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Old 02-06-2014, 02:16 PM   #1
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Protocol for buying in cash

17 years ago I bought a Cherokee in cash using a certified bank check.

Is it possible now to do an electronic transfer of funds at the dealership similar to the personal e-check I write to my credit cards/bills monthly, or is it still done by certified check?

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Old 02-06-2014, 02:34 PM   #2
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You can negotiate a helluva deal if you wanna pay in cash. It can definitely be done. Talk to the dealership.

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Old 02-06-2014, 02:39 PM   #3
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Make the deal out the door with the dealer thinking he is getting the financing commission, it will end up less than a cash sale, you are financing through a bank or other company, the dealer gets cash either way, but if they think they will get money for the finance they are more liable to knock some off price to win you over. Then just " decide" to pay cash when the deal is made for the out the door price you are happy with.
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Old 02-06-2014, 02:41 PM   #4
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Originally Posted by managuense View Post
17 years ago I bought a Cherokee in cash using a certified bank check.

Is it possible now to do an electronic transfer of funds at the dealership similar to the personal e-check I write to my credit cards/bills monthly, or is it still done by certified check?
It probably depends on your Dealers requirements.

My Dealer did a credit check on me, and found out that my credit score was over 800. So in my case, they said that they would take a personnel check, as long as it was on a local Bank. So I just made them out a check for $35,500, which worked for me. They are still protected, because they still have the title, and will handle the transaction with the MVD.. Anyway, that is how it was handled in Arizona, but maybe some other states are different!
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Old 02-06-2014, 02:42 PM   #5
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A cashiers check (often free) or a bank wire (about $25). Both work.
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Old 02-06-2014, 02:44 PM   #6
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I basically paid in cash....
I negotiatled $10,000 for my trade in.
I has already dropped off a $500 deposit.
I wrote a personal check for about $25,500 to pay the rest off when I picked it up.

Didn't really make much of a difference in the deal for me....but I'm pretty sure they suspected I was trying to scam them. Plus, I bet they prefer you to finance through them.

Smashing stereotypes FTW....

It is actually pretty damn funny because the entire dealership now remembers me, the vehicle I purchased, the vehicle I traded in, and how little I use them, when I go there to get my oil changed once every 6 months.
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Old 02-06-2014, 02:48 PM   #7
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I thought that I would be better off paying cash, but all of the articles say not to bring up method of payment until after the price is settled on, as dealerships give better deals if they know they are making money on the financing.

First dealership I went to wanted to know method of payment and if I was financing before they would discuss price.

The second dealer I went to does the most volume of any other dealership in the area, said they would give me a better deal than anyone else in the area and didn't bring up method of payment at all, they just gave me a price that was thousands less than invoice.

Comparing the price to Truecar, Cars or Edmunds dot com, the price they gave me was only better on Edmunds, but the Edmunds price had a ZERO for the price on the "X" (24J Quick trim) which has an MSRP of $4,100 and invoice of $3,649. If I add the value back in, I did way better than any price listed on the above sites.

Still not sure I got the best deal though. I'm interested to see what others have to say.
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Old 02-06-2014, 02:53 PM   #8
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Yes, the closer in finance, always prefers that you finance your vehicle, and then they would like to sell you their extended warranties!
This is where they make their higher margin's of profits!

But not from me..........
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Old 02-06-2014, 02:53 PM   #9
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I had emailed several dealers at once, so I already had my price before I discussed payment. I was pretty upfront about my trade-in, my Affiliate Discount, and even my $500 discount (which would be added on after thier pricing).
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Old 02-06-2014, 02:58 PM   #10
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I won't buy any of the warranty packages either.
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Old 02-06-2014, 02:59 PM   #11
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Thanks for the answers.

When i bought my Cherokee it was a local dealer and a local bank.

This time around I still have a local (regional) bank to NY/NE area. I'm going to try to bottom feed on a leftover '13 and leave open the possibility of driving several hundred miles out of area to find The One. I have good credit but wouldn't travel a large distance expecting them to take a personal check. I would prefer some sort of wire transfer if possible.

Also since I have your attention, is it safe to assume that a 2013's warranty doesn't start "ticking down" until it gets titled for the first time?
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Old 02-06-2014, 03:01 PM   #12
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Old 02-06-2014, 03:04 PM   #13
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I purchased my 2010 about a month ago here in Alabama on my debit card. I was absolutely taken aback that I was able to do that. I bank with USAA. The dealership had no problem doing it....
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Old 02-06-2014, 03:04 PM   #14
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I was very fortunate, because the Phoenix Metro area, has numerous Dealers.
Also this was March of 2013, the economy was terrible, and vehicles were not selling in our area.
I also e-mailed back and forth with 4 different Dealers and after about a month of this, got in my opinion a great deal. $5,500 under MSRP, OTD (Out the door) 9.3% sales tax was also included in the OTD.
Another key element is close your Deal on the last day of the month, (this is where you will earn your best price).
So a lot has to do with your timing, the economy, and how bad are the Dealers hurting.
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Old 02-06-2014, 03:04 PM   #15
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Bag of bills, cashiers check, personal check, they will take whatever. If in question just ask them.
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Old 02-06-2014, 03:12 PM   #16
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Never show your hand, like said they make more money on the financing if you do it through them and on selling stuff during financing.

If they are persistent on what type of payment say you are going to finance, then once everything is agreed on, say you decided to pay cash instead, you are a allowed to change your mind on your payment method.
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Old 02-06-2014, 03:18 PM   #17
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You can negotiate a helluva deal if you wanna pay in cash. It can definitely be done. Talk to the dealership.
That's a popular misconception. When the deal is financed they get their money right away. In fact sometimes they get a kick back for financing the deal. There are tons of hoops to jump through with a cash deal to make sure the money is legit.
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Old 02-06-2014, 03:27 PM   #18
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That's a popular misconception. When the deal is financed they get their money right away. In fact sometimes they get a kick back for financing the deal. There are tons of hoops to jump through with a cash deal to make sure the money is legit.
Yup, it took forever for me to get my title. I had to re-sign my paperwork and they removed the Electronic Title Transfer. (I didn't care, it saved me 25 bucks). And it seemed like my paperwork wasn't even submitted for weeks. Pat had mentioned that they run personal checks through the bank twice to make sure it isn't a scam...and I think they removed the electronic title transfer to give them even more time to make sure everything was legit.

It was months before my title showed up in the mail.
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Old 02-06-2014, 04:46 PM   #19
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I always pay cash, and get my titles in just a couple of weeks. If the dealer can't execute a cash deal smoothly... time to find a new dealer.
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Old 02-06-2014, 04:53 PM   #20
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That's a popular misconception. When the deal is financed they get their money right away. In fact sometimes they get a kick back for financing the deal. There are tons of hoops to jump through with a cash deal to make sure the money is legit.
I have personally gotten deals thousands under invoice on vehicle purchases just for paying cash. You can occasionally find cash-only corporate incentives that are not advertised, you just have to ask.

Never on Jeeps though... doubt Jeep will ever need to offer cash-only incentives, they are too popular.
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Old 02-06-2014, 05:04 PM   #21
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That may be true, but you would have gotten the same, if not better deal by financing. Cash is not an incentive to the dealer.
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Old 02-06-2014, 05:05 PM   #22
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Yes, I had my title in about two weeks!
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Old 02-06-2014, 05:05 PM   #23
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So when I bought my 4Runner, I told them I'd pay in cash. They said that was fine. So I took actual cash...that was my intent, and why I called beforehand. They freaked out when i pulled out envelopes of cash, and had to get me in a closed room with a guy who could actually count cash. The Finance lady was not happy at all- they make money off financing deals. She kept telling me to do that instead. It was quite the strange experience, and they must have thought I was quite the strange guy. It was not the smartest idea, since I make more more money by letting it work for me, but I wanted to do it once. Kinda dumb, but it showed me that cash is not always king when it comes to buying cars from big dealers.

Certified check- safe, easy, smart. Cold hard cash- not so much.
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Old 02-06-2014, 05:14 PM   #24
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That may be true, but you would have gotten the same, if not better deal by financing. Cash is not an incentive to the dealer.
No I wouldn't have. It was a 3 thousand dollar corporate discount for paying in cash. Not a dealer discount or negotiation. I know people who have always financed their vehicles don't want to believe this but it's occasionally much better to pay cash upfront.

The reason is that the companies that handle the corporate financing are frequently wholly or partially owned by the OEM. If the financing arm of the company is hurting for cash (liquidity) they will incent buyers to pay cash.

This was true in spades from 2009-2011 after the recession. Not so much now since things are rolling again for the automakers.
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Old 02-06-2014, 05:15 PM   #25
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So when I bought my 4Runner, I told them I'd pay in cash. They said that was fine. So I took actual cash...that was my intent, and why I called beforehand. They freaked out when i pulled out envelopes of cash, and had to get me in a closed room with a guy who could actually count cash. The Finance lady was not happy at all- they make money off financing deals. She kept telling me to do that instead. It was quite the strange experience, and they must have thought I was quite the strange guy. It was not the smartest idea, since I make more more money by letting it work for me, but I wanted to do it once. Kinda dumb, but it showed me that cash is not always king when it comes to buying cars from big dealers.

Certified check- safe, easy, smart. Cold hard cash- not so much.
When ever I sell a vehicle through craigslist, which has been many, I always have the buyer bring cash currency. We then meet at my Bank, and they run it through a counter, plus it verifies that the money is not counterfeit. Next the Bank officer notarizes the title and the registration for completion.

Never count on a Cashiers, or certified check to be good. All that the sender has to do is call the Bank and say that the check got lost, and guess what, the Bank that issued the check will stop payment on it!!!!!!!!
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Old 02-06-2014, 05:18 PM   #26
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I negotiated my price, told my wife to write them a check, and then picked on my wife all the way home about spending so much money.
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Old 02-06-2014, 05:21 PM   #27
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I negotiated my price, told my wife to write them a check, and then picked on my wife all the way home about spending so much money.
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Old 02-06-2014, 05:39 PM   #28
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Here, in the land of uber-rich pot growers (I'm NOT one) and their all-cash economy, all the dealers know how to do a cash deal. One IRS form (form 8300), and you're done....


p.s. of course, the growers are not at all concerned about paying MSRP+, they can't spend it fast enough....
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Old 02-06-2014, 05:44 PM   #29
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just write a personal check. No forms required if paying by check vs cash. I did a combination of cash and check simply because I had just sold a motorcycle for $16000 cash. Last year I was at Dave Smith motors and the salesman told me the week before 3 young guys came in from North Dakota (the oil fields) and all 3 bought new dodge trucks that they paid cash for.
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Old 02-06-2014, 06:13 PM   #30
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This isn't a flea market, cash is no longer king. They want to earn your interest!

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