It’s set up to be deposited into a Wal-Mart Money card, not a bank account. Apparently, there is no way to credit this $8k check to this Wal-Mart card, hence the OP’s dilemma.
ETA: ninja’d!
Still not a wise choice. Go ahead and pick the most expensive to repair Toyota of the last 15 years. Get a Camry 4cyl or a Matrix if you like the styling that much. Our Matrix regularly gets 30+mpg with no battery pack to ever go bad.
If you dont have a bank account I am willing to bet serious real cash your interst payment is going to be astronomical. Why give all that money?!?
Oh, and if 8K is the minimum down payment they will accept Ill go out on a limb and say you aren’t going to a dealer. One of those Buy here Pay here places more likely. You realize that even when you find out how much you are being raped on the interest, they will penalize you for paying it off early and if you miss a single payment they repo the car and you have lost everything!
I know it’s tempting to get a shiny cool Prius but you’d be better off just giving the money away to some random person on the street who will use it more wisely.
signed, the guy who has been in your shoes financially and am still paying it off 16 years later.
Where can I find a low mileage Lexus for 3k?
You may want to try Chase Bank. They have a “Liquid Card”, which works just like the Wal-Mart Card, but there are no fees to open the account, just a $4.95 monthly fee.
You may also want to look into switching from the Wal-Mart Card to the companies that the Treasury Department partners with for people in your situation. It looks like these cards have almost no fees, and may be a better deal than Wal-Mart.
Also, please take MikeG’s advice to heart. I’ve been in your situation too, and you are much better off getting something that will be much cheaper to maintain and that you will not have to pay an exorbitant amount of interest on. Also consider that the insurance costs for a car that you will have a loan on will be higher than for a car you own outright. You can get insurance quotes before buying a car to see what actually makes the most sense for you.
Please take a moment to step back from the excitement of having a large amount of cash and think about the real cost of owning the car you want to buy:
Edmunds True Cost to Own Calculator - provides estimated maintenance costs per year (when you look at this, keep in mind you’re not starting at Year 1 when buying a 2011 car in 2016)
Financial Mentor Car Cost Calculator- gives you space to enter the cost of gas, insurance, maintenance, loan amount & interest, etc so that you can properly calculate your true monthly cost.
Where are you buying a car that demands an $8,000 down payment on a $13,000 car?
I think the easiest way to get to your $8000 is to simply open a checking account and use that as the initial deposit. Bank accounts are pretty useful especially with a debit card attached to them. You can use the debit card to make payments that are directly subtracted from your checking account, sort of like a check but it scans like a credit card.
What does one have to do to be able NOT to get a checking account?
A always use banks that have free checking, even if there was a minimum balance, it was always like 5 bucks. In the old days it was a minimum of 100, well people are poorer now than what once was
Still need to know why one would not be able to open an account? What about a savings account? Those are free too arent they? They are here.
From the OP:
[QUOTE= ekedolphin]
We can’t set up a bank account because several years ago, I overdrew two or three bank accounts and haven’t paid them back yet (including one at BB&T), and banks share that information with one another.
[/QUOTE]
I feel like I need to repost these for emphasis. As in a “been there, made that mistake” way. You have enough money coming to pay cash for a solid, dependable car with cheaper running costs than the Prius. No payments. And you can make things right with the bank as well and have an account again.
thanks!
Odd, I’ve never had that happen to me but I’ve never experienced a delay in opening an account.
Would it be different using a savings account? You cant overdraw those, can you?
I’ve served a few people that have overdrawn their account by thousands of dollars but I have no idea how they can do it.
Who the heck are you buying this car from?
While I have put a down payment on a vehicle before I don’t ever recall being REQUIRED to do so. $13k and they’re requiring a 60% downpayment? WTF? What’s the interest on the remaining payments? How long is the payment plan? Honestly, dude, you can do better than that.
I mean, you’re not getting the thing modified with hand controls or anything, right? You’re just buying a used car, right?
$1900/month for two people is not really that much money, you have to really be frugal in your buying.
Yes, it takes large checks 7-10 business days to clear. I’ve had my savings account at the same bank for, oh, about 4 years now, no overdrafts, sterling credit, and when I deposited the check from my dad’s estate they told me “up to 10 business days” for most of it to clear (they would let me withdraw about $500 right off, but that’s it).
How much do you owe on the overdrafts? I’d say bite the bullet, clear that up, and open a checking account. Wait out the 7-10 days and you’re in business. Heck, call up the banks, explain you’re disabled, ask if you can pay back just the original overdraft without additional penalties. Or, as suggested, try a local credit union. Get a real account at a real financial institution and not Wal-Mart.
Disability might have sent you the $8k as a paper check because Wal-Mart doesn’t accept checks that large. Defaulting to paper sounds very much like something the government would do.
And for Og’s sake, try to find a better deal on a car than what you’re looking at.
Well, if you can’t wait all the time until TOMORROW to speak with the people who are more expert than anyone else as to how to handle this, you could call them on the friggin 800 number.
No reason to call a disab lawyer, or seek anonymous opinions on-line, when there are thousands of government employees whose jobs are to address situations just like yours. Maybe SS fucked up in styling your payment (or - just perhaps - you wouldn’t be the first SS recipient whose - uh - unconventional financial dealings imposed complications.) Call or visit SS and they will do what is needed. Yeah, they are your benefits. Sorry it apparently requires some degree of effort on your part (a fucking free phone call!) to process those benefits given your financial situation.
Really fortunate that your biggest inconvenience is a delay in entering into a lousy deal to buy a car. :rolleyes:
I’ll echo what everyone is saying about the car: Don’t do it! You will have enough to buy a reliable car outright and then you don’t have to worry about a $200 monthly payment for the next couple years (how many years is it?). You can instead now put that $200/month into a savings account and have a cushion for future problems.
I don’t like the preachy, christian-prosperity-slant to Dave Ramsey, but he has some fairly sound advice. Listen to him for a bit before you commit to going into non-essential debt while having a limited income. Get your financial situation under control, including being able to open a bank account before you make things worse.
Craigslist.
I just test drove a 2001 es300 with 105k one owner. He was asking 3450 if I handed him 3 you know he’d take it. Only reason I passed is I have a line on a gs300.
I would agree with this. I just purchased a 2011 Chevrolet Cruse for $7900. 87,000 miles, great shape, one year warranty, and they had four similar Cruzes on the lot. I have payments, but I didn’t have the cash to buy it outright. There were also five or six other cars under $8000 and newer than 2009 I had considered. They are out there if you look.
If you are still looking to finance a car, I’d avoid buy here pay here type lots, for the same reasons others have stated. Look for a car lot that sells new and used that has a “special financing” department. Most of the ones around here that do seem to be Chevrolet and Ford dealers, but they all sell used cars of every manufacturer.
Dude, seriously, suck it up and pay off your debts to the other banks. If you have anything left buy a car or use it for a down payment. You have basically stolen money from banks…you need to take care of that. It’s only going to get worse the longer you wait.
Open a saving account and deposit it there.
For checking accounts yes banks keep records on that. I’m not aware they do with savings accounts the same way.
Are you reading your own post? What makes you think that the check cashing store has magical powers to cash your check if your statement " Social Security checks can’t be signed over to a third person" is actually true?
Those “Check-Cashing Places” you refer to are just going to do the same thing your landlady could do, which is deposit it into their account.
Have someone you trust deposit the check into their account. You’re adding restrictions and problems that don’t exist.
Or hell, sign the check over to the car dealership. I know they’ll take it!
A check-cashing place obviously has a bank that accepts third-party checks (probably in exchange for higher fees as a result of the extra risk). Individuals often do not.