AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question I went to buy a car. The dealer asked for $500 down and wanted me date the check for the same date as the contract.I told him that I did not have the money at the time in the account but I would have to transfer it.I was going to postdate the check but he told me to put the same date as the loan application. He said that I had to do that in order for the $500 to be considered a downpayment on the credit application to the bank. He said that the downpayment had to be negotiable at that time and a post dated check would not be since it was in the future, thereby giving false information to the bank to try to get credit. Is this true?
Answer Crist, I think the "false information" statement by the dealer is his invention. However, there is probably a good reason for requiring that the check not be post dated. A current check is arguably a down payment. A posted dated check is more like a future payment. The check requirement is a matter of bank/policy and you can choose to comply or go elsewhere. I wouldn't worry as long as you are dealing with an established reputable dealer. Jim
