and if so how would it be paid to me
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Well i would hope so!!!
If you keep the 6000, you will pay the interest rate for that money at the rate the car loan is for. Most likely, whatever the balance is will go back to the bank. In other words, you will not get the 6000 free, but will have to pay interest on the 6000, if you can keep it
In this financial climate if you buy a $24, 000 car I would go back to my lender and get a smaller check made out. Who says the car place will be open long enough to write and honour a check for $6,000 and then you would owe that money for nothing. Places are closing without warning. Be careful.
No, the “cashier’s check” is merely a pre-approval notice. Nothing more.
You will not get a refund of $6000. The papers will be sent from the dealer’s finance office to your lender, they will sign off (assuming they still approve the deal) and the loan will be written for whatever amount you agree with at the dealer. If the lender gave you an actual cashier’s check (usually only done by local banks or credit unions, and usually sent via overnight or taken in person to the dealer), they would only give you the amount of the sale.
A lender isn’t going to give you $30K to purchase a $24K car. That’s called an “overallowance” and banks shut down that practice due to the current credit crunch.
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ElGrande is right on about the “check” you have. Its a preapproval notice and thats all.
But let me ask this – let’s say you DO have a $30k loan check… why would you take a $30k loan on a $24k car? Do you just love being buried in car payments? Do you like owing double what your car is worth? Why in the world would you even consider pocketing the $6k instead of making your debt load smaller???
No, you don’t have a bank auto loan cashier check. If you think you do, try to deposit in your account and see what happens.
You may have a approval check that you can take to a dealership, but conditions apply to the transaction. The lender has final say in the deal. The dealer has to submit all the information about the car you want and the lender can say no if the amount is too much for the car.
And since you have to go thru a car dealer, why in the world would you trust them to give you any money back? Dealers are famous for keeping peoples’ money when you aren’t supposed to…
Finance companies send these “checks” out to make purchasing more convenient, but there are always processes that ensure everything is done on the up and up.
Good luck
No bank is going to loan you $30K for a car that is only worth $24K. So you won’t actually get the $6K. You’ll only get what the car is worth to bank, which actually could be less than the price you agree to pay for the car. In that case, you would need your own cash to make up the difference as a down payment.
If you have an actual cashiers check, you will get a check back from the dealer for 6000.00 which you should return to the bank, other wise you will pay interest on that as well, because you are then borrowing 30k, not 24k.
Read the paper carefully, if it says “up to 30K”, then it’s just a preapproval notice to the dealer..
Normally, you would only get a “real” cashiers check, if you were taking money out of your own account…..