Quote:
Originally Posted by Bruce24
When I go to pick up a car from a dealer, I bring a Cashiers check (aka Bank or Tellers check) for the exact amount of the purchase. With a cashier check, if the fund are coming from your account, the bank takes the fund from you account when they write the check and from that point the bank is willing to guarantee the check. This is what every car dealer I have ever dealt with wanted from me when I picked up the car.
If you go with a personal check, then I can totally understand the dealer telling you you can't have the car until your personal check clears...but having you fill out their loan application "in case my checks didn't go through" sounds very shady to me. I would never have done it.
I would definitely give them feedback on what happened via the survey.
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I agree, a cashier's check is as good as cash and if he had a cashier's check, I am sure back up financing would not be necessary. Dealers usually want some sort of back up financing if one or both party wants to close the deal that day. Usually its the dealer who wants to close the deal just in case the customer change their mind or cannot come thru with the financing. The credit union usually want some sort of paper work from the dealer to process the loan, and those paper work can only be generated after the deal has been closed.