The reason is a dealer wants to know how likely it is that your check will clear. The only reasonable way to do this is to look at your bureau. There we can see your payment history, also any fraud alerts etc. No dealer is going to hand over a $10,20,30+ thousand dollar car on your say so.
There have been cases where we have pulled a bureau and seen something that disturbed us, and we asked the customer to come back w/ a cashiers check.
If you don't want your credit pulled, bring in a cashiers check.
I've written checks for each car I've purchased in the last 30+ years. My dealer has no trouble taking a check on a bank, mutual fund, etc. I doubt he ran a credit check either.
they want to check your credit history, check you against the ofac list and they also need to notify the IRS of the transaction that you are paying cash. Making sure that you aren't laundering money. When you pull the bureau, it is another way of verifying that you are who you say you are. Dealers aren't actual lenders so it doen not affect your score as much as if an actual lender pulls it. I live in the Chicago area and there was an old woman named the "Gooch" who went to several dealerships and bounced checks to car dealerships. It took them over a year to catch up to her.
What if I don't want my credit pulled, but I am willing to wait for delivery. It seems to me the problem is the check and spot delivery. If I wait for the check to clear before taking posession, then the dealer should not need to pull my credit. However, if I am getting a spot delivery, then they are effectively loaning me the value of the car with 0% interest until the check clears.
only people that have been in the biz for years will really appreciate it. There is just enough truth to keep you rolling on the floor. I never said it will win awards but we can agree that it IS VERY FUNNY. I also agree about the language. You may consider keeping adults out of earshot also.
Well, in the first place, I doubt the dealer MADE you fill out the credit application form. I am sure you could have refused without endangering your life.
When we were buying our new car in March, I refused to fill out a credit application because we were planning to write a check to pay for the car.
However, I gave them our SSN and said they were welcome to do a credit check on us. I figured if we were asking them to accept a paice of paper in exchange for a nice new car, they should be able to check our credit.
Any possible way to find where this car that is built may be sitting ? 2006 Chrysler 300C SRT 8. VON # 1450224. ordered from C.F. Schwartz, Dover, De. Been waiting since Jan. I have a car show Oct.8th.
I called my bank. The bank said they have not even processed the check. A call to to the dealership and a finance guy said "we send checks to our corporate office, we really aren't sure how long it will take to get processed". The corporate office is just 15 miles away, so the mail couldn't been taking all that many days.
I realllly don't understand why they were relucntant to having me come back with a certified check the following day.
i recently purchased a vehicle for my daughter and wrote a check for her down payment and recently discovered my ex husband cleared the account and the check funds are not there. I dont think the dealership has submitted the check as he really did not want to accept it. I signed my contract and took delivery and i financed the rest of the loan balance. Now the dealership is calling every other day and I am trying to get this worked out can they take my vehicle or hold up my deal if I had a final approval and contract signed?
i'm confused. You first said "i don't think the dealership has submitted the check," but the topic of your post indicates it bounced, and the fact that the dealership is calling you supports this.
To answer your question, OF COURSE they can take your car ... you haven't completely paid for it! Yes, the contract is signed, but the contract indicates your downpayment ... since the downpayment has not been paid, you are in default.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Has DCM assigned a VIN number to your car yet? If so the car should be slated for production and delivery.
If all you have is a signed buyer's agreement and have made a down pymt, and the dealer is being non-committal about the car, I would not hold my breath until Oct. 8. Check out e-Bay. 300C SRT's are going for biiiiiiig bucks over there with almost all the inventory coming from dealers. If you want one right away, e-Bay might be your best bet.
I'd imagine your contract was contingent on making a cash down payment. No down payment means no deal. If you cannot come up with the $$ for the down, you need to work it out with the dealer. They want to sell a car. You want to buy one. See if they can finance the whole amount so no down is required.
curious...I'm wondering....are you saying you aren't going to cover the amount of the check that bounced? If that's the case, regardless of the circumstances, leaving the deal "hanging" with no communication, will get you arrested.
If you can't cover the amount of the check, then alternate financing arrangements need to be made.
As most have mentioned, the best thing to do is to tell the dealership what happened and enlist their help to make the deal "whole" again.
DON'T ignore their phone calls. Communication is key in this circumstance. You've got to get this worked out with the dealership.
I agree with bobst (post 13486) about not being forced, like at gunpoint, to sign finance papers that weren't applicable to your car purchase. When I bought my car in April 2005 I didn't have this problem when I wrote a personal check. I for one would NEVER put my name on a document for something that I didn't want. But, what's done is done and your looking for help now. It seems like the guys in the business haven't provided much help, only reasons why your dealer wanted "back-up" for your personal check. Let's face it, if you were the dealer you would also want some assurance that the customers check was good. This only makes logical business sense.
That being said, your real concern is why hasn't the dealer cashed your check yet, I believe you said two weeks have passed since the transaction ? Maybe an even better question is why wouldn't they accept your offer of providing a certified check the next day or even now for that matter. Call me cynical (others have called me a lot worse) but not wanting a certified check in lieu of a personal check, tells me something might not be right. I'm sure by now you, a lot of readers and maybe even some guys in the business would agree.
It's almost like the dealer wants you to get ansy about your check not being cashed so that you stop payment on it. Your reason being that is a good way to get to the bottom of this. I'm afraid this will only play right into their hands so they will now have a legal right to process the finance papers because you have now defaulted in some way. Even though their real reason may have been they make more money when cars are financed. I'd almost be willing to bet that there is a clause on the back of the papers you signed (I hope you have copies) that says something like if a check is no good, payment is stopped, etc. etc. the dealer has the right to proceed with the processing of the papers and maybe even at a higher finance charge than what was "agreed" to on the front, yikes !!!!
Maybe the answer is to keep waiting. If you receive a payment book in the mail and it's not to late, stop payment on the check at this point since you would have a reason to do so. Then pay the loan off in full. I'm sure the finance company will accept a personal check. The problem with this method is you're faced with the stop payment fee and the finance charge for the first month which as you know is the highest.
If it goes this far and the dealer made an honest mistake (give him the benefit of the doubt until he proves otherwise) by not cashing your check, losing it or whatever, which got the finance company involved, maybe the dealer will reimburse you these fees. If he isn't willing to do this see what you can work out, like a few "free oil changes" or something else to your satisfaction. I'm not so sure this was of much help but hopefully others car buyer who read this won't sign papers for something they don't want.
Let us know how things work out.
Good luck,
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
If the dealer did submit the paperwork for financing or at the very lest made a credit inquiry, long would it take to show up on this guy's credit report? Is there any point in his getting a copy now, to see if anything has been done?
Did they just pull a credit report or did you sign a contract? There is no way you should have signed a contract on a cash deal. They just looked at your credit to make sure that you weren't a bust out and you are who you say that you are.. There is a huge problem with identity theft in this Country, especially at car dealerships . Pulling a bureau is a way to verify someones identity. If you were the victim of identity theft and you new about it, there would be a fraud alert on your bureau. It is a way to protect you and the dealership both. If you want to see if the dealer submitted your information to a lender, you can go to www.annualcreditreport.com and get a free bureau from transunion, equifax, and experian. They do list all recent inquiries. If you get a payment book and never signed a contract, that is bank fraud and the finance guy could go to jail. I don't think you have anything to worry about but should still check it out.
What pray tell is a DCM? Yes I do have a vin as well but didn't think I should post it. The problem has been the price the dealer said I would pay. Should only be $2500 over for gas guzzler, but in the same breath he said he wanted to wait to see what the auctions where bringing. I look at ebay continually. I see those dealer cars. Not interested in 10k over. The dealer called today, 8-29 is another promise. Chyrsler is doing a promo at the University of Delaware and I am going to go see if I can talk to a DCM (?) Thanks. I guess it will be worth the wait, and hopefully all the bugs will be worked out of mine.
I live in the Fairfax County Virginia where we have annual personal property tax on cars. The other day I received the tax bill for my 2004 Acura TL (no NAV) and the assessed value for this car is $30,120. Here is the kicker, last year it was assessed at $27,750; I paid $30,750 for this car new in December 2003.
When I called the county government they told me that they use NADA for their assessments. When I asked them if it makes sense to them that my car is appreciating over the years, they told me that I should be grateful that they are not reassessing for the previous years.
I looked up NADA online, sure enough trade-in is $28,650 and retail is $31,900. Are they nuts? At first I thought I was special to own the only appreciating vehicle in the world, but my friend’s 2004 Lexus RX330 is going up in price also.
Does anybody know if there is anything I can do to force the government to reassess my car? Would a class action suit make them see the error of their ways?
Here you see one of the issues of car salespeople.... People quoting online resources for prices on their trade-ins (KBB, Edmunds, NADA, etc). It would probably be pretty tough to convince a dealer to give you more for your TL now than last year... Don't want to sound mean or a wisecracker, but looks like you're on the other end of the "what's my car worth" game. :P
Here in Connecticut we also have prop tax on cars....Your Acura would be apx $700 the first year in my town. Connecticut has a way around an outlandishly high assestment. We see this alot on junker cars (car is worth $50 and they assessed it at $4000) The consumer can take the car to a couple car dealers who will assess the value and give the consumer a signed letter stating their professional opinion/value. The consumer can then go down to town hall and essentially negotiate the assessment. Most cases the consumer gets a break. I don't know if your state allows the same...but it might be worth a try.
if you're really a cash buyer bring a certified/bank check
I dunno...
To me half the fun of being able to pay cash for the Maybach would be the competent thunk of the brushed titanium case's latch opening to reveal the stacks of crisp new $10,000 straps. Preferably with Sven standing over my left shoulder silently radiating "there vill be no problems" Eurotrash at it's best...
This is not set in stone... BB&T's web site isn't the greatest, but their customer service is outstanding. They have been very generous with infrequent things like stop payments but you do need to ask them "If there's any way you can help me out with this..."
Do you have kids in school? If so, remember, we have great schools. Something has to pay for them. At least the property tax is deductable on the fed tax.
There are ways to apeal the value, but i has to be based on condition: if the car was in an accident....
The problem with the car tax is the politition that promised to do away with it without raising any other revenue to replace the missing revenue.
And at least the cars are not appreciating as fast as the houses are....
4-weeks ago I purchased a used 2002 Honda Accord with 99,000 mi. on it. 2-weeks ago I had a insured driver pull in front of me. She was ticketed for failure to yield. I have been debating the value of my car and replacement parts, ($3,499.98 est.), with her ins. agent,(whom I'll call Dick . I want Honda parts only; used if no putty needed, or new parts. Dick finally told me that I was too picky and to call my ins. co.,(who tell me to try and work it out myself), and have my car towed from Honda (where I had just purchased the car 2-weeks ago). Doug and Honda do not want to work on my car. I went down to Honda after work that day and after a long discussion of how Honda gaurantees their work; and if they bend the front left quarter panel out it may take a little putty but know one will know etc. It was during this time I also noticed the head lamp with broken /starred mounting screw holes wasn't on the estimate. I just nodded my head. Honda decided I was a good guy and they would indeed work on my car. They would call Doug (whom they feel is a great guy) and let him know that I was "OK" to work with. I just want my car back to its prior condition. Any suggestions?
... **>>4-weeks ago I purchased a used 2002 Honda Accord with 99,000 mi. on it. 2-weeks ago I had a insured driver pull in front of me. She was ticketed for failure to yield. I have been debating the value of my car and replacement parts, ($3,499.98 est.) ===========================
Did I miss something here ..? .. it's got 100,000 miles, they can fix and repair it - not turn the clock back to 2002 and 20 miles ........
My concern is loss of value. The vehicle was in pristine condition prior to the MVC without any non-Honda parts or putty. Regardless of miles, why should I settle for parts that aren't Honda (new or used). The car should be restored to its prior condition.
I thought your right was to have your car repaired as close to original state after the other driver hit it. Using good parts is your choice. If they other insurance company doesn't want to pay, you can always sue the individual who is the person ultimately responsible. The fact he has some insurance coverage in no way releases him from the ultimate problem of fixing your car to the original condition. If you let your insurance company fix the car and collect from the other company that's up to you. I think that's what you pay them for. If they don't want to use Honda parts on a Honda car, I'd look for a new company at the end of the current policy.
The idea of diminished value seems to have gone by the wayside. I recall a notice from State Farm saying something about diminished value in their repairs not being collectible...
Dick (her ins. agent, not his real name it just makes me feel better), tells me that it's his choice of what to put on my car. If I want to, I may go through my ins. or pay out of my pocket (ends up being the same cause my ins. rates will go up). As far as my ins., it depends on my policy in re. as what they will use (used parts). My beef is that their are no laws just ins. policies. Dick's customer is at fault, and my car was in excellent shape, I want to keep it that way. I still have loss of value when I resale do to damage disclosure to my vehicle. If I have to sue- I'll consider it. I also have read that I can go to small claims for $10.00 and file against the ins., and I don't need a lawyer. I'm not sure what to do. Two ins. co. have been collecting payments but neither want to do what's fair.
State Farm did however just settle a 50 million $ lawsuit for diminished value claims to customers
Comments
The only reasonable way to do this is to look at your bureau.
There we can see your payment history, also any fraud alerts etc.
No dealer is going to hand over a $10,20,30+ thousand dollar car on your say so.
There have been cases where we have pulled a bureau and seen something that disturbed us, and we asked the customer to come back w/ a cashiers check.
If you don't want your credit pulled, bring in a cashiers check.
2014 Malibu 2LT, 2015 Cruze 2LT,
Thank you for your response. I did check with the warranty company and they will refund 80%. Not bad. It helps...a little.
DS210
It IS funny, however! Keep the kids out of earshot!
DS210
When we were buying our new car in March, I refused to fill out a credit application because we were planning to write a check to pay for the car.
However, I gave them our SSN and said they were welcome to do a credit check on us. I figured if we were asking them to accept a paice of paper in exchange for a nice new car, they should be able to check our credit.
I give them a check and pick up the car 3-4 days later.
I called my bank. The bank said they have not even processed the check. A call to to the dealership and a finance guy said "we send checks to our corporate office, we really aren't sure how long it will take to get processed". The corporate office is just 15 miles away, so the mail couldn't been taking all that many days.
I realllly don't understand why they were relucntant to having me come back with a certified check the following day.
To answer your question, OF COURSE they can take your car ... you haven't completely paid for it! Yes, the contract is signed, but the contract indicates your downpayment ... since the downpayment has not been paid, you are in default.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
If all you have is a signed buyer's agreement and have made a down pymt, and the dealer is being non-committal about the car, I would not hold my breath until Oct. 8. Check out e-Bay. 300C SRT's are going for biiiiiiig bucks over there with almost all the inventory coming from dealers. If you want one right away, e-Bay might be your best bet.
If you can't cover the amount of the check, then alternate financing arrangements need to be made.
As most have mentioned, the best thing to do is to tell the dealership what happened and enlist their help to make the deal "whole" again.
DON'T ignore their phone calls. Communication is key in this circumstance. You've got to get this worked out with the dealership.
I agree with bobst (post 13486) about not being forced, like at gunpoint, to sign finance papers that weren't applicable to your car purchase. When I bought my car in April 2005 I didn't have this problem when I wrote a personal check. I for one would NEVER put my name on a document for something that I didn't want. But, what's done is done and your looking for help now. It seems like the guys in the business haven't provided much help, only reasons why your dealer wanted "back-up" for your personal check. Let's face it, if you were the dealer you would also want some assurance that the customers check was good. This only makes logical business sense.
That being said, your real concern is why hasn't the dealer cashed your check yet, I believe you said two weeks have passed since the transaction ? Maybe an even better question is why wouldn't they accept your offer of providing a certified check the next day or even now for that matter. Call me cynical (others have called me a lot worse) but not wanting a certified check in lieu of a personal check, tells me something might not be right. I'm sure by now you, a lot of readers and maybe even some guys in the business would agree.
It's almost like the dealer wants you to get ansy about your check not being cashed so that you stop payment on it. Your reason being that is a good way to get to the bottom of this. I'm afraid this will only play right into their hands so they will now have a legal right to process the finance papers because you have now defaulted in some way. Even though their real reason may have been they make more money when cars are financed. I'd almost be willing to bet that there is a clause on the back of the papers you signed (I hope you have copies) that says something like if a check is no good, payment is stopped, etc. etc. the dealer has the right to proceed with the processing of the papers and maybe even at a higher finance charge than what was "agreed" to on the front, yikes !!!!
Maybe the answer is to keep waiting. If you receive a payment book in the mail and it's not to late, stop payment on the check at this point since you would have a reason to do so. Then pay the loan off in full. I'm sure the finance company will accept a personal check. The problem with this method is you're faced with the stop payment fee and the finance charge for the first month which as you know is the highest.
If it goes this far and the dealer made an honest mistake (give him the benefit of the doubt until he proves otherwise) by not cashing your check, losing it or whatever, which got the finance company involved, maybe the dealer will reimburse you these fees. If he isn't willing to do this see what you can work out, like a few "free oil changes" or something else to your satisfaction. I'm not so sure this was of much help but hopefully others car buyer who read this won't sign papers for something they don't want.
Let us know how things work out.
Good luck,
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
http://moneycentral.msn.com/content/banking/yourcreditrating/p41876.asp?GT1=6819
As for price, I sure hope they honor their price agreement and don't throw you under the bus.
When I called the county government they told me that they use NADA for their assessments. When I asked them if it makes sense to them that my car is appreciating over the years, they told me that I should be grateful that they are not reassessing for the previous years.
I looked up NADA online, sure enough trade-in is $28,650 and retail is $31,900. Are they nuts? At first I thought I was special to own the only appreciating vehicle in the world, but my friend’s 2004 Lexus RX330 is going up in price also.
Does anybody know if there is anything I can do to force the government to reassess my car? Would a class action suit make them see the error of their ways?
Your ONLY recourse is to call your assemblyman. Sueing a municipality over its tax policies is a complete - and expensive - waste of time.
I dunno...
To me half the fun of being able to pay cash for the Maybach would be the competent thunk of the brushed titanium case's latch opening to reveal the stacks of crisp new $10,000 straps. Preferably with Sven standing over my left shoulder silently radiating "there vill be no problems"
-Greg
This is not set in stone... BB&T's web site isn't the greatest, but their customer service is outstanding. They have been very generous with infrequent things like stop payments but you do need to ask them "If there's any way you can help me out with this..."
-Greg
We are also fortunate enough to live in Fairfax County. Nice place, isn't it?
There are ways to apeal the value, but i has to be based on condition: if the car was in an accident....
The problem with the car tax is the politition that promised to do away with it without raising any other revenue to replace the missing revenue.
And at least the cars are not appreciating as fast as the houses are....
===========================
Did I miss something here ..? .. it's got 100,000 miles, they can fix and repair it - not turn the clock back to 2002 and 20 miles ........
Terry.
The idea of diminished value seems to have gone by the wayside. I recall a notice from State Farm saying something about diminished value in their repairs not being collectible...
2014 Malibu 2LT, 2015 Cruze 2LT,
State Farm did however just settle a 50 million $ lawsuit for diminished value claims to customers
Her agent represents her interests. Your agent represents yours. That's what you pay them for.