Paying for special order/ Cash( actual green ) , credit card, regular bank check, combo?
#46
11-19-2018, 02:58 AM
i don’t use a debit card so can someone explain if there’s any financial advantage to use a debit card vs using a personal check?
I pay statement balance on credit cards so I never carry a balance and pay any interest. Every card I keep doesn’t have any annual fees.
99% of my purchases are via credit cards so I can get cash back rewards. The only time I use cash is at vending machines.
Anither advantage of using a credit card is that most CCs double warranty on items purchased with them at no charge
5% For Amazon I use their card
3% for restauants and gas purchases via AARP VISA
3% cash rewards Home Depot, Lowes and office supply Visa Inc card
1.5% all other purchases with Chase Freedom Unlimited VISA
i use my Wells Fargo credit card to pay my cell phone bill because it offers free cell phone insurance
10% Discount Lowes and Home Depot Service Connected Veteran Discount
#47
11-19-2018, 07:25 AM
Elder User
I gave my dealer a bank draft from Navy Federal Credit Union and they said "no"! They wanted a cashiers check, wtf? I knew putting down more than 10K would spawn a suspicious activity report so that was out of the question.
#48
11-19-2018, 11:40 AM
Another reason the dealer does not like a CC is that it is unsecured debt. Basically it means a vehicle could be purchased without anything backing it up. Also CC fees is add up quickly and either the dealer is going to loose money (I doubt it) or you are going to pay for it. If you decide to not pay you CC the dealer could get the vehicle back but it would be worth substantially less because its used now not new. It's a risk that most dealers don't want to take. Same holds true with a personal check, there would prefer to wait till the check clears before handing over the keys. If you have paid with a personal check I am pretty sure they check to make sure the finds are available before hand or have already made the transaction before handing over the keys. The most I have had a dealer allow me to put on a CC is $1000. Unless dealerships have a special deal with CC companies I would expect a 3% fee.
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The unsecured comment is correct....though the dealer could not care less once the CC charge goes through.
The part about the dealer getting the vehicle back if you don't make the CC payment makes no sense....and goes against the "unsecured" comment. The dealer has no clue whether you make your card payment, nor do they care.
Anyway, I'm with those that hoard CC points. After I make my best deal (usually a D plan through my B-I-L) I'll ask how much they'll accept on the card without fees.
#49
11-19-2018, 01:07 PM
I’m not sure why you wouldn’t plop that wad of cash into a CD (easy to find one earning 4%) then use Ford or your local Credit Unions money, probably around 3%. In the end you own a truck, AND you still have your cash and actually made a bit from the CD. Buying it with straight cash.... your cash is gone, gone, gone. We all know as soon as you drive your 70K truck off the lot it’s only worth about 65K, so you’ve just lost 5K.
#50
11-19-2018, 01:11 PM
I just wrote a personal check to my dealer for half and financed the rest. Yea, Im loosing out on interest if I put it somewhere else but theres no way I can do a 1000 payment a month.
#51
11-19-2018, 01:18 PM
I’m not sure why you wouldn’t plop that wad of cash into a CD (easy to find one earning 4%) then use Ford or your local Credit Unions money, probably around 3%. In the end you own a truck, AND you still have your cash and actually made a bit from the CD. Buying it with straight cash.... your cash is gone, gone, gone. We all know as soon as you drive your 70K truck off the lot it’s only worth about 65K, so you’ve just lost 5K.
I work in construction and have been without work for months at a time.......so I try to keep monthly reoccurring bills as low as possible.
#52
11-19-2018, 01:41 PM
I paid 26k down. I had my bank do a cashier's check. No way would I travel with that much cash on me.
#53
11-19-2018, 05:05 PM
Hello,
I'm seeking advice on any, none or some of the following.
I'm about to go pickup my special order SD. I want to just pay cash and get it over with, I'm pretty sure there is a Ford Finance Incentive deal which I will do ( minimum amount whatever that is) and just pay that off the first month. I also have actual cash on hand that I want to use but I'm not sure how much I can do without sending up any IRS flags, anyone know anything about that? I think I heard $10k or $9,999 keeps me flying under the radar. I'm not sure the dealership will take a credit card, but if I pay say 15k with the CC it will give me a few plane tickets ( of course I'll just pay that off the next day or when ever it posts ). And my bank says I can write a personal check for any amount I wish no problem.
Any advice appreciated
I'm seeking advice on any, none or some of the following.
I'm about to go pickup my special order SD. I want to just pay cash and get it over with, I'm pretty sure there is a Ford Finance Incentive deal which I will do ( minimum amount whatever that is) and just pay that off the first month. I also have actual cash on hand that I want to use but I'm not sure how much I can do without sending up any IRS flags, anyone know anything about that? I think I heard $10k or $9,999 keeps me flying under the radar. I'm not sure the dealership will take a credit card, but if I pay say 15k with the CC it will give me a few plane tickets ( of course I'll just pay that off the next day or when ever it posts ). And my bank says I can write a personal check for any amount I wish no problem.
Any advice appreciated
there were no cash or out right purchase incentives - in fact in order to get some incentives you had to take ford's financing....which you could do, and pay off immediately OR refinance to a lower rate later.
#54
11-19-2018, 05:22 PM
When someone borrows money to buy the truck, they have to pay interest on that lost money, as well as the "lost" money itself. I bet it's way more than 5k. But, this is why the old saying "Never borrow money to buy a depreciating asset."
#55
11-19-2018, 06:25 PM
I’m not sure why you wouldn’t plop that wad of cash into a CD (easy to find one earning 4%) then use Ford or your local Credit Unions money, probably around 3%. In the end you own a truck, AND you still have your cash and actually made a bit from the CD. Buying it with straight cash.... your cash is gone, gone, gone. We all know as soon as you drive your 70K truck off the lot it’s only worth about 65K, so you’ve just lost 5K.
#56
11-19-2018, 07:13 PM
I paid for a side by side with cash and the dealer fills out the form and they claimed they file it in a file folder for future audits. I'm not sure if thats true, but your in a small club that has the resources to buy a truck without financing, and that's awesome!
#57
11-19-2018, 07:23 PM
I’m not sure why you wouldn’t plop that wad of cash into a CD (easy to find one earning 4%) then use Ford or your local Credit Unions money, probably around 3%. In the end you own a truck, AND you still have your cash and actually made a bit from the CD. Buying it with straight cash.... your cash is gone, gone, gone. We all know as soon as you drive your 70K truck off the lot it’s only worth about 65K, so you’ve just lost 5K.
#58
11-19-2018, 08:53 PM
Since you conveniently ignored the posts that clearly show when it is advantageous to borrow against a depreciating asset, I'll try it again:
If the $50K-$60K-$70K can make you more money than the 2.5% it costs,(my current CU rate) then OBVIOUSLY you should borrow against a depreciating asset.
We all can't make our fortunes selling books and radio programming to suckers.
#59
11-19-2018, 09:02 PM
Cargo Master
I think if you get caught at an airport with mass quantities of cash the government can take it for no reason. 
#60
11-19-2018, 09:10 PM
Senior User
Join Date: Jan 2007
Location: PA
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I keep a large amount of cash in a shoebox. Some places I deal with discount for the green stuff. I make more off that discount than any % a bank or a broker can manage. And I have a rule about borrowing against a depreciating asset, Yes, it includes an asset that is being used for business.