Can you cash an auto insurance check?
If the check is made in your name only, yes. You can choose to cash your check, instead of giving it to a repair shop. But the insurance company will have a record that they've already paid out for whatever damage you claimed. And auto damage adjusters can tell when and how damage was caused so you won't be able to claim it again later.If your vehicle is not paid off, or in the event of a total loss, WAS not paid off, then the check likely had your name and the name of a lienholder ( who you make your car payments to) or body shop. In that case, you can only give the check to the BS or LH
Where can I cash a loan check?
Most likely to cash a loan check, depending on the Amount, you could cash at the Bank the Check is drawn on, or at your own bank if it is a Cashiers Check. Depending on the type of check and the Amount, the bank may place a hold on the check which would require you to have an account.Most banks will typically release funds immediately if the check is from a bank, is a Cashiers Check, or if the check is from a Title Company.Also, you need to consider the Amount. The bank might not have the cash on hand to cash the check in full. Always call ahead to make sure, especially if it’s a small independently owned bank.And depending on the amount, the Bank might be required to report cashing a large check because of Anti-Money Laundering Laws.It is better/safer to deposit a loan check and make whatever payments you need to make either by wire transfer or cashiers check, rather than carrying large amounts of cash around.
How do auto loans work?
This is how it works. Once you find your lender they will pre-qualify you for a car loan. This process approves you for a car loan for a defined amount of money. Once you know how much money they will let you borrow they will also tell you how much the loan will cost (Interest) and they will tell you how much your monthly payments will be and for how long. Once you have all the details of the loan worked out you can then go shopping for a car priced well within your borrowing limit. Once you find the car you want and you negotiate a fair price and you agree to buy t he car they seller will write you what is called a buyers order. This is a basic agreement that says you agree to pay XX amount in exchange for whatever car it is you are buying. The buyers order goes into detail describing the car and providing the lender with the VIN and a copy of the title. Once the lender looks over the buyers order they approve the final sale and write a check payable to the seller for the exact amount of money listed on the buyers order. You don't get the money first, you get the money last. After you've already chosen the car and you signed the agreement to buy it.
How does receiving and cashing an auto loan check work?
I basically don't want to sign the title and get screwed over with a BS check, although his credit union is legit. Do I cash the check at his credit union, it's for a rather large amount of over 11k so I'm not sure. Because if I have to wait for the funds to be processed through my bank and it takes a couple days I'm not signing the title over until I see the cash in my account but I doubt the guy would do that. How do I do this without being so paranoid?
What's the highest check amount I can cash at Wells Fargo?
You will have better luck if you call and let them know you are coming. Also if the branch you go to is in a nice part of town or a bad part of town will make some difference. (the ones that get robbed a lot don't like to keep a lot in the drawers) I have cashed a few checks for around $5000 at different banks. Some have told me they can't do it right now but I could wait 20-30 min. or just come back at a later time in the day. The largest check I cashed WAS at Wells Fargo, over $9000. I called, they said 30 min. would be a fine time to come in. They took me to the managers office so no other customers saw how much I got. (this was nice, ask for it, you don't want to get robbed in the parking lot). I was in and out in 10 minutes.
Can a bank cash a check for less than the dollar amount?
If the check clears your account for a total of 5 payments, whoever you wrote the check to must credit you with the same amount. Get a copy of your check once it clears and contact the place where your loan is through to get it straightened out.
Can i get a car loan for an auction(copart)?
Hi people, im looking into buying an used car for around 8k to 12k . But i was wondering if im able to use a loan from my personal bank for an auction. I have a family member who has access to auction so i can mostly have more chances of finding the car i want there much more cheaper than dealers. I never got a loan before and i really dont like dealers. So is there any way i can do this? Please advise me people