Bank Loan and Downpayment

[Cyclone Chris]

I went to the bank to finish up the loan documentation on the car yesterday. nim only financing $37,000 and the rest will be in Cash. The bank tells me that they cannot give me a $37k check as it must be made for the full amount of the car, and I would give the Downpayment to the bank.

Is this right? My plan was to give the dealer 2 checks.

By th way, I'm dealing with DoD Community Bank which is operated by Bank of America. Got a rate for 2.06% for 72 months.

[And1M3]

You can take the full amount of car from the bank and finance the first payment by giving them that big fat check you was about to give the dealer. The bank won't have a say on how much you give back on your finance monthly. But you will have to see if there will be any penalty for paying off the amount early when you ending your finance term. There is a promotion for $1500 cash back if you finance from dealer with 3.29%. I don't know if UK has this deal.

[Cyclone Chris]

I just don't understand what the big deal is if I want to pay the dealer the down payment and got the 2nd check financed through the bank. The bank said something about protecting themselves just incase I didn't have the remainder of the money. I wonder if they get bigger tax breaks with the higher check payouts. I don't get it.

I forgot to ask about the $1500 holiday cash offer, however, I highly doubt it as I get factory direct pricing. I think I ended up paying 65,700 fully loaded (heated seats instead of cold weather pkg, no XM, No auto hi beams), comes with DCT, Comp Pkg, Premium Sound, premium pkg. I don't think I've seen any better deals out there.

[gatorfast]

Bank should be able to give you $37k (amount financed) with you paying the balance directly to the dealer. Not sure what the issue is.

As an alternative, if you have a set amount you want to make as a down payment (ie $20k exactly) then you should be able to get a statement from the dealer listing the total sale price, less your down payment, equals amount that needs to be financed. Maybe just put your dealer in contact with the bank. It shouldn't be difficult.

[M3SQRD]

^This - should not be a problem; however, I have no experience with the DoD Community Bank.

[Endless619]

Originally Posted by gatorfast

Bank should be able to give you $37k (amount financed) with you paying the balance directly to the dealer. Not sure what the issue is.

As an alternative, if you have a set amount you want to make as a down payment (ie $20k exactly) then you should be able to get a statement from the dealer listing the total sale price, less your down payment, equals amount that needs to be financed. Maybe just put your dealer in contact with the bank. It shouldn't be difficult.

Agreed. They took my downpayment.

[Darth One]

same. i've bought from both dealership and private party and showed up with two checks. no problems either way. perhaps there is some kind of regulation or policy governing car sales by the DoD or in the UK that we aren't subject to stateside.

[s2kroma]

Here in Illinois you are able to give a dealer a deposit money (doesn't matter how much it can be from $500 to your initial down payment) and you can drive out the lot same day. Then you can go to a bank and get your check from them and drop it off next day at your dealer the balance of your vehicle. By the way nice looking M3 in the picture.