Need advice paying cash for new truck

According to the Toyota website, the Tacomas are 1.9 percent finance at 36 months.

 

No problem here either. I think the only issue is that there is a hold on anything over $10k or so. No real issue however, that's standard banking stuff.

 

My life motto now is if I cant pay cash for it I did not need it. Not saying that is everyone's situation but its mine. I do not want pay 3k to 6k in interest. I work way to hard to do that. I work 60 hour plus per week sometimes. Yes I have financed and pay way to much interest in the past. When you want something you want it. I understand that and I use to do that. I got what I want with interest. I'm never paying more then I have too in the future. No I am not rich but I got an opportunity to have no note for a automobile. Not just any automobile but a brand new tacoma which has been my goal the past 2 years. I cant tell you how great that will be until I do it. Its going to hurt to fork the money over but I know I wont regret having a payment for the first time in my life. I wont regret having a ultimate machine that will run for a decade plus by past experiences. I will hand this truck down in 5 years to my son. It will still be a kick arse truck for a kid and buy another one. I'm just a fanboy of Tacoma I will admit that. I could go get the nissian pro my 2nd choice but I already know I will be unhappy. This truck is personal for me.

 

It isn't whether you are a cash customer or not. What it really comes down to is how much your dealer is willing to budge.

Tacoma's are selling really well right now. If you are looking at a easy selling configuration they may let you walk knowing that another guy will buy it and pay more.

I had local dealers that let me walk when they wouldn't let me get what I wanted. I even told them I was going to drive XX hours away. They said thank you that's the best we can do. Let us know if you change your mind...

 

I wrote a personal check for my 17, got my financing else where, who just transferred it to my checking account, dealership had no issues with the check. Just me watching my balance once the check was Cashed.

 

Some thoughts. You'll need a certified check from the bank. They won't deliver the truck to you until a personal check clears, 5-7 days later. The bank won't let you withdraw more than $10K in cash in one transaction, so you'll have to do multiple transactions to take cash. Unless you already have $40K in cash in the house. Either way you will trigger an investigation from the FBI. You will be contacted and questioned. This has been standard practice since the 1980's as a way to prevent money laundering from drug dealers who dealt in large sums of cash.

Look hard at the final costs. The last 3 vehicles I purchased I could have paid cash, but chose to finance anyway. I had a trade vehicle that covered a significant portion of the costs so I didn't have to finance much. I paid 2-2.2% interest on each of those loans. The money I have invested was earning 3% to 10% interest. I'd have lost money by paying cash.

 

I always pay cash for my vehicles and have not had a car loan in years. I find it best to do all the negotiating on price over email. Dealers usually have an internet department so they get to skip some of the salesman's commission when they sell that way. Dealers will typically check your credit score and if OK you will be on your way giving them a personal check. They don't process the title until it clears so they have little jeopardy.

 

Personal reasons are mostly valid.

In that case, have you considered buying from a private party? This would be an easy hand to hand transaction.

 

Why would I want to pay even 1.9? Why would I pay .1? I got cash I do not need a bank. Why pay extra when you dont have too??

 

You can get a cashier's check for any amount you want. The only time the amount will be reported is if there is 10k or more in solid CASH BILLS going in or out of the account.

If you are simply using deposited funds to write a cashiers check then there will be no reporting done. The report is send to Secret Service to protect from not only money laundering, but falsification as well.


If "cash" is what you will use then I recommend you negotiate with the seller first and get an invoice or something of the sort to make the cashier's check payable and for the right amount.

I used to be a BofA teller, we did these all the time.

 

I'm aware of this and no I dont deal drugs. It's called a trust fund after you lose a family member. I had no idea about by the way. I am no government depending person for benefits. I have worked since I was 16 years old now I will be 40 this year.

 

My personal experience is different than this. Wrote check, drove truck, watch check clear a few days later.

 

All of this is assuming that you are in the US.

 

I put $5k on the CC, wrote a personal check for the balance, and drove off the lot with my new truck

On a side note, my dealer is offering $2,500 rebates on Tacomas. Anyone else seeing this in your area?

 

When I bought my F-150, they let me do the $1000 deposit to place the order on a card, but didn't want to do any more than that on a card. Would have been nice.

 

This was my experience as well.

 

That was the key thing that made me enjoy buying my Ford. They never gave me payment numbers. I sat down with the finance guy in the end and he said "After rebates, trade value, money down, deposit, I've got your total cost here as X", and it was nearly dead-on to what I had...basically just sales tax differences after the rebates increased.

 

can wait for this to turn into cash vs. finance.

 

I didn't say you should, I was just posting for others to see.

 

My advice is to make sure you drive both models and understand what you are buying. Look over the truck and ask questions about stuff you don't already know about it.

DO NOT take your cash with you on these test drives.
DO NOT talk about buying today.
DO NOT even talk about numbers at all.

Use this time to get to know what you are wanting to buy. You want to make sure you are purchasing a truck that fits YOUR needs and wants, and what things are important to you, as well not so important to you.

*After you have driven all the models you are interested in, go home!
*Dig around your local and not so local dealerships for a vehicle that matches your exact criteria and jot down the VIN number if posted. If not posted, email and ask for it.
*Take this VIN number and email or CyberChat with their internet sales department. Ask what the "Out The Door" price is. This includes all paperwork, fees, markups, dealer add ons, license, title, etc....
*They will respond with a number and probably try to get you to come in right now and secure it. Don't! Not yet, not even close!
*Take their offer, and email/CyberChat with several other dealerships in your state, or even across state lines.
*Ask them what they would do for you on this same VIN number. They can and will swap vehicles to make a sale.
*Take each offer you get from each dealer and use the new lowest offer as a bargaining chip with any dealership that is responding to you.
*KEEP the conversations strictly in writing, NO phone yet!
*Remind them each time that you want to see if they can do better than XYZ dealership with their "out the door" price.
*They will continue to slowly drop their "out the door" prices to try to sway you to buy the vehicle from them.
*As long as you are still moving downward, keep going back and forth with each dealership that is still responding.
*When you get down to say two dealerships and their lowest complete price is pretty close to each other, now start asking for things to be thrown in to sweeten the deal.
*Things like lifetime oil changes (and not be exclusive to one dealership), bed mat, front bed cargo slot track thingy that doesn't come factory on Gen 3's, roof rack if that is something you want, tonneau cover, etc..
*Just keep working between the final two or three dealerships that are still playing.
*When you get to the all inclusive price that you are happy with that includes as much as you can squeeze from them, and you are down to one or two dealerships, give them both one more chance to earn your business over the other dealership.
*Once you have a deal struck with a particular dealership, you can call or have them call you to discuss how and when they will have this truck delivered to their lot, and when you can come look at said truck, drive it, and write them a check.

Done!