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Wow, what an insult. So much for "the customer is always right." If anyone tried to pull that on me, I'd just walk out on the spot. If they only want to sell their car on their terms, forget 'em.
Actually they are required to get your social security number for transaction over $10,000. So it can be reported to government/IRS. It's the patriot act. But you can request them to not run your credit if you're not financing through them.
I bought a car recently. I paid in full with personal check. I didn't finance with them, and I still had to provide my SS#. They did not run my credit. I signed paperwork, gave them a check. Then took the car home. Easy transaction. No problems.
Laws require dealers to check the ID of customers paying more than $10,000 in cash and to report those transactions to IRS on Form 8300. Paying with cashier's check, money order or traveler's check also qualifies as a cash transaction, according to the IRS. (Oddly, a check does not qualify as cash, according to the IRS form's instructions.
That's certainly not always the case. As other have pointed out, you don't have to tell the salesman that you're paying cash of have financing in place until the 11th hour.
Where are you negotiating car price and rate at the same time? Seems rather odd that I've always had to two separated with the car deal coming together first and then moving to finance if it's needed at all
My last new car I got I got set up with one of those online loans. I started my research and when I received the check I went to buy. I had the car picked out and instantly they wanted my info so they could get me the "right" price. I figured, what the heck, I already had a loan so really, what is the problem with them running a report? Perhaps it would help in the negotiation if they thought they could rape me on interest. I loved it when they came back with a "congratulations, bla, bla, bla" broke out the 4 square and tried to hide in a ridicules interest rate with a "super low payment" (considerably more then what I was approved for on line for the same time frame! LOL).
That's when I changed it to "paying cash" and I want the best price. Forget this payment crap. I want a price of the car and I can figure what my payments will be. When that was settled I made an appointment to get it the next day in which case I brought up the loan. Of course they asked if they could try to beat it. Again, what the heck. They beat it by a small amount so I went with them. Didn't matter to me who got the my money.
I don't know if that was the right way or not but my thought was that since I had a rate and a check, lets see if they can beat it by not bringing it up. If they had of known right away that I was approved, of course they would have beat the rate by a tiny bit so I was hoping that they could beat it by a large amount. But they still tried to rape me.
My first experience was years ago at a Jeep dealer. They went through the whole thing and I was young and clueless but my dad understood interest rates and how they affected price. The dealer refused to let us know the rate. We would find out when all the paperwork went through after the sale. We had the down payment with us and we were ready to buy. No rate, no sale. We walked. How do some of these idiots survive?
Last edited by marlinfshr; 03-14-2015 at 12:36 PM..
Then you can sue them. Unless you've gone to some shady note lot, the dealership doesn't repossess cars - the bank that owns the note does.
No you can't sue them, and when your shiny new car is heading down the street on the back of a tow truck, it doesn't matter if it's the lender or the dealer doing the repo, the car is gone.. If a word make you feel better, then go for it.. semantics..
Edit;
I take that back, yes you can sue them, as you know being a legal eagle, you can sue a grape if you wish. You can also expect to lose the suit..!
No you can't sue them, and when your shiny new car is heading down the street on the back of a tow truck, it doesn't matter if it's the lender or the dealer doing the repo, the car is gone.. If a word make you feel better, then go for it.. semantics..
Edit;
I take that back, yes you can sue them, as you know being a legal eagle, you can sue a grape if you wish. You can also expect to lose the suit..!
No, you'll win. I've seen it happen many times. But dealerships don't generally pull that crap with people who have the means or wherewithal to fight back.
Some good back and forth here. But no one has been able to answer my original question. Maybe some dealers/car salesmen can chime in here; would a dealership willingly let a sale walk because of outside financing? Is it that big? I'm struggling to see how that can be. On a $25,000 car. I'm just making up numbers here so bear with me. If the dealership gets even $10,000 on financing, that still doesn't equate to losing the whole $25K altogether. So why? As I understand it, the manufacturers compensate the dealership on every car sold. It's not as if they don't get paid. They are just losing the gravy.
On another note, this also damages the reputation of outside lenders. I was reassured that the dealers I visited were part of their network and accepted their loans. Bull hockey. It would be interesting to know just what percentage of their loans actually do get accepted by the dealerships.
Finally the dealer that rejected my loan is still emailing me like crazy, saying they can work something out. HA!
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