Bank Check Payee

[manerac]

I'm picking up an RV from a dealer in another state next month, and paying the full price with a bank check.

When I have the check drawn, would my best option be to designate the dealer as the payee, or to put it in my own name and endorse it when I get there (assuming that's OK with the dealer)?

 

[OldShooter]

You. Don't ask the dealer. Tell him.

 

[scrabbler1]

Good question.


When I bought my last car, back in 2007, the dealer told me, after I had given him a bank check made out to the dealership, that I could have had the bank check made out to me and endorsed it over to the dealership in the way you described. This might have, depending on the bank's policy, saved me the $10 fee the bank charged me for the bank check. I don't know if my bank would have eliminated the charge, as I never asked nor have I asked them to issue another bank check for any reason.


But it's good that you are pursuing this now, before you get the bank check. Two phone calls, one to the dealer and the other to your bank, will tell you what to do.

 

[COcheesehead]

Wire instead? My broker does wires for free.

 

[OldShooter]

No. Do not surrender control of the money until the deal is done. It may bubble for some reason.

 

[Sunset]

No. Do not surrender control of the money until the deal is done. It may bubble for some reason.

+1
Exactly, what will OP do if he makes the draft out to the dealer, and the dealer jacks the price up $500 or says the vehicle is not available any longer. Only the dealer can cash the draft