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downpayment

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shortybird

Guest
What is the name of your state? Texas
I bought a car and financed it through a bank.I signed the contract at the dealer and gave him a downpayment check.I have already made 1 payment,but the downpayment check has not cleared my bank.I contacted the dealer and he said give it some more time.It has been about 6 weeks since I gave the downpayment check.How much more time should I give the dealer before I put a stop payment on the check or should I just let it go untill the check comes through?What if it doesn't come through?
 


JETX

Senior Member
Simply, one of three things could happen, and none will affect you:
1) The check can eventually be 'cleared', or
2) The check may be lost and the dealer will ask for a replacement (and since you haven't spent that money elsewhere, it will STILL be in your account), or
3) The check may be stolen and cashed. If so, you will have NO obligation to replace it.

So, as you can see, the money staying in your account only helps you (assuming you earn interest on it). Just don't start to spend the money.... you may need to come up with it in the future.

And finally, if it would make you feel more comfortable, send the dealer a letter (certified RRR) advising them that the check (number and amount) was given to them on ________ and it has not cleared your account to date. Ask them to process the check within the next 14 days or you will be issuing a stop pay (at their cost) and submitting a new check (less the stop pay fees) for payment in full.
 

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