Has anyone heard of this, FI and I are buying a car this weekend, and we are paying cash for it, (writing a personal check for it). The dealership advised us that they would accept our personal check, but that they would have to do a credit check. This makes no sense to me, as we are not financing the vehicle. We would be fine with them calling our bank to verify funds, but we aren't thrilled about our credit having to be pulled for nothing. Has anyone heard of this before? It just doesn't seem right to me.
Re: Writing a Personal Check for a Car, Credit Check?
I've never heard of it, but I've never paid cash for a car either.
What about getting a cashiers check from the bank, instead of paying with personal check? My bank will do cashiers checks free if you have an account. Then the cashiers check should be accepted same as cash.
I agree I think it's strange.
I think what we are going to do is get a letter from our Bank or have them call to verify funds. We both have very good credit, and I know a credit inquiry can lower your score 1-5 points, which isn't a huge deal, but it's just principle, and the fact that we don't really want them to have our personal info if they won't actually be using it for anything.
Ding, ding, ding!!
This is the right answer!
I'm the fuck out.
Totally normal. We have bought 3 cars in cash. And they have pulled credit reportss each time. I dont get the logic and think its a waste of time but they do.
I dont want to be a debbie downer, but I dont think you are going to get the dealership to change their policy on this.
This is what we want to do, but the dealership is 2.5 hours away. If we didn't want to negotiate a little, then it wouldn't be a problem. We could just take a cashier's check down there and be done with it. But the distance is the problem. I guess we should end up just looking at the vehicle, coming back home and then getting a cashier's check. The pulling of credit isn't the issue, because our credit scores are very good, we just don't see the point in it. I feel like I'm being whiny.... But it just keeps nagging at me! Ugh!
I think @lolo883 had a perfect idea. Get a cashier's check for say $20k then if it ends up being $21,859 just write a personal check for the difference. I can't see them needed to do a credit check on a personal check that's a small amount.
No there isn't one, I'm from a small town, and the only bank options we have are small town banks. As I said before, checking my credit isn't the problem, them having my personal information and supposedly "not doing anything with it" is weird to me.
I think that's what we will have to end up doing. I don't see FI wanting to have to come back a second time with a cashier's check.
Can they take a credit card, and is your purchase within their credit card limits? They may be willing to run your debit card as payment and consider it as guaranteed funds as these transactions clear more quickly than a check.
My parents are pretty hardcore about their rewards programs.