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.
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.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.
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.
So never give your SS unless required by State or Federal law.(or getting financing through them.) Identity theft is growing so be careful.
HAHAHAAH...Great IDEA Jeepster!! I think that is what I will do!! I LOVE IT.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.
P.S. just make sure there is 'no prepayment penalty'!
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.
Thanks for the info danip, it does help.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.
Banks are now reporting anything over $3000 now. Check with the bank and see, things have changed again.
You will need to provide name, address, insurance and DL, but not SSN. I'll tell you the rest is in order to run a credit check (which you shouldn't allow as credit checks can affect your credit score), offer insurance you don't want, etc.I will be paying cash and yet the dealer is requiring a volume of information that I feel should only be required if I were to be financing the purchase.
Am I missing something here?