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Discussion Starter · #1 ·
Hello et al

Any recommendation on the method of making a down payment. The dealer I'm working with will only accept bank check no credit card or personal check. Should I be worried? What are some of the pros and cons of making a payment with a bank check.


Many thanks.


PS. I'm very excited. So close to getting the E! :D
 

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For down payment, you can use whatever the dealer will take, but he should be able to take a personal check...Mine did. But Staggie's absolutely right on this one. If you use a check or cash for a deposit to hold the car and for whatever reason the deal falls through or you aren't happy with the dealer and want to take your business elsewhere, kiss your moola goodbye. I've never put a deposit on a car. If you're serious about buying it and you have some kind of credit, the dealer should hold it for a day or two, if he's a good dealer. If he's a scumbag, then I'd tell him Buhbye.
 

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Hard to say in this case. Every dealer has their own way of doing business. I don't think this dealer is trying to pull a fast one by using this as their policy, but I could be wrong. Maybe they have been burned a few times by people not paying on credit cards or personal checks and this offers them guaranteed lack of trouble. Maybe there is more to the story too though.

Staggie is also right in most part, but your money is never the dealers' money until you have completed a purchase and taken delivery of your vehicle. Even if you gave them a bank check and it was cashed, you could get the money back if you hadn't yet taken delivery. All states also differ on the laws here, so I am speaking from my knowledge of Texas law too. The dealer could certainly "hold your feet to the fire" a lot more with a bank check than a personal check though.
 

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What down payment? I told them what I wanted and that I'd like it in a to go box. The bank took over from there and the rest is "Estory." Didn't get the to go box, E-it was on back order. bank got their act together, Ishowed up for the closing and drove it home. E-it, get it? :roll:
 

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What my dealer did was ask for a check of the down payment as a reserve of the vehicle. Would not cash this until the deal was done. This was just to show good faith in the deal. Wrote the check out and gave it to him. Ask for this agreement in writing and he gladly gave it to me... signed by both him and his sales mgr.

I did not think much about it because I knew I had some power with my fiance also putting down a payment on a new Civic that same night... the salesman was making a two for on his sales that night... I bought an E and my fiance got a C. :)
 

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yo bobby622,

just out of curiosity, is this your first new car or first big purchase financed? I ask only because i remember the first new car we bought and our nervousness. Also, of course the dealer is a little more careful with those who are relatively new to the world of credit. you'll love the car. ours is blue, too. after all these years and more cars than I care to count, that new car smell is every bit as sweet!

yelapa
 

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Discussion Starter · #9 ·
Yelapa,

This is my first big purchase.

I had planned on getting a blue E several days ago, however, the dealer tried to pull the o'l bait and switch. I made it clear that I wanted a plain Element EX with nothing special added on. But, when I arrived on the lot the E they were planning to sell me had the fog lights, roof-rack and running boards, blah blah blah. Another word this was a fully loaded Element and they wanted me to pay for it. I just walked
 

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Good for you!

Rule #1 for car shopping is: There is another offer to be found tomorrow that is as good as the one you found today, no matter how good today's deal seems to be.

Good luck to you. I am sure you will find the car and the karma you want and deserve.

yelapa
 
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