Personal Information Required for cash purchase INVASIVE

[CruisingAZ]

Since banks are required to record deposits and withdrawls over $10,000, I would tell my dealer that the bank that issued the check has already completed any necessary paperwork.

[spdickey]

Originally Posted by CruisingAZ

Since banks are required to record deposits and withdrawls over $10,000, I would tell my dealer that the bank that issued the check has already completed any necessary paperwork.

You are correct for the personal or business check large cash transaction reporting requirements for the IRS. However, the dealer is probably taking the credit report to protect his ass against a bounced check. That has been known to happen in California. Folks in Iowa, for example, may have different experiences.

[CruisingAZ]

Originally Posted by spdickey

You are correct for the personal or business check large cash transaction reporting requirements for the IRS. However, the dealer is probably taking the credit report to protect his ass against a bounced check. That has been known to happen in California. Folks in Iowa, for example, may have different experiences.

I guess if you are willing to wait for your check to clear, you could drop off payment and tell them to call you when the check clears to pick up your car.

[jwight]

The post from carbuyingtips.com may not be the full story. Here's link to a FAQ page from a service that does identity checks for dealers; the FAQs explain the link between the Act and car sales: http://www.patriotdealer.com/faqs.cfm

[strider63]

Originally Posted by jwight

The post from carbuyingtips.com may not be the full story. Here's link to a FAQ page from a service that does identity checks for dealers; the FAQs explain the link between the Act and car sales: http://www.patriotdealer.com/faqs.cfm

After reading the link above and the review page http://www.patriotdealer.com/background.cfm clearly states that the dealer must check the OFAC information database or list for your name. No mention at all about SS number.

Plus CruisingAZ is somewhat right if you use a Bank or CU cashiers check but not with a personal check.

Originally Posted by CruisingAZ

Since banks are required to record deposits and withdrawls over $10,000, I would tell my dealer that the bank that issued the check has already completed any necessary paperwork.

So never give your SS unless required by State or Federal law.(or getting financing through them.) Identity theft is growing so be careful.

[Big Panda]

i agree......it sucks. so what do ya do? FINANCE IT and when you get home, you write a check for HALF of it and mail it to the bank. a week later, you mail a check for the OTHER HALF. this way there is not 'one' cash transaction for $10K or more.

sound reasonable?

P.S. just make sure there is 'no prepayment penalty'!

[RandyJax]

Why would you want to take a pile of cash in to make a purchase any way? Its a pain for the dealer, and you do need to fill out the Fed form which does require your SSN. Just take a counter check form your bank brawn of your deposit or checking account. Then no form is required. If you write a personal check your SSN will be required, but you do not need to fill out the IRS form. Some dealers will pull your credit if you pay will a personal check just to protect the dealer from fraud.

[meaux61]

Originally Posted by Jeepster55

i agree......it sucks. so what do ya do? FINANCE IT and when you get home, you write a check for HALF of it and mail it to the bank. a week later, you mail a check for the OTHER HALF. this way there is not 'one' cash transaction for $10K or more.

sound reasonable?

P.S. just make sure there is 'no prepayment penalty'!

HAHAHAAH...Great IDEA Jeepster!! I think that is what I will do!! I LOVE IT.

;) Meaux

[danip]

I work in banking; Auto financing specifically. While the dealership may have mentioned 9/11, what he/she did not articulate is that car dealerships must comply with Federal regulations set forth by the U.S. Patriot Act. They are obligated to verify you're not on the OFAC (Office of Foreign Asset Control) terrorist watch list. While I believe this is an absolutely heinous piece of legislature, it is currently the law. Ridiculous but true.

Sorry about that I missed the last page of the post when I added my comment but it still may prove useful.

The SSN is simply the easiest way to verify you are who you say you are. There may be a John or Jane Doe on the OFAC list but your SSN should prove you are not the same John or Jane Doe that appears on the list. The OFAC list includes Name, DOB (usually), Country of Origin and reason for being on the list.

When asking you to sign a credit application, the dealership is simply using a form that will allow him/her to obtain the OFAC information. It is standard practice to have the OFAC report included as part of the credit report. It is a service provided by the Credit Reporting agency. You could fill out the credit application, providing only: Name, Address & DOB. This will return a credit report and allow the dealership to be in compliance. You don't need to disclose your SSN to run a credit report.

[Big Panda]

Originally Posted by danip

You could fill out the credit application, providing only: Name, Address & DOB. This will return a credit report and allow the dealership to be in compliance. You don't need to disclose your SSN to run a credit report.

....BUT keep in mind that if there are MORE THAN ONE "John Smith"s, then they may turn you down by confusing you with another 'John Smith' who has terrible credit or worse, is on the OFAC List.

i've always been against the using of anyones SSN as a way to identify themselves. Hell, even on the card itself (well, on my 'old' card anyway) it clearly states; "NOT TO BE USED FOR IDENTIFICATION PURPOSES".

sorry, probably wrong forum for all this......bottom line is just BE EXTREMELY CAREFUL to whom and why you give out your SSN.