasVert · May 5, 2005

Call your salesman and ask the name of the person in the finance office that will handle your transaction or the manager of that department. Then get the phone number or ask to be connected. You can then ask the finance person what forms of payment they will take. I had to do this because I had a two hour drive to pick up the car (one way) and I did not want to get there and be surprised or have to come back again later........ They had no problem with my personal check which is pretty common.

This really a good way to make sure what you will face when it is time to pay because, for example, many people try to use checks from net places like Eloan and many dealers will try to say these checks bounce and so they wont take them so they can try to drive you into financing at the dealership........

Xr7g428 · May 5, 2005

Don't use cash...

A cash transaction of $10,000 will get on on every DEA, FBI, IRS and Home Land Security list there is. Smaller amounts are also reported to the government. It just screams drug dealer in many parts of the country. Car dealerships are pretty legit they just can't stick cash in their pockets except in the tiniest small town dealerships.

Cashiers checks work fine. Wire transfer is another easy option, you will need the information on the dealership account. If by chance you and the dealership use the same bank, you can use an ACH transfer. Chances are if you have a cash balance big enough to buy the car, you have a relationship account with the bank and they already don't charge you for anything.

The dealerships do respect people who pay cash. It says you can buy anything you want.

05Stangster · May 5, 2005

Xr7g428
"A cash transaction of $10,000 will get on on every DEA, FBI, IRS and Home Land Security list there is ... It just screams drug dealer in many parts of the country."

:damnit:

OUKimber · May 5, 2005

The funny thing is that if I had 10K to make a cash transaction with, I'd happily be on all the friggin lists that they want to put me on.

05SatinSilver · May 5, 2005

afixer said:
when i bought my v6 premium i wrote the guy a check for 24,850.00 shook his hand and drove off!

Dam, that's seems very high for a V6? Even if that includes sales tax!

Dave...

WSD42 · May 5, 2005

As stated above...the best is a certified check from the bank. You can write a personal check (did that once on a '94 Ford Ranger Splash), but remember even paying with a certified/bank check, Ford will still have the title and will mail it to you after a few weeks once they have their money in hand. There are a lot of Repo men out there if your check bounced! Enjoy the new car!

scottie1113 · May 5, 2005

You should have no difficulty with a personal check. I've done it twice. But to be on the safe side you might want to call the finance manager and get his recommendation. Just don't bring cash.

Szlachcic · May 5, 2005

Ok, I think I am just going to call the financing manager and see what he says. I won't have problems with the check bouncing I just wanted some peoples opinions on what to do. I was half tempted to get cash and put it in a breif case and walk in with that, j/k, but I am sure that would help the whole drug dealer image that Xr7g428 was talking about . Thanks again for all of your responses.

BrewTownVert · May 7, 2005

i'd echo TexasVert - i bought mine out of state, and they specifically requested a wire transfer due to restrictions on availability of funds for an out of state personal check. cost me $15 from the bank, but that's worth not having to mess around with the dealer not getting his cash and releasing the car.

Kevinrox · May 8, 2005

You should be able to write a check. Call the dealer first though. Don't go walking in with a brief case full of money... not only are you a walking target, if something were to happen and you got robbed, your stang isn't going home with you. Check should be fine, best thing to do is go get a bank check, no questions asked that way.

afixer · May 8, 2005

05SatinSilver said:
Dam, that's seems very high for a V6? Even if that includes sales tax!

Dave...

i thought i included in the post 20,600 for the car 2000. for the 5 year 100,000 warantee upgrade tax licence. all totaled 24,800. plus its a fully loaded premire the sticker was 23,699.00 got it for 20.600 thats why i upraded the warantee. with my buddy working thier i havent paid for anything yet, tommarow he is fixing the front end popping noise and while it apart he is putting my steeda spring on n/c

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