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im not so sure anyone knows what the truth is on this act. its so open ended and far reaching that lawyers can probley debate it endlessly.
I agree, but the dealership should at least tell the truth. How hard is it to say " We have to do this to comply with the Patriot Act." Then the customer knows why you are asking for information that seems unnecessary. If you can't tell me the truth, I'll go elsewhere. If you give the lame policy answer, I'll have to assume you are hiding something. It costs nothing to be honest, if you have nothing to hide.
Nowhere in that does it say a person has to fill out a credit application if paying cash. It just says the dealer has to report a transaction over $10,000.
I work in the financial services industry, and the PATRIOT Act is a nightmare. The amount of information we have to collect just keeps growing - not only due to this invasive, privacy-stealing act, but also because of new rules passed by FINRA, asking for even more information such as "time horizon" and "liquidity needs". I'm surprised that we're not being asked to take photos of any tattoos the prospective client might have.
I once made an offer on a Cad and said I'd return in 30 mins with a Cashiers check in hand.
I returned with the check (payable in my name) in case deal fell thru.
Sales person wanted a credit check and credit application filled out. My answer was what for? I'm paying CASH (Certified bank check) and you accept it or I walk out the door.
I left the car there to be smog checked and drove home 600 miles north of the dealer. My son would pick up the car in a couple of days for me.
Next morning I received a phone call from a bookeeper saying that the IRS had attached all the vehicles on the lot during the night and my car was GONE also.
Frantically I called the local IRS office in the car dealers area and was told they DID NOT have my Cad also I would NOT lose my Cashiers check or the Cad regardless of the dealers situation.
Turned out that the dealer had moved the Cad over to a independent smog station after my purchase transaction and the car was later picked up by my son.
If by "pay cash" you mean write a personal check or go get a cashier's check (and return later with it) they probably do it to cover themselves in case the check bounces or you never pay. Dealers don't want you leaving without a signed contract and changing your mind (or buying elsewhere.) So they'll do what it takes to close the deal. But they're not stupid either, if you have poor credit they aren't going to let you leave with the car.
We bought 3 cars with cash this year and were never asked to fill out a credit application - we would of failed because we bought 2 of the cars after only living here 1 month and the other after 9 months....and don't think we have ANY credit history here even now after a year.
im not so sure anyone knows what the truth is on this act. its so open ended and far reaching that lawyers can probley debate it endlessly.
The whole purpose of the Patriot Act is to make it possible to turn the country into an absolute dictatorship, and withstand any challenge. Just in case, you know. For our own protection, you know.
I've heard of this before...I believe it has something to do with the possibility of the check bouncing, so I don't see the big deal about it should it be a cashier's check from a bank in that state. I wouldn't fill out the credit app for a different reason. Go ahead and sell my name, I love junk mail and I have a good-sized mailbox and a recycling bin. Here's the problem...fill out this credit app for basically no reason, does it hurt your FICO as a credit inquiry, like when you apply for a credit card?
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