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Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 5 days ago

Can I pay cash for a car at a dealership?

From a BMW dealership, I have already obtained a new car. However, three weeks later, the dealership called me, telling me that they have not been able to open their bank to finance my new car for some reason. If I get disapproved my the bank, in this case, can I still pay cash for the new car without financing it? That way, everything will be clear?

14 Answers

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  • W
    Lv 5
    3 days ago

    A while back I bought a new car from a dealer with 1000 Sfr bills (I'm Swiss). I offered them a 1000 less than the price and when they hesitated, I picked up the cash and walked towards the door. The salesman called me back when I reached for the door handle. Cash is king!

  • Anonymous
    3 days ago

    I have yet to find a dealer that will NOT take cash.  They all take it because that is legal currency to trade with. (they won't make as much money off of you as they would had you financed the car but they CANNOT & will not refuse cash.

  • Phil M
    Lv 7
    4 days ago

    If you have enough cash to buy the vehicle, why on earth would you consider financing it? 

  • arther
    Lv 5
    4 days ago

    if you have the cash pay for the car and be done with it. they will take it as you have the car and must like it.

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  • Anonymous
    4 days ago

    Sure you can pay cash. But don't fall for the "Yo-Yo" scam, it doesn't take three weeks to scare up financing. They want to drag you back in to the office to renegotiate less favorable terms (for you). Examine your situation and contracts carefully. Insist on getting the credit denial letter in writing, stating who is denying you and the reasons for the denial. And don't be so in love with the car that you will do something stupid to keep it.

  • 4 days ago

    Go to YOUR bank and get a loan,   sounds to me like they will come back with a loan for you,  that was "hard for them to arrange"  and it will be at a high interest rate.   

  • 4 days ago

    Knock $2000 of of the price they sold it to you for if you pay cash. It's already titled in your name so the value is much lower if they take it back to sell again and they will lose more then $2000. 

  • 5 days ago

    Yes, you can pay cash.  Do it now if you have the means, to avoid any unnecessary financing expense.

  • 5 days ago

    Cash will make the deal.  But if you have that much money available, why would you think about financing and paying all that extra interest ?    On the other hand, I do not understand "..they have not been able to open their bank...".  That sounds very strange, and not your problem.   I would check a little deeper before I handed over a pile of cash.  Something does not sound right.

  • 5 days ago

    Of course you can. However, new car dealers make far more money off financing new cars than selling them. They should be giving out financing like candy, not make excuses. 

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