04LariatScrew4x4

My lender needs to know a purchas price and wants dealership to fax a buyers order with the price before they will cut a check. Is that normal? I am having to do all negotiations over the phone with dealer.

wxmcpo

When I went to get the loan for my motorcycle I had a sheet that should the cost of the bike. The loan officer then cut me a check. At the top of the check in bold letters it had "NOT TO EXCEED" and the amount of the purchase price. There was also a box where I could write in the final price I paid. I could write in any amount up to and including the not to exceed amount. That number I wrote in there determined the final amount of my loan. Your bank may do things the same way, but they do need to know a purchase price.

Mod (Ret.)

Some banks/financial institutions will only loan (cut the check) for the exact amount of the vehicle that's being purchased, since it most likely is using the title of the vehicle for collateral.

By the way, are you considering buying an extended warrantee for this used truck from the dealer? A lot of dealers push this, and could be a good deal if your not mechanically inclined. Be warned though that these warrantees are negotiable too. Don't take their first price on it; barter down on it as well.