I have $10k in cash for a car down-payment, but the dealership says they need a cashier’s check instead. If I deposit this amount into my local bank account (it’s less than a month old) and then ask for a cashier’s check in a few weeks, will there be any issues?
I’m fine with paperwork and I have nothing to hide, but I’m worried about potential delays or holds. I don’t want to risk losing the deposit on my car since it’s a special order and should arrive soon.
For context, I opened my main bank account over 15 years ago while in the military, but there are no local branches near me now—it’s over an hour away. Six months ago, while car shopping, I asked my bank about down-payment options, and they suggested a cashier’s check. Back then, I wasn’t sure where I’d buy the car, so I withdrew $7k cash during a trip to my nearest branch. Over time, I’ve added to this cash, and now the dealership says they won’t accept $10k in cash. I want to avoid financing the full amount since it will raise my monthly payments. I recently opened a local account to handle situations like this in the future.
@Bret
Yes, $10k is a normal amount for banks. Just act natural. If anything, a report might be filed, but that’s routine. If everything checks out, no problem.
Your explanation sounds reasonable. Banks usually just make some notes, and as long as everything checks out, there’s no issue. You can also call ahead to give the branch a heads-up.
Worked at a big bank before. One-time $10k deposits for a cashier’s check aren’t a problem. Repeated transactions might flag something, but this should be fine.
StephanieTerry said:
Worked at a big bank before. One-time $10k deposits for a cashier’s check aren’t a problem. Repeated transactions might flag something, but this should be fine.
Make sure to explain where the cash is from. A bank statement showing a previous withdrawal might help. Once deposited, the funds should be available for the cashier’s check.
Years ago, I wanted to pay cash for a used car but ended up taking out a loan because it was cheaper and faster than getting a cashier’s check. I paid off the loan in a week and only paid $16 in interest.