there is such a provision, but it deals with large sums of cash money. you get the same scrutiny when you arrive into the US when you fill out the customs form or when you open a new bank account with a large cash deposit. however, it does NOT apply to purchases of new vehicles. that's horse****e. i bought 2 cars in January. never saw such a document nor have i ever.
He didn't show me any special "homeland security document" Just a credit app and then told me it was for homeland security.
When I told him I wasn't filling it out except for my address and my employer's address and I wouldn't sign, he said that was fine.
Yea, I bet it is a standard form they make everyone fill out weather they are finaincing or not. I would only fill out what is required. Ask them I bet they will tell you that most does not apply to you.
Tell your dealer to pound sand. I paid via bank check, and I only gave them my name and address and registration info (they registered my car with the registry for me). All that other data isn't necessary and there is no law that states that you have to provide it.
Yea, I bet it is a standard form they make everyone fill out weather they are finaincing or not. I would only fill out what is required. Ask them I bet they will tell you that most does not apply to you.
it's not standard. i've purchased my share of new cars. trust me, it's not standard.
I'm getting the same story in Ohio on the Homeland Security "document." Have done a Google search, searched the Dept of Homeland Security site, and am still looking but I haven't found any reference to DHS involvement in auto purchases yet. Still looking; if anyone who's bought a car recently has a copy of this DHS document or form, please let us know the number and info required. Thanks!
Cash includes not only currency but also equivalents that are as good as cash?certified checks, cashier?s checks, traveler?s checks and (less common these days) money orders. Personal and business checks are quite another matter.
If you have very large cash transactions, you may have to report them to the IRS. The reporting requirements are intended primarily to deter money-laundering schemes by customers (often drug dealers) who want to conceal income.
If you receive more than $10,000 in cash in one transaction or two or more related transactions, traveler?s checks or money orders (but not certified, cashier?s or business or personal checks), you?re required to provide information about the transaction to the IRS?including the name, address and Social Security number of the buyer. In addition, if you?re a retail merchant, you must report:
cash transactions in which you receive more than $10,000 in installment payments in one year
transactions of more than $10,000 in which part of the payment is in cash, traveler?s checks or money orders; and
any ?suspicious transaction,? no matter what the amount.
In calculating whether a transaction or related transactions involve more than $10,000 in cash, you must include not only cash, but also each cashier?s check, traveler?s check, bank draft or money order that?s made out for $10,000 or less. EXAMPLE 1: Gloria buys a boat from Todd, a boat dealer, for $16,500. She pays Todd with a $16,500 cashier?s check payable to him. The cashier?s check isn?t treated as cash because the face amount is more than $10,000. Todd doesn?t have to report this sale to the IRS as a cash transaction. EXAMPLE 2: Donald buys gold coins from Maryanne, a coin dealer, for $13,200. Donald pays Maryanne $6,200 in $100 bills and a $7,000 cashier?s check that he?s purchased. Because the cashier?s check is less than $10,000 it?s treated as cash, so Maryanne must report this to the IRS as a cash transaction.
Use IRS Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business). You must also provide a copy of the completed form to the customer.
Yep, not Homeland Security. The Ohio dealers are quoting the Patriot Act as one reason they have to collect info (and charge the doc fees). From carbuyingtips.com:
Abuse of the Patriot Act?
We are getting complaints from car buyers who have their own car financing from a credit union or an online lender, and the car dealer forces them to sign a credit application anyway, falsely claiming "it's required by the Patriot Act". There is no verse in the Patriot Act that I can find requiring you fill out a credit application, or allowing dealers to run credit checks on you when you bring your own car financing. Their bogus claim sounds believable, but armed with verbiage of the law, you can stop them. Here's a link to the Patriot Act: http://www.lifeandliberty.gov/highlights.htm. Ask the car dealer to tell you which exact section of the Patriot Act requires them to make you fill out a credit application when you have your own financing, and collect your Social Security number, and run your credit report. Since they claim it's required, they should be able to show you the verbiage (HINT: They can't). The Patriot Act (H.R. 3162), Section 326 "Verification of identification" requires banks and financial institutions to verify your ID before you open an account. Since you are not opening an account with the dealer and they are not a bank, they don't need you to fill out a credit application or a Patriot Act form. The Patriot Act form I filled out for my mortgage only asks for your loan number and driver's license number, not your SS#, and it does not say "Credit Application" on it. The Patriot Act specifically calls out driver's licenses or passports for ID verification. Nothing more. Dealers fool you into filling out the credit app, so then can run your credit through a half dozen local banks in an attempt to lead you into the dealer's financing so they can get more commission. But why all the lies?
Its not Homeland Security, its Internal Revenue. Check this out about "Large Cash Transactions."
Thing is some are being told they need to provide the information even if they are using a bank check or cashier's check.. I could understand it more if it were cash, but the need to obtain all of this personal data considering the payment is secured and the person an established resident/citizen seems sketchy - especially considering that many report not having to do it.
How do they get away without furnishing a document or other proof that supports the 'requirement' and patriot act stuff and refuse to release the vehicle
Yep, not Homeland Security. The Ohio dealers are quoting the Patriot Act as one reason they have to collect info (and charge the doc fees). From carbuyingtips.com:
Abuse of the Patriot Act?
We are getting complaints from car buyers who have their own car financing from a credit union or an online lender, and the car dealer forces them to sign a credit application anyway, falsely claiming "it's required by the Patriot Act". There is no verse in the Patriot Act that I can find requiring you fill out a credit application, or allowing dealers to run credit checks on you when you bring your own car financing. Their bogus claim sounds believable, but armed with verbiage of the law, you can stop them. Here's a link to the Patriot Act: http://www.lifeandliberty.gov/highlights.htm. Ask the car dealer to tell you which exact section of the Patriot Act requires them to make you fill out a credit application when you have your own financing, and collect your Social Security number, and run your credit report. Since they claim it's required, they should be able to show you the verbiage (HINT: They can't). The Patriot Act (H.R. 3162), Section 326 "Verification of identification" requires banks and financial institutions to verify your ID before you open an account. Since you are not opening an account with the dealer and they are not a bank, they don't need you to fill out a credit application or a Patriot Act form. The Patriot Act form I filled out for my mortgage only asks for your loan number and driver's license number, not your SS#, and it does not say "Credit Application" on it. The Patriot Act specifically calls out driver's licenses or passports for ID verification. Nothing more. Dealers fool you into filling out the credit app, so then can run your credit through a half dozen local banks in an attempt to lead you into the dealer's financing so they can get more commission. But why all the lies?
The AutoGuide.com network consists of the largest network of enthusiast-owned enthusiast-operated automotive communities.
AutoGuide.com provides the latest car reviews, auto show coverage, new car prices, and automotive news. The AutoGuide network operates more than 100 automotive forums where our users consult peers for shopping information and advice, and share opinions as a community.
Big Red
R2-D2 42
1976 Rover Mini
2003 Chevrolet Corvette Z06
2007 Mercedes-Benz E320 Bluetec (SOLD)
2009 smart Passion (Gone)
2011 smart Passion
Today
Linear Mode
