Overhaulin'

Can a car dealer give me the cash difference if I buy car for $9000, but bank gave me a check for $10,000?

I'm buying a used car from a dealer for approx. $9,000, but the bank has approved me for $10,000. The check will come to me overnight made out in the amount of $10,000. Since we negotiated the price of the car to be $9,000, can the dealer give the difference back in cash? I would like to use the difference in cash for new tires, etc. Thanks.

Public Comments

1. they could if they have the cash on hand. Call the dealer and ask them.
2. it all depends on the dealership i think....the dealership i used to work for gave you "in store" credit for the difference.
3. who is the check made out to? if you are the payee, deposit it in your account, write a check to the dealer for $9k, and send the other $1k back to the lender.
4. Yes they can but it is up to the dealer. If you are getting new tires etc. the dealer may be able to have them put on and included in the deal so that way your check covers it. Just make sure that your getting a good deal!
5. No, not unless the dealer puts the new tires on and charges them on the loan. The CHECK, in most cases, is really a loan document, not a check for the dealer. It has no value until the business is complete and the dealer give the paperwork to the bank or lending institution. I'm sure there is something in the paperwork that says that the check has no cash value.
6. Getting cash out of a car deal isn't going to be easy. They don't want to give up that money even if it's not legally theirs. They will do everything they can to sell you something else and keep that money. Don't you have to provide a copy of the buyers agreement (Bill of Sale) to the bank as security for the loan. They will see that the price of the car is only $9000 and will want to know where the other grand went. Financing tires for 4 or 5 years is a bad way to spend that money too.
7. Didn't the bank ask for a purchase order?
8. Is the check made out to you? I would expect it was. If this is the case deposit it in your account and write a check to the car dealer or get a bank check made out to them,for the exact price of the car. If this is not the case and the original check is made out to the dealer they should be able to write you a check for the difference. j