Buying a car with cash
02-12-2007, 05:21 AM
#44
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Originally Posted by QUIKAG,Feb 9 2007, 09:02 AM
I've heard the Patriot Act or some crap requires the dealership to require a credit app. of all car buyers whether they are paying with cash or financing from another bank/institution, etc.
Is this true? I wouldn't want to divulge my Social Security # and other personal information to the dealership if I didn't have to?
Is this true? I wouldn't want to divulge my Social Security # and other personal information to the dealership if I didn't have to?
02-12-2007, 05:37 AM
#45
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The patriot act applies if you are wiring the money to the dealership. Even in that case all they have to do is check that you name is not on the OFAC watch list. This can be done without you SSN, but the credit bureaus can check the list when a credit report is ordered too.
Bottom line:
If you are not needing a loan to buy your car (congradulations!), you should not give them you SSN if you just write them a personal check, cashiers check or bank draft. If you must wire the money, they may want to check you out. If you pay with currency (why?), you will be reported to the IRS if it is over $10k.
Bottom line:
If you are not needing a loan to buy your car (congradulations!), you should not give them you SSN if you just write them a personal check, cashiers check or bank draft. If you must wire the money, they may want to check you out. If you pay with currency (why?), you will be reported to the IRS if it is over $10k.
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niro
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11-03-2007 09:41 AM