[clydefrog]

Originally Posted by P0!ntBlank5436

So how does one put a down payment on a car with a debit card? 🤔 I'm trying to put a sizeable amount down lol

they might allow a large payment with a debit card, check with your dealer. Also check with your bank to make sure the card doesn't have any sort of limit if the dealer does allow it.

Alternatively go to the bank and get a cashiers check

[P0!ntBlank5436]

Originally Posted by clydefrog

they might allow a large payment with a debit card, check with your dealer. Also check with your bank to make sure the card doesn't have any sort of limit if the dealer does allow it.

Alternatively go to the bank and get a cashiers check

Yeah I figured as much. I just reached out to my dealer to see what their procedure is. Cashier's check is probably the easiest and most secure way. Thanks!

[M_Power Rob]

Originally Posted by P0!ntBlank5436

So how does one put a down payment on a car with a debit card? 🤔 I'm trying to put a sizeable amount down lol

Up to $5k with the card, otherwise check or wire transfer.

[M_Power Rob]

Originally Posted by P0!ntBlank5436

Yeah I figured as much. I just reached out to my dealer to see what their procedure is. Cashier's check is probably the easiest and most secure way. Thanks!

They are more than happy to take a personal check. Business checks are usually a no go.

[P0!ntBlank5436]

Originally Posted by M_Power Rob

They are more than happy to take a personal check. Business checks are usually a no go.

Good information, thank you!

[clydefrog]

Originally Posted by M_Power Rob

They are more than happy to take a personal check. Business checks are usually a no go.

I paid my deposit with a cashier's check no problem, it's not a business check.

My CA said they would take a personal check which I found surprising, it's just as easy to pass a bad personal check as it is a 'business' check

[Searay55555]

I just wrote a pretty big personal check, and they had zero problem with it. No reason to hassle with a cashiers check.

[Ian Rogers]

I bought a new 2017 Volvo v60 polestar with a personal check all cash. They know where you live and enough about you they will find the car if you bounce the check.

[M_Power Rob]

Originally Posted by Ian Rogers

I bought a new 2017 Volvo v60 polestar with a personal check all cash. They know where you live and enough about you they will find the car if you bounce the check.

Exactly!

[c1pher]

Originally Posted by P0!ntBlank5436

So how does one put a down payment on a car with a debit card? 🤔 I'm trying to put a sizeable amount down lol

I put $20k down using my debit card but called in advance to ensure the transaction wasn’t blocked since it was obviously anomalous.

[fcman]

I got the finance manager to match my rate from my local credit union at 5.49%@60mo. Not horrible, ended up financing right around $30k

[Lagunatic]

I got 5.89% for 60 months for a 30k finance.

[NJbaitshop]

Just to add to the data points. I just got 6.29% locked in through BMW Financial for a 60 month loan here in New Jersey. Not great, but also not terrible. Lower than the 6.49% that BOA is advertising and 7.27% from Chase.

I'm putting down a pretty big down payment, so not so concerned with shopping for the absolute best rate. However, If anyone has a lead on a good credit union in the NJ area, I'm all ears.

[Lagunatic]

Originally Posted by NJbaitshop

Just to add to the data points. I just got 6.29% locked in through BMW Financial for a 60 month loan here in New Jersey. Not great, but also not terrible. Lower than the 6.49% that BOA is advertising and 7.27% from Chase.

I'm putting down a pretty big down payment, so not so concerned with shopping for the absolute best rate. However, If anyone has a lead on a good credit union in the NJ area, I'm all ears.

Not sure if this helps, but I was literally in the same boat in you. AMEX/Chase was in the 7s, local credit unions were in the high 6s, and BMW was at 6.29%. I kept talking to finance and then they offered 5.89% so maybe you can keep trying!

[NJbaitshop]

Originally Posted by Lagunatic

Not sure if this helps, but I was literally in the same boat in you. AMEX/Chase was in the 7s, local credit unions were in the high 6s, and BMW was at 6.29%. I kept talking to finance and then they offered 5.89% so maybe you can keep trying!

Great tip. My car is still a ways off (November 13th build week). When it finally comes in I'll talk to the finance folks to see if they can do any better. Thanks for the insight.

[TheOOZY]

5.29% / 60 months today via BMW FS - no dealer markup on it.

[k-m2-j442]

I locked in the 6.29 BMW FS rate for my car delivery (or so my CA says). I won't be financing too much so the $5 or $10/mo I would save by needing to open a credit union account and "manage" that may not be worth my time, we'll see. My delivery date is at least 2+ weeks away as my car is still chilling in mexico at the port/on the way to the port.

[RockCrusher]

Originally Posted by Ian Rogers

I bought a new 2017 Volvo v60 polestar with a personal check all cash. They know where you live and enough about you they will find the car if you bounce the check.

My experience over the years has been a dealer will accept a personal check without much drama.

But it also has been my experience some dealers will write up a loan application that they can submit if the check bounces.

Other times there is no loan application. But I'm sure if the check bounces I don't get the manufacturer's title and I only have the bill of sale I left with from the dealer showing a lien on the vehicle.

If I show up to register the car with no title and the bill of sale showing a lien my state's DMV rejects my title application/car registration until I can provide lien holder info.

I've never not gotten the title though because the check was good. But I did not get an updated bill of sale that showed I had paid for the car. I had to go back to the dealer and request an updated bill of sale that showed there was no money owed.

With this then I can complete the registration of the car and get the ball rolling to get a title to the car issued in my name from the state I live in.

[miiipilot]

875 Credit Score
6.29%
No option of outside financing
MSRP

Not happy with the transaction

[MineralGreyMetallic]

I was offered 6.9% yesterday.

He wouldn't budge, even after I showed evidence from this thread and truecar.com that BMW was offering in the 5's.

I didn't go through with the transaction.

[Workodactyl]

Picked up my M2 last week. I almost went with BMW finance as they were easier to deal with than my credit union, but the credit union pulled out all the stops and cut my check in time to pick up my car. BMW offered me 6.49% over 72 months with 895 credit rating (or 845 Experian), but I ended up putting 20% down and financing the rest at 4.24% over 72 months through my credit union.

[MineralGreyMetallic]

Originally Posted by Workodactyl

Picked up my M2 last week. I almost went with BMW finance as they were easier to deal with than my credit union, but the credit union pulled out all the stops and cut my check in time to pick up my car. BMW offered me 6.49% over 72 months with 895 credit rating (or 845 Experian), but I ended up putting 20% down and financing the rest at 4.24% over 72 months through my credit union.

That's an incredible rate at the moment.

I suppose I should start shopping around the local credit unions to see if I can find something similar.

Every time I land on the website the rates are immediately advertised and not great, so I give up.

You're giving me hope, though!