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Reply to "When people say they "pay cash" for a car..."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Usually certified check from bank. [/quote] Why? Why not just cut a regular check? That’s all we’ve had to do to pay for cars that cost between $55k and $75k. Is there something I’m missing?[/quote] A personal check could bounce. A certified check carries a guarantee from the bank that the funds are available and set aside to cover this specific transaction. [/quote] Yes, but dealerships don't seem to care. In the fine print must be language about penalties for bounced checks and the buyer paying to repossession if necessary. [/quote] This may be true. In my experience, the dealer asks for some verification that the funds are available with a personal check (usually by looking at the online account balance or by calling the bank). Now that we can all initiate a wire/ACH transfer from our phones, I'm shocked that this hasn't become the standard of payment.[/quote]
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