Here's How to PAY CASH at a Car Dealership (Former Dealer Explains)

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Today Kimberly joins Ray and Zach to explain what TO DO and what NOT TO DO when paying with cash at a car dealership.
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29 июл 2024

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Комментарии : 590

@copperallen2598 2 года назад

All of this information has convinced me that the burden of buying a new car is TOTALLY on the shoulders of the " customer " and has nearly turned me off from buying a car PERIOD! It literally gives me the impression that the customer should arrive prepared to do major battle and everyone inside that dealership is an enemy . I hate being made to feel like I'm doing a business a favor and that I should feel blessed that they are allowing me to buy something from them! At this point, I think I'll find some alternative and spend my hard earned money with a private party.

@tommak6516 2 года назад

Just get your balls back from your wife/girlfriend and act like a man. You fem-men are afraid to talk to a car salesman? Pathetic.

@FabricateFrog 2 года назад

facts

@dyates6380 2 года назад

It's too bad you feel that way, but I understand. I've paid cash for my last two cars and I find, simply put, that if you do all of the necessary research as far as model and out the door price you're willing to pay, and be prepared to simply say "no thanks" and walk out the door. No reason for any conversation about a new or used car should ever get above normal talking volume. Here's my offer, if you counter, fine. Thanks for your time.

@Smacks1 Год назад

Gots me feeling the exact same way bro!

@johndrake3472 Год назад

That’s because they are your enemy

@nala3038 Год назад

If you tell them that you are a cash payer, do not expect to get a discount. The dealership makes money off your interest rate too so tell them that you are financing it and you will get the pricing down. After about a month, call up the lending bank and pay it off. This will make the dealership mad cuz you pulled one up on them. Take it from a former high volume dealership sales guy.

@tdz69 Год назад

You don’t think the dealers are wise to that? Lol. As soon as you say you’re not sure how you will pay they will assume the worst case scenario for THEM and be difficult in the negotiation. And at the end, if you pay cash, they protected their profits……if you finance, they made MORE. Either way they have the upper hand.

@alexvang3228 Год назад

Do you know how much of a possibility is it to get a loan and pay it off in a short amount of time with your credit card instead?

@dachump8536 Год назад

Please read your contract carefully because a lot of them have a prepayment penalty for trying to pay it of its a law allowed in most states to protect the loss of the lenders so do your research and inform yourself cause sometimes paying early costs more than the financing, yeah I know it’s ridiculous

@AlexxSerpa 11 месяцев назад

The lender usually let you know when you can pay it off. For Kia right now is like a year

@m16ty 11 месяцев назад

I went into a dealership one time planning to pay cash. To make a long story short they were very open about being able to offer a better deal if I financed it for 36 months and didn't pay it off for at least 90 days. The discount was $1,500 and I was only going to pay a few hundred in finance charges in 90 days. The dealership told me that the finance company gave them money for selling the loans and if I paid it off before 90 days they wouldn't get their money. Well I agreed to the deal. I thought I explained all this to my wife, but when the first payment came in the mail she just paid it off. The salesman called and wasn't happy, but all I could say was sorry, it was a mistake.

@tommak6516 2 года назад

If the check is too high, then rip it up and write another. If the check is too low, then tell them you are not going to rewrite the check, take it or leave it. The customer could care less if the Finance Mgr 'shoots' his co-workers. I bought a car one time with a check, no financing, and the Finance Manager was trying unsuccessfully to sell me extra stuff, and he started whining and crying that they were not making any money on the deal. I stood up and said "if your that unhappy rip the check and the paper work up and I will just leave." The Finance manager shut up and completed the deal. The only reason the dealers do all this crap is because almost everyone, men and women, are all pussified.

@ruiarruda5987 Год назад

Spot on mate!

@wematanye533 10 месяцев назад

Agreed... I don't know why these people think anyone cares how car dealerships feel. They certainly don't care how the customers feel and will do anything to pressure someone into a purchase.

@seandowning5918 2 месяца назад

Truth man

@frankvadnais3536 2 месяца назад

I’ve had finance managers furious with me because I made a deal for the purchase of a car and absolutely nothing else. None of their garbage warranties, paint coatings ect. and financed through my credit union. It’s pretty entertaining to watch these clowns lose their minds.

@tommak6516 2 месяца назад

@@frankvadnais3536 Well since I was not there, I can only make a guess, which is ... the Finance Mgr was probably not really upset, he was just ACTING upset. Most of them are professional salesmen, they work with hundreds of people a year closing car deals. Do you really think they would become unduly emotionally involved in your particular transaction? Highly unlikely.

@zcam7939 Год назад

It's not about what the dealership want. It's what I want. You don't take cash or cashier's check, I go elsewhere

@zm3647 4 месяца назад

period

@Tonyr0206 2 года назад

I was selling Mitsubishis back in the mid 90's. We had a 3000 GT VR4 in the showroom that listed for around $50k. A farmer in an old beat up truck showed up and walked in the showroom. None of the "more experienced" sales people paid him a second glance, as he was quite disheveled. He started looking at the VR4 and I approached him. He asked me, "This thing fast?" I replied "Yes sir!" He then asked how much it was. When I told him the cost he, didn't say a word, turned around and walked out of the dealership. I thought he was leaving and went back to my desk. He then walked back in with two armfuls of mason jars filled with cash...walked up to me and said, "Should be about fifty thousand in here. Let's talk." He bought the car, drove it home that night....leaving his beat up pick up truck in the lot to be picked up in the morning. The other sales people couldn't believe it, nor could I!

@draecath5953 Год назад

I feel like he did that on purpose just for the shock factor. It wouldn't be the first time someone did that.

@warrr_machine Год назад

Farmers make the world go round

@TheChuyDewy Год назад

what a chad

@steelydan449 Год назад

This is the oldest story car dealers tell

@Tonyr0206 Год назад

@@steelydan449 I made a fat commission. I don't care if the story has been told before or not. It was the one really great sale I had in my one year of selling cars.

@michaelcollins8316 2 года назад

Your dad reminded me of the time when my significant other and I went to a new location for our dealership of choice. It was a early Friday night and the General Manager who we normally dealt with was busy so we just started looking around to see what was available. We where there for about a half hour and NO ONE said a word to us, they were to busy talking with one another (no other customers were there). The GM came out, saw us and we told him that we thought we were invisible. Now normally when we bought something he would give the deal to salesperson to handle for him; however, this time he was so upset that he kept the deal for himself. We bought 2 new cars that night and he had fun telling the next morning sales meeting what they had missed. I find your channel very informative.

@BP-wv2xq Год назад

Same thing happened to me and my husband last week at a used car dealer ship in NYC. We were rudely told to sit down and completely forgotten about as employees chit chatted. After an hour of watching ppl avoid us, we walked out. They had a great deal, and we were ready and I was desperate lol. We wouldn’t of even haggled too much. As much as I wanted that deal just out of principal we refused to give them our business.

@gwillis01 2 года назад

This video is the ultimate proof that cash buyers do not get to skip meeting with the finance officer. Everybody has to listen to the sales pitch for the extended warranty no matter what.

@CarEdge 2 года назад

Gwin you can blame the lawyers for this. Too many dealerships have been sued because a customer has claimed that they would have purchased a protection plan from the dealership had it been offered to them in F&I. So now everyone hears the pitch and signs off that they were offered the various items and that they declined them. All the best, Ray

@lukemignano7721 2 года назад

Perfect timing!! Was wondering what the proper procedure was for paying cash in dealership ,came across this video that was made 9 months ago . Very good video once again!!!! Answered my questions! thanks once more Ray, Zack, and Kimberly you guys are truly awesome!!!!

@scottwarner1017 2 года назад

I purchased a car, paid cash by doing an electronic transfer from my bank account to theirs. The mistake I made was to tell the salesperson that I was paying cash upfront. After watching your channel I know that the saved very little.

@ericpigg2689 7 месяцев назад

Basically, you have to lie to dealerships about how you plan to pay for a vehicle if you are going to pay cash. I have been going through this for the last few weeks. They love to jump right into what your payments will be on a vehicle. I use the words "I have my own financing lined out" and most do not call or text back. By taking the money out of the bank and paying ourselves back, we are saving about 15k in interest on the vehicle over 5 years so it is well worth doing, it is just finding someone who will work on a cash deal seems almost impossible. It is a terrible business model when you have to go in lying to prepare for their lies, omissions, hidden fees and markups.

@richardpuckett8127 2 года назад

As someone who has handled large sums of money everyday . You count everything into 500 or 1000 dollar increments. And after everything's counted like this. Then you add to the total

@MensHealth-drizzle-drizzle 2 года назад

From my experience, I think you might have left out the most important point. Which is never tell them you are paying cash until the otd deal has been made! Cash is not king with a dealership

@aa777flyer 2 года назад

Nailed it! I was going to say the same thing. This is contrary to the way most people think. When I was working at a Honda Dealer one of my colleagues would actually tell his customers take what ever financing there is then when the first payment comes, pay it all off.

@tisha1322 2 года назад

Agreed!

@veger5872 2 года назад

What if they ask if paying cash within the first 5 minutes of negotiations? First ?: Do you have a trade? 2nd ?: Are you financing or paying cash, 3rd ?: What down payment? I guess you have to baffle them with BS to avoid answering them. Sort of like Democrat nominees for cabinet positions "I am sorry Republican Senator, I don't know how to answer that at this time!"

@tommak6516 2 года назад

@@veger5872 Do not tell them you are paying cash, be more subtle and just say you are putting 100% down.

@theblackknight9783 2 года назад

@@veger5872 you can start off by asking, what monthly payment plans do you guys offer? You’re not telling them lie. You’re just not telling them you’re paying cash.

@robtech341 2 года назад

I would love to see the finance manager run out on the sales floor looking for who to berate. I'd literally start a slow clap. Also this is why, as a cash buyer, you come in with the expectation of writing 2 checks. Let's say the OTD price is 40,196.98 from the sales crook, have a check written for $39,000 then expect to write another check for the difference and hand it to the Finance Racketeer. You'll remember the look on the Finance pilferer's face, it's a beautiful thing. Cheers!

@michaeldoherty5423 2 года назад

In 1986 I worked as a car jockey for a car detailer. I would go to various dealers to pick up used cars that needed to be cleaned up for resale. On this day I was at McGuire Chevrolet in Bordentown, N.J.for that reason. I had time before the vehicle was ready for me so I found my way to the new car showroom. As I’m checking out a yellow Camaro Z/28 two customers wearing business suits and Keffiyehs walked in. One of them spotted a salesman, pointed to two Chevrolet Classics and opening two steel briefcases filled with cash said “Is this enough for those two?” I walked out of the showroom so I wouldn’t be seen laughing at two guys about to be fleeced but also not to be seen crying because there was no way I was getting a deal on the yellow Camaro. On a side note that was the day I met Barry Meguiar who was a close relative of the dealership owner.

@ronaldwarren5220 2 года назад

My friend Deb went to the local Chevy dealer to purchase a new 2010 ZR1 Corvette that was on the sales floor. The sticker was around $110,000. She had a C3 Vette to trade in that she had purchased used at that dealer a few years before. Her boyfriend had recently died (a prominent local DJ) and left her a huge insurance settlement, an expensive SUV and a paid for condo. The male salespeople simply blew her off. She drove to a dealer 50 miles away and ordered the same ZR1, The salesperson at dealer #2 took her seriously and had the car shipped to him from the original dealer she had tried to buy the car from. A month or so later Deb purchased another new Corvette C6 convertible Grand Sport from dealer #2 and is now driving either a new C7 or C8 she bought from dealer #2. I have lost touch with Deb as I moved far out West to Arizona. Let that be a lesson to you sales folks!

@kokolovitch56 Год назад

Typical woman to spend money like water, of course that’s what they do when they don’t have to earn it.

@stacyhughes.and.her.2cats Год назад

This video was right on time! Through an inheritance, I'm able to pay for a vehicle in cash. I had no clue how to go about it. I also learned from you guys NOT to tell the dealer it'll be a cash/check deal. I've learned (SO) much off ur site!

@kornfedboy 2 года назад

Outwest the Mennonite farmers are famous for buying expensive farm implements (a modern tractor combine can easily be $250,000 or more)and showing up in a group with boxes filled with cash!

@moioneowe4453 Год назад

Aside from having the opportunity to purchase an added option, why would I care about the finance officer getting upset?... Ef him

@0913749 2 года назад

I recently purchased a vehicle and never told them I was paying Cash. I negotiated over the phone until I got the price that was fair for both parties. Once I got to the financial manager, I noticed the interest rate was much higher than I know I qualified. I wanted to pay the full vehicle, so interest rate was of no concern. I did not like they were offering a higher interest rate until I brought it to their attention. It was immediately lowered to the lowest available. The Vehicle was delivered to my home, paperwork signed at my home. I paid their max amount on Credit Card (wanted travel miles). The remainder on a personal Check.

@tisha1322 2 года назад

Nice!

@deathbyvanity1955 2 года назад

this avoids problems with IRS?

@egomaniac247 2 года назад

I’m not understanding why the interest rate mattered if you were paying cash?

@Catignani1905 2 года назад

@@egomaniac247 probably just because they were going to screw him over with the interest rate because they thought he was going to finance

@jincs151 Год назад

@@deathbyvanity1955 That's only if you pay in actual cash

@banksyownby9600 Год назад

Thank you all! Im walking in tomorrow to purchase a car outright and this was very helpful!

@michealrose7556 Год назад

Great report. Hats off to your team. God Bless

@reginathequeenofcarloans Год назад

love your videos, always so informative!

@remotecontrolaxe Год назад

I paid cash for a car once. It was a state away, and I confirmed the full amount with the dealer over email. They said they only wanted a cashier's check, so I got one for the out the door (didn't know that exact term for it at the time) price. I was driven there by some family, tested the car, signed some paperwork, handed them the check, and drove it home. Interesting that you say most dealers not only will accept personal checks but are wary of cashier's checks, as this place would only take a cashier's. Heh oh well, it worked out great.

@user-uw4ch8qr5e Год назад

Sadly, my grandparents (Danish emigrants in the early 1900's), bought a new car with cash, only to have it destroyed in a barn fire a year later with no insurance. This happened in the Great Depression, something my dad never recovered from.

@kyleansley 2 года назад

Ray is exactly right. One of my best deals was an 18 year old who came and looked at a nearly new Toyota Tacoma. He drove up in a beat up jeep cherokee missing a window and covered in mud. I went over and talked to him. He called his grandfather and I went with them to lunch and bought their lunch. They came back and bought the Tacoma and a New Dodge Challenger R/T Cash.

@tommak6516 2 года назад

Did you put mind control drugs in the lunch meat?

@YTPmjma 2 года назад

🤣🤣🤣

@Jr._.2soild Год назад

So I have a question let's say I buy a $40,000 vehicle in cash. Will the IRS come hunting me down? I prefer not to go through the bank every month and would like to just pay once.

@lashondamiller2982 Год назад

@@Jr._.2soild just write a personal check, or actually if you're paying that much maybe do a cashier's check. I don't think the IRS will hunt you down as long as you've always filed your taxes accordingly lmao

@goblinzl1 2 года назад

i negotiated my trade and discounts to get an OTD price then i paid them with a cashiers check. i made it firm what im paying and not anymore than what was agreed on. we both got a good deal.

@CusterFinancialCoaching 2 года назад

Can you address when to say you are paying cash? After the deal is made? I’ve heard to negotiate the deal first and have it in writing since the dealer makes money on the financing.

@STAYWOKEBGF 2 года назад

I'm saving up now for a ls-460 l.. I gave myself till may . Thanks for the heads up..

@B422TMack 2 года назад

My pop, Great uncle & their buddies were self-made men. always dressed in work clothes. Mainly overalls, work boots, denim shirt, and a hat. But could buy anything they wanted with cash . But my pop ( grandfather) was smart about it. If he wanted a piece of equipment for the excavation business or for the farm. He'd have the money in the bank just write a check out.

@davidmurray9844 2 года назад

Very beneficial video. Thank you for sharing.

@dantedressage 2 года назад

And thank you for being here @David Murray !

@drea1020 2 года назад

No wonder dealerships wouldn’t help me. I said I was paying up front. This is useful.

@hughofIreland 2 года назад

Interesting comment on credit cards. I once tried to buy a car on an Amex. Instead, they accepted a 10% down payment on the card. The dealer told me something about different consumer protection laws with credit card purchases, which made sense to me at the time.

@Ms_T_Perfectly_Imperfect 2 года назад

Exactly what I was looking for. Thanks!

@jhernan11 2 года назад

As some others have said, the most important point would be to get the OTD price before mentioning how you're paying. Was this intentionally excluded? With as much dealership experience Kimberly and Ray have, I'm surprised a point as important as this was not included in a video about paying cash for a vehicle. Kevin Hunter 'The homework guy' has a couple of really good videos about paying cash for a vehicle. I believe you did a reaction video to one of his videos previously. Overall, I do enjoy your videos, even if they sometimes come off as having a bias towards dealerships. Keep up the good work!

@dantedressage 2 года назад

Thanks Jason. We simply wanted to highlight the "how" to pay cash and things like what to do, what not to do and the questions you might want to ask the dealership before hand. I do hope it was helpful to some people as it does come from our years of experience. We do however, have videos and tons of information on our website and Community on when to discuss just how you'll be paying for your new vehicle.

@Distinctiveweddingvideos 2 года назад

Jason, 100% with you on this. LOVE this show, just good people who want to help. But yes, they have been so close to the dealerships they are forgetting that the dealership is the "feeding pit" for the sales people. We are but pray for them to feast on. Best option, NEVER EVER step foot in the dealership. I'll rent or test-drive a car at a dealer I'm not going to buy from (exception to my rule) before I buy, so I don't even deal with that nonsense. I do everything over the phone or internet (even better yet, I call with my google voice number so the lions can't get ahold of my #).... but, all dealer tracking systems (such as Dealerspike) now put you in their system even if you *67 your caller ID.... so scummy. We are simply buying a can of Green Beans from Safeway. There is NO difference between the greenbeans at Joe's New Care Lot or Sue's New Car Lot. They are all just a commodity. I think I'm going to start my own channel! Your Advocate Alliance.... is the"Your" the dealership or the customer... It makes me wonder. But again, good people but something is just a little off. If they tweet their message just a little, I'll keep being a fan. Waiting for them to invite me in to debate some of this stuff. Wonder if They can handle a boy from central Jersey or not?!

@damondiehl5637 Год назад

I just watched a different video by these guys "Questions to Never Answer when buying a car" and the father mentions that several times.

@richteritwan 2 года назад

I Love Dealership experiences an employee has had. Do more of them, please!

@tommak6516 2 года назад

I take my dog with me, and he pees on the tire of a car in the showroom. If they complain then I also pee on a tire. At that point the tone of the negotiation has been set.

@jamesthompson4015 Год назад

Please post more experience stories like these. Very interesting and helpful

@minipandora22 7 месяцев назад

Great information, thanks ❤❤

@joeychitwood6004 2 года назад

When I was a P&C insurance agent, we had a client that was an older gentlemen and he wanted to pay everything in cash. He carried around 4k on his person. I advised him that was not the wisest thing to do. We dicussed finance etc. He is a wonderful guy but being in his early 80's (you would never know it!) he was not aware of the risks etc. He is still a client of my former co-agent! Use your finances wisely! My last comment :) NEVER judge people on the way the look! People who have money do not flaunt it. I know. :)

@tisha1322 2 года назад

Yes!

@bend1951 2 года назад

SMART people who have money, don’t flaunt it.

@janereinhardt4715 Год назад

Exactly! Many relatives, my best friend, & several other very wealthy people that I know look like they are homeless. Holes in their shoes, need a haircut, drive 32 year old cars with dents, & do not own a cell phone. That is how they became wealthy, by being thrifty!

@Set-Apart-By-Grace Год назад

This is exactly what I wanted to know....thank you!

@jeffreylee3775 11 месяцев назад

I have had my car forever and am thinking of buying a new car with cash. I'm inhaling all your videos.Thank you so much.

@Victic005 2 года назад

I always put as much on my credit card, so I can get points, then write a personal check. I always pay cash. I never buy the extended warranty.

@davewmck 2 года назад

Seems like you could negotiate a bit off if you didn’t use a credit card 🤔

@Victic005 2 года назад

@@davewmck no, you would pay the same. Usually the limit is $5000.

@dathyr1 Год назад

Thank you very much for this video. Was looking for a good video explaining best ways to do cash deals with dealerships and you explained everything very well. Well, my brown bag of cash will have to be put on hold now. LOL!!!! Thanks and take care.

@nospamallowed4890 3 месяца назад

I never had a dealer accept a personal check for a car. So, is the only option to drive to the nearest bank form a cashier's check? Or can you do put your money in the bank account and authorize an ACH bank transfer?

@davidmacgown321 Год назад

What about a bank wire transfer rather than writing a check? Will the dealership pull the IRS form for wire transfers?

@JulieMoran1832 Год назад

I found my car. Nissan Rogue Platinum. Dealer said no personal check. They wanted certified funds/cashiers check. They gave me an "out the door" price so that's the amount I need to make the certified check out to. My car is to arrive Tuesday (I hope) and because I work, it was easier for me to get the funds this weekend. So I'm ready. Is that still an issue?

@_Volt_Ron_ 2 года назад

Thank you. This was helpful info. Most of it is common sense. And a few things are, "Oh, that's cool. That helps simplify and make the process easier.".

@billd66 Год назад

I'm very surprised at dealerships preferring a personal check to a cashier's check. Last vehicle I bought at a dealership for cash was a new motorcycle 20 years ago and they absolutely wanted a cashier's check.

@Tomm9y 2 года назад

In the UK cash transactions are not accepted due to the money laundering risks etc. Even bank transfers need to be reviewed and cleared, some dealerships want to hang onto the funds for and day or more before releasing the vehicle. Personal cheques are a problem too as there are various circumstances as to when they are cleare for value and for fate.

@JohnnyD69FG 10 месяцев назад

Great advice. Thank you.

@Ronbo2737Verizon Год назад

Should I finance the add on's for my new car, or pay cash for the accessories?? Thanks in advance....

@PAHighlander24 2 года назад

In 1975, upon graduating with an engineering degree and landing a good-paying career job, I went car shopping at a local Ford dealer. I was wearing jeans and a t-shirt, and honestly, looked like a teenager. None of the salesmen approached me as I looked at the models on display in the showroom. I had to ask for assistance, and still they all ignored me, even though I was the only customer. I would have purchased one of the cars on the floor that day. I went next door to the Chevy dealer and bought a car from them, as they greeted me as soon as I walked in. Don't judge a book by its cover.

@dantedressage 2 года назад

Absolutely right!!!

@PAHighlander24 2 года назад

@bobcat baldfat drunkbeater Fords of that era were no better. The pollution requirements stole all the power from the engines and Japanese cars of that era were very small, and didn’t meet my needs.

@dylon2372 Год назад

I used to work in a high end technology store (computers etc). Our sales team always told us to make sure to approach people in sweatpants, white tees etc as not everyone wears their bank account.

@joshm3342 5 месяцев назад

As a young man I met a salesman at a Chevy dealer who would not get up from his chair. I then went to a Pontiac dealer where the salseman grabbed the keys to multiple cars, allowed me to test drive, etc. I came back with my Dad and we bought a new car. In the 8 years that followed, between my friends and I, that same Pontiac salseman netted 5 or 6 more sales.

@PAHighlander24 5 месяцев назад

@@joshm3342 I wish GM kept the Pontiac Div. instead of Buick.

@rncondie 2 года назад

You left out a very critical piece paying with cash. At my work we get counterfeit money and it got so bad we had to purchase a high end counting machine ($5k) that can identify very well done counterfeit money. The paper is hard to replicate but we have received washed bills where they will take a $5 and make it a $50. Always hold the bill up to the light and match up the President. If you see a Lincoln water mark on a $50 it has been washed. The counting machine if high end will catch a washed bill.

@fbueller 2 года назад

Why is the industry like this??? Isn’t paying cash the absolute best thing a customer could do for his or her finances?

@namvet1968 2 года назад

Excellent point. I want to buy a new Honda with my personal check. It's convenient and I'll just say "undecided" until I get a OTD price. Then walk into the finance office and write my check for the agreed price.

@tisha1322 2 года назад

If I paid with a personal check, could I take the car the same day or does the dealership hold the vehicle until the check clears?....🤔🤔🤔

@maloney7461 5 месяцев назад

When I purchased my 2009 CRV brand new, I sat down and told the finance manager I did not want to purchase anything extra for the CRV. I did not need to hear his sell pitch. He was PISSED, but he honored my request. My wife and I still laugh about that to this day. I still have that CRV. LOL

@tinab5740 Год назад

as a dealer, how long does a lender take to payout to the dealer when the bank finances the car?

@hepgeoff 19 дней назад

Love this channel! We're looking to buy a new car, and your information has been so helpful. We're also planning on paying cash (personal check).

@gwillis01 2 года назад

In many cities, if you pay for a car with paper money, at least one person in the building is going to think you are a narcotics dealer.

@Oxios 2 года назад

Though they may not care. Some people might even try to see if they can buy some from you.

@douglashenry6996 2 года назад

Any transaction for $10,000 or more in cash or check is automatically reported to the IRS due to anti-money laundering regulations.

@CitizenPerkins 2 года назад

Unless you're a very hot chick. Then other "occupations" come to mind. 😁

@ericpigg2689 7 месяцев назад

All they have to do is try to buy some off me. They will find out otherwise.

@Lyrikhan19 2 года назад

Wow this is scary. You go in with the amount that you want to spend and the dealership is literally made to find more to add on to the price.

@arth.4196 Год назад

Ok. My Grandfather 👴 & Dad 👨 always on major purchases used Cash 💸 because it got them discounts. How will this work on a New Toyota Full Size Truck ?

@g-man2507 6 месяцев назад

Giving away the game ... and we love it.❤

@douglashenry6996 2 года назад

@YAA (formerly Your Auto Advocate) When you special order a new car (as is so common nowadays), I understand that you pay a deposit at the time you place the order. As far as the balance of the price, is the form of payment also disclosed at that time, or is it negotiated at the time of delivery? I would want to make a withdrawal from my 401k in order to pay by check, but I want to wait as long as possible before I make that withdrawal.

@meddy0811 Год назад

So the deposit can be paid with whatever form of payment but you dont discuss how youre paying for the car until the car comes and you walk into the finance office

@bluerasperries1117 2 года назад

You mentioned credit cards, what about visa/master debit card? Same advice?

@usaverageguy 2 года назад

I have been told that to get your best deal on a car. Never tell them that you are paying cash up front. So, when do you tell them.

@greggjarvies8938 2 года назад

Wondering whether the dealership may offer a discount if you agree to finance vs. paying cash? You get a few hundred off so they can make a little on their end then you pay the loan off within 30 days (assuming no pre-payment penalty).

@duppyshuman 8 месяцев назад

My sales contract showed I got a dealer discount of $1,500.00. Not so. It gave the appearance they lowered the cars out the door price thus making the purchase more enticing.

@jkopvo 10 месяцев назад

It seems that the amount that can be paid by credit card is just as negotiable as the various fees that the dealership wants to add on. You can offer to pay the full OTD price by credit card, and be willing to just walk out if they won't accept that.

@petersaulnier3526 7 месяцев назад

a beginner question -- if I pay by personal check, & I take the car,, my check has not yet been paid by the bank to dealer. so i guess dealer needs my credit info & maybe my S.S.# to hold until my check clears bank.. if i wanted to avoid sharing my credit info, can i give my check and then ask to leave car at dealer until my check clears bank and pick up the car then?

@ado3616 2 года назад

Loved this episode! I never thought of putting part of the purchase on a credit card -- but with all the fantastic cash back and points deals out there, this could be a nice perk. I wonder what the max limits are these days? Also, does the dealership call the bank after you write the check to confirm the funds are available? Some of us still save for cars -- inflation killed us this year -- but we're out there. So many great comments here -- you may want to do a sequel.

@braetonwilson4296 2 года назад

Keep in mind that dealerships sometimes have to pay service fees if the car buyer uses a credit card. Thus the dealer may refuse to let you use a credit card to buy a car or set a limit like say put 5K on your card but pay the rest using a check. As for your second question, dealerships have a special machine that can validate personal checks to make sure they're genuine and yes if need be, the dealership will call the bank.

@tommak6516 2 года назад

If you put $5000 on the credit card that would be 1% rebate or $50, at 2% it is $100. Probably you could tell the dealer to knock off that chump change and not use a credit card. A dealer will not let you pay any more than that on your credit card, and probably not that much.

@teeduck Год назад

@@tommak6516not even worth the hassle for $50

@SuthenGirl 2 месяца назад

This was very helpful. I want to pay cash for a car in September. Wasn’t sure what was the best way.

@susans7091 2 года назад

Absolutely love these stories of paying actual cash, in paper bills! Wow

@MitchPR08 5 месяцев назад

My next car I’m planning on paying cash for half of it and financing the rest. Should I tell them when I’m in the test drive phase that’s what I’m planning to do?

@Tpj4682 2 года назад

Maybe next vid you can explain how to buy a vehicle with cash and not get taken. Seems once you mention cash there's a plethora of fees associated. Every add I see mentions the finance price and when you try to email a dealer for a cash quote I get no response . Seems cash is taboo to dealers

@CrankyGrandma Год назад

I definitely want to hear more stories!

@johnkroner4248 6 месяцев назад

I plan on purchasing a used vehicle out of state from a reputable dealership. I will be paying cash but only after the the door number is agreed upon. Any ideas of bringing a certified check from my bank. For example: let's say the out-the-door price with all taxes and fees is $25,000. I will have a certified check from my bank for $20,000 made payable to the dealership, plus $5,000 in cash. Not sure a dealer lets one drive off the lot with an out-of-state "personal" check.

@jminion1947 7 месяцев назад

I was the fiance manager at a dealership, a guy shows up he is going to write a check for the car. He says I have $12, 000 I want to give you but I don't want to fill out the IRS form. I explained it is not a choice, if we take $10,000 or more the IRS form will have be filled out. He states if I am not willing to do it his way he is walking out. Told him I am sorry but I have no other choice. He walks. A week later report hits the news how 3 other dealerships in the area have been raided by the IRS, it was a sting operation by the IRS. This was in the late 80s.

@davidg1782 8 месяцев назад

Love your clammer story. I was a retail banker and at a car show at the Memorial Colosseum in Fort Wayne, Indiana in the 80's. There were wealthy businessmen who sometimes dressed like their gardeners. I knew one from contact through a friendship with a rich friend. I saw this guy, whose estate had an African veldt, own security and lots of hidden perks. (A long time friend's father was the guy's horse stable manager, so the estate was our playground.) there, looking like a gardener. I watched every sales person blow off helping this guy until one I respected was being diligent. I sauntered over to him, gave him the back story, then as he was commencing a deal with the guy, announced it to the whole of the sales people. It was fun to watch them scramble to find some crumbs.

@davidg1782 8 месяцев назад

Back to new cars, in the 80's their was a simple formula on new cars: Sticker -discount -trade in = out the door price. Everything was a manipulation of this formula. Now, is this still the case? And I remember that manufacture and dealer incentives on particular models influenced the discount portion. Trade in was determined by the Actual Cash Value of the vehicle traded in.

@radicalrenegade8528 15 дней назад

Older video but very helpful. Thanks.

@bomberpanda 2 года назад

Is it really impossible to charge the whole transaction? Several people are posting here the dealer said "no" but when they threatened to walk the dealers 100% of the time took the charge to close the deal.

@robertclifton2211 9 месяцев назад

If you’re buying a car for $90K, will dealers accept a personal check or do you have to furnish proof in writing of bank funds to cover the entire amount maybe in a letter from the bank or a phone call to the bank. Should you bring a proof of funds letter with you but of course not display until the deal is made?

@robertp330 Год назад

Nope. I don't wait to see if there are any "extras". There aren't any. I don't tell them it is a cash sale until I am in the finance room AFTER the P&S is signed. Once I have my price, I make the finance guy very sad and present a bank check for the EXACT amount of the P&S, period. They hate this, but I love it.

@slimjseattle 2 года назад

Hi Kimberly can you tell us what fee is charged for the dealer to process a credit card payment? Is it 2%? More or less? This information is valuable for those of us trying to put more money on a credit card. We need to understand the dealer's economics to figure out their limitations. Thanks.

@dantedressage 2 года назад

Hi @slimjseattle I can remember ours going from 2% and then up to 3% per transaction and it really depends on the deal that was struck with the payment processing company. Also, I had buyers actually pay the processing fee so they could put more than our given limit which worked out well after I got approval to do so from the accounting department.

@slimjseattle 2 года назад

@@dantedressage thank you!

@blaiseronstadt6306 2 года назад

Please talk about how to structure the deal if you plan to pay case, when to spring that after deal is hammered out. I'm going to buy last truck of my life, next year when things are caught up, full size Super Duty Ford, F- 350 , Thanks

@don3394 2 года назад

My situation & plan too! 👍

@calliew311 2 года назад

Since you are buying a brand new car you should prob join their website and gain access to their email templates they are really good, especially if you are buying new because the local dealerships have more than 1 of the truck that you want in stock. You just copy and paste and insert the type of truck you want and send it to a bunch of dealers and you try to get the best offer from whatever dealer then choose the dealer you want and ask them to match the deal. And actually idk how much it is, or if a membership to their website is the payment, but, they negotiate deals for people/customers. If they can or you can get an out the door price on the truck, then all you need to do is make the deal with the sales manager or person and then you bring a check when you go in to sign the paperwork.

@blaiseronstadt6306 2 года назад

@@don3394 Hey Don, I am buying a 4 wheel long bed, but an XL the more bells and whistles, the more things to break, I still have first Ford P/U 86 F2504/4 460motor 8600 gvw non catylst motor, look Ford released same basic pushrod motor and marketed as 7,3 displacement like the early diesel, By the way, driving 2007 Loaded Mopar now going back to Ford. Good luck

@amardave84 3 месяца назад

But I want to put the whole car on the card because I want the points and miles. What do I do for that?

@jamesp7623 2 года назад

I negotiated the price of a car and then told them that I was paying cash. They told me that the negotiated price was only if I financed the car. Two hours and a lot of screaming later I got the car.

@joyphoummavong3165 Год назад

How did that turn out with the irs did you file a 8300 form

@lashondamiller2982 Год назад

@@joyphoummavong3165 the dealer is the one that files the 8300 form because they're the one that is receiving the money, only the ones receiving the money that was for business has to file a 8300 form

@growingwithgrandma8850 Год назад

I'm glad I decided to watch this video. I'm getting ready to go buy a used car with cash. And I would have done it completely backwards and all wrong. I thought having cash would be powerful. Now I know don't even talk money really with the salesman.

@richardtausch2 Год назад

So let me get this straight - once I have the OTD and I'm headed to the Finance office, when and how do I mention I am paying cash? Do I just come out and say it or do I ask the finance numbers and what the interest would be and then tell them that over the years it will cost me more than I want to spend so I'll buy it in cash?

@kathyward9879 Год назад

I’m waiting for the same answer to your question!

@sicktsiboy Год назад

Same here id like to know!

@lashondamiller2982 Год назад

I scrolled down further and seen that a person said they don't mention that they're paying cash until a P&S (Purchase and Sale Agreement) is signed in the finance office. Then they present their check for the exact P&S price to the finance manager

@kenyattaclay7666 2 года назад

I once had to have 2k in cash because I couldn't use a personal check and wasn't close enough to a branch of my bank to get a cashiers check and I was scared sh*tless that whole time and I was in a good neighborhood. Not only is it not safe but it is INCREDIBLY suspicious if you are walking around with enough cash (I'm assuming 20k and up) to buy a car.

@tommak6516 2 года назад

Your too afraid to walk around with $2K ? What a wimp you are. Next time bring your wife/girlfriend/mother/grandmother to protect you.

@duppyshuman 8 месяцев назад

Yeah. During the crack years in my city we had a drug dealer charged with murder pay his lawyers that way.

@joshm3342 5 месяцев назад

Although it is perfectly legal to carry any amount of cash, if you get stopped by police, they may sieze that cash without charging you of any crime. It's called CIVIL ASSET FORFEITURE, and is one of the most evil things allowed in the USA.

@shawndavlin3293 2 года назад

Listening to Ray's story about the clam digger, anytime I go to purchase a vehicle, I purposely "dress down" to see how I am perceived.

@CarEdge 2 года назад

Shawn I always told my salespeople not to wear expensive clothing or jewelry, I didn't want the customer to think to themselves that I don't want pay too much so they can wear $1000 suits. All the best, Ray

@douglashenry6996 2 года назад

@@CarEdge The Ferengi 47th Rule of Acquisition: Don't trust a man wearing a better suit than your own. 😁

@galsov 2 года назад

I stopped by the Nissan dealership a couple weeks ago dressed in my work out clothes (before working out off course) they didn’t give me the time of the day. Just know I took my business to another dealership

@shawndavlin3293 2 года назад

@@galsov Right on!

@TerrySmith1953 6 месяцев назад

Very interesting. I wonder how applicable all these items are to Canada. Probably mostly quite relevant I'm thinking.

@edgaracevedo9658 2 года назад

What about for a lease buy out? I would think it's ok to have a bank check for the lease buyout amount on contract.

@dantedressage 2 года назад

Yes, same thing. If you're doing a lease buyout at the dealership just always ask ahead of time of how they accept funds.

@edgaracevedo9658 2 года назад

@@dantedressage Thx for the advice,

@joekelley5121 Год назад

I purchased a service contract with a car purchase and won't do it again. It ended up costing much more than simply paying for the service when it's performed.

@L7pushman 7 месяцев назад

What if i went to my bank and i am already pre approved for a certain amount?

@michaelfoshodiz7298 Год назад

I need some advice the car I want online cost 31 k is it possible for them to sell me the car lower then 31?

@amywalloch8962 2 года назад

Can someone talk about wire transfer?

@SteveChapman1204 2 года назад

Hey Ray and Josh, thinking of buying my 2 sons new cars by order paid in cash. Any advice? I don't want to pay any mark ups.

@CarEdge 2 года назад

Steve we have a video for how to order a new car in today's market coming out tomorrow morning. I am sure that you will find it helpful. All the best, Ray

@davidhughes1890 2 года назад

I have used cash for the down payment. Now I want to take $9k cash next time I purchase a new car at a dealership. I have received cash ($2-6K) when I have sold a car.

@Planag7 Год назад

I think the only place that really accepts cash has an actual currency would be like the auto auctions and lately I've been going there just to kind of see what the market is like in terms of those types of vehicles and I'm just surprised how many people have stacks of money with them and feel safe about being with other people doing the same. In general I tend to ask the finance people what they prefer and what their limitations are I'm in a good position where I'll be able to pay whatever future vehicle a good chunk down deposit and if I needed to put a little bit extra on the credit card if I want (those lovely 6% Cash back rewards are actually worth it!)

@parkland4530 2 месяца назад

Curious, you mentioned glass offices, or in some instances open, why is that? Is it a marketing trick? Some would rather deal in privacy.

@kokolovitch56 Год назад

When I bought my 19 Cruze, the salesman asked me pretty quickly how I was going to pay, when I said a check (which I will never do again) his enthusiasm and personality changed instantly. I was charged MSRP, but I wanted the car.

@billchen303 2 года назад

What if they only accept cashiers check? I don’t want to confirm amount with them and then drive to a bank to request cashiers check.

@lashondamiller2982 Год назад

In the finance office after a P&S (Purchase and Sale) Agreement is signed for the OTD price and you get that form, tell them you're paying with a check and if they say no then threaten to leave, they'll prolly most likely accept your check once they see you're not afraid to walk out. Then just let them know you'll be doing a cashier's check and bring it back, then boom you got the car