Actually, we simply handed a cashier’s check to the dealership for the full amount the next day and we were done. No payments.
Incidentally, we haven’t bought a car since 2012 so this came as a surprise: Did anyone know that if you pay for a car outright instead of financing it you have to apply for a federal background check to make sure you’re not a terrorist? Seriously, the sales guy told us that with a straight face and we had a bunch of extra paperwork to sign/initial/etc., all because we didn’t finance.
I don’ think it is about terrorist so much it is more about drug’s & money laundering If I remember right any cash deal’s over 10000 cash you have to go through what you had to do.
A cashier’s check can be considered a cash, the merchant must file form 8300 with the IRS and the Financial Crimes Enforcement Network for transactions exceeding $10,000.
A personal check leaves a paper trail and would not need to be reported to the IRS.
Well, that was enlightening. Thanks for the information. You don’t always know–or at any rate think about–about laws, etc. that don’t affect you. We certainly didn’t.
Yes, probably. The sales guy was joking and said it was to make sure we weren’t terrorists. I inadvertently picked up on his term. We did something similar when we bought my Corolla in 2012. We wrote a personal check in the neighborhood of $14K. I’m surprised we didn’t run into a similar situation back then.
I have opened a lot of bank accounts the last few years, and you have to do the same paperwork. One local bank offered me $600 to open a checking account and keep it open for 3 months with no monthly fee, you just had to make one deposit per month.
Late? They must have been desperate to close the deal. I would have left the check on the desk and told them to call when it clears, I’m not leaving town, were they?
What with one thing and another, it was 11:30PM when we left the dealership. I’d call that “late.” We don’t buy vehicles that often–the last time was seven years ago–so we’re not as skilled at dealing as you are.
Well, I’ve bought three cars with “cash” (personal or cashiers check) over $10k since 2001. Not one dealer did background check (separate paperwork or SSN) or financing check. Apparently they knew the rules:
I have a question about factory warranties for used cars. How does the second owner prove that the oil changes etc required to keep the warranty in effect, have been done?
If you buy a car new and experience a power train warranty problem. the dealer will request proof of required maintenance. Same situation apples to a used car.
I dunno. I guess the manufacturer would check Carfax same as the rest of us. My wife and I keep receipts so we’ll be able to prove we did the required maintenance after we got the vehicle.
That’s a great question and one I would like to hear the answer on as well…I would think we’d have to hear from someone that was in that situation and how it was handled.
I hadn’t thought of that problem. It’s surprising that we haven’t had more questions from folks dealing with it. Maybe modern cars have so few power train problems. One exception would be the Hyundai owners with engine recall problems.
If the work was done at a dealership, then it’s likely on file…I think most dealerships can see the work that other dealerships in their brand line (ie if I get an oil change in my Odyssey at a Honda dealership in NJ while on Vacation, the one closer to my home would have record of it as well). Other than that…I don’t know what more you can do