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Started By
Message
A few stupid questions about buying a vehicle
Posted on 9/18/18 at 8:36 am
Posted on 9/18/18 at 8:36 am
I apologize if these seem like dumb questions, but I'd rather look dumb now than sitting in a dealership. I've been through the Will Cover method just have a few more, mostly paperwork, questions.
So the scenario is I have financing taken care of through lightstream, meaning the cash is in my account, unsecured. The plan is to withdraw my budget in cash and take it with me. Any issue (besides carrying a big wad of cash) with this versus a cashiers check or some other payment method? Obviously won't tell the salesman this til we've talked numbers. I'd like to avoid trips back and forth to the bank.
I have a few vehicles picked out at a few different dealerships that check all my boxes. I assume if I like the vehicle, agree on a price, and hand them cash, call the insurance company to add it to my policy, and I walk out with title in hand? What kind of fees can I expect when paying cash versus financing with them? What should I be on the lookout for? They will coordinate TT&L there, or can I count on a trip to the OMV?
I'm decently mechanically inclined, so I'm less concerned with the test drive aspect, just trying to avoid putting my foot in my mouth that will tip the sales guy off to me being ignorant of the process. TIA.
So the scenario is I have financing taken care of through lightstream, meaning the cash is in my account, unsecured. The plan is to withdraw my budget in cash and take it with me. Any issue (besides carrying a big wad of cash) with this versus a cashiers check or some other payment method? Obviously won't tell the salesman this til we've talked numbers. I'd like to avoid trips back and forth to the bank.
I have a few vehicles picked out at a few different dealerships that check all my boxes. I assume if I like the vehicle, agree on a price, and hand them cash, call the insurance company to add it to my policy, and I walk out with title in hand? What kind of fees can I expect when paying cash versus financing with them? What should I be on the lookout for? They will coordinate TT&L there, or can I count on a trip to the OMV?
I'm decently mechanically inclined, so I'm less concerned with the test drive aspect, just trying to avoid putting my foot in my mouth that will tip the sales guy off to me being ignorant of the process. TIA.
3
Posted on 9/18/18 at 8:44 am to TheDrunkenTigah
I'm not familiar with lightsream, but dealers now tend to give more incentives when you finance with them. For my last 2 cars, I've financed in house and refi'd out the next week. There is no fee to refi out as far as I'm aware.
Posted on 9/18/18 at 8:45 am to TheDrunkenTigah
quote:
The plan is to withdraw my budget in cash and take it with me
I don't understand the point of this. Just wrote a check, walking in with a big wad of money isn't going to get you a better deal
Posted on 9/18/18 at 8:45 am to lsujro
This is a relatively cheap used vehicle, so I doubt they'll have much to offer me, but I guess I still technically have that option if I just finance with them and pay off the loan next week.
Posted on 9/18/18 at 8:47 am to Mingo Was His NameO
quote:
I don't understand the point of this. Just wrote a check, walking in with a big wad of money isn't going to get you a better deal
I'm not looking for a better deal for having cash, I was under the impression a personal check was a no-go for a purchase like this. Like I said, I'm ignorant of the process.
Posted on 9/18/18 at 8:54 am to TheDrunkenTigah
quote:
I was under the impression a personal check was a no-go for a purchase like this. Like I said, I'm ignorant of the process.
i have written a 10k check with no problem for a car bought out of state.
Posted on 9/18/18 at 8:54 am to TheDrunkenTigah
what about a cashiers check or something.
Posted on 9/18/18 at 8:58 am to lsujro
Just FYI if you re’fi the loan within 3 months then the dealers agent will lose his commission.
I’m not in the car business but have been told this, and not like it’s a big deal unless you are close to the agent.
I’m not in the car business but have been told this, and not like it’s a big deal unless you are close to the agent.
Posted on 9/18/18 at 8:58 am to diat150
quote:
what about a cashiers check or something.
Don't I need to know the amount and party the check is to before I get it? Like I said I'm trying to avoid trips back and forth to the bank, and I don't necessarily know the dollar amount, which vehicle, or dealership I'll be buying from yet.
Posted on 9/18/18 at 8:59 am to lsujro
quote:
i have written a 10k check with no problem for a car bought out of state.
I'll keep that in mind, I just wasn't aware a dealer would be cool with a personal check that could presumably bounce.
Posted on 9/18/18 at 9:23 am to TheDrunkenTigah
I've written a personal check for car with purchase price >$30k. It was a new Honda at a large dealer so they may be more willing to accept that than a mom and pop dealer.
Probably best if you just call and ask what their policy is regarding personal checks.
Probably best if you just call and ask what their policy is regarding personal checks.
This post was edited on 9/18/18 at 9:24 am
Posted on 9/18/18 at 9:27 am to TheDrunkenTigah
Almost any dealership will take a personal check. They might call the bank to verify funds, but I've written a personal check before with no problem.
Posted on 9/18/18 at 9:29 am to The Spleen
That makes sense, thanks guys.
Anyone have any info about the other parts?
Anyone have any info about the other parts?
Posted on 9/18/18 at 10:02 am to Shepherd88
The dealers agent? Meaning the finance guy or the car salesman?
Posted on 9/18/18 at 12:38 pm to TheDrunkenTigah
The last couple of times I've purchased, I've told the salesman that I wanted to negotiate in drive-out numbers only, inclusive of car sale price, TT&L, and any and all fees (e.g. state inspection fee, documentation fee, etc.).
Since you have a few different cars you're interested in, I'd suggest picking your favorite and just ask for the best drive-out price. If it doesn't meet your number, or if he/she tries to add on some fees or whatever then you can walk out and go to the next favorite.
Since you have a few different cars you're interested in, I'd suggest picking your favorite and just ask for the best drive-out price. If it doesn't meet your number, or if he/she tries to add on some fees or whatever then you can walk out and go to the next favorite.
This post was edited on 9/18/18 at 12:40 pm
Posted on 9/18/18 at 1:09 pm to TheDrunkenTigah
quote:
I assume if I like the vehicle, agree on a price, and hand them cash, call the insurance company to add it to my policy, and I walk out with title in hand?
You are financing the vehicle. Lightstream will hold your title until you pay off the loan in full or refinance elsewhere. Also, it depends on the place but most have an insurance person on hand to help get it in place. Last place I bought a vehicle from wouldn't let me get on the road until they confirmed it was in place. They set it all up on behalf of me and I had to get on the line to confirm that I approved the changes. East.
quote:
They will coordinate TT&L there, or can I count on a trip to the OMV?
They will handle it there. Most places take care of ordering new plates.
quote:
just trying to avoid putting my foot in my mouth that will tip the sales guy off to me being ignorant of the process. TIA.
You're over-thinking it. You hold all the power by being able to walk away. If you have a few vehicles picked out then don't get too attached to one where you can't walk away.
Posted on 9/18/18 at 2:32 pm to Brian Wilson
quote:
You are financing the vehicle. Lightstream will hold your title until you pay off the loan in full or refinance elsewhere.
The loan is unsecured. For all intents and purposes I'm a cash buyer, which is why I was asking if they would hand me the title on the spot, mail it, etc. If nothing else I'm hoping to know what common practice is so I can insist on it and not get yanked around. Lightstream specifically told me not to list them as the lien holder. My only obligation to get insurance is for legal limits, so I planned to just call my company and do it.
quote:
They will handle it there. Most places take care of ordering new plates.
Thanks, getting the plate was fuzzy to me like the title.
quote:
You're over-thinking it.
Obviously, I just don't do this often and am trying to be prepared.
This post was edited on 9/18/18 at 2:34 pm
Posted on 9/18/18 at 4:08 pm to TheDrunkenTigah
quote:
The loan is unsecured.
What's the rate on the personal loan? the rate on a vehicle loan is likely less.
Posted on 9/18/18 at 5:55 pm to Brian Wilson
It’s 3.2% and I wasn’t seeing anything close to that with other options I looked at on used. The better rates took me higher than I was comfortable spending just to get from point a to b. This also will allow me to be more flexible on insurance coverage. If the dealer just happens to knock it out of the park with some zero apr offer I guess I could still just pay off the other loan early.
Posted on 9/18/18 at 8:16 pm to TheDrunkenTigah
quote:
The loan is unsecured. For all intents and purposes I'm a cash buyer, which is why I was asking if they would hand me the title on the spot, mail it, etc.
I've paid cash/check for cars at dealers. They add their fees for TT&L and handle it all with OMV. You drive off with an inspection sticker, temporary paper license plate, and sales invoice to show you bought it.
Talk to your insurer in advance to make sure no surprises on premiums for that model. Get your insurer to send you a proof of insurance card ASAP after you buy the car.
Within about 30 days, the dealer will receive your metal plate and title. They may mail it to you, or you can pick it up. I had to call last time and check. They had it but forgot to call as promised.
Put the title in the safe deposit box or other safe place. Can be a PITA to replace a lost one, which you usually discover is lost right when you want to sell or trade.
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