I have financing lined up, but the dealer wants to run credit app?

[StartingOver10]

The post saying that any transaction above $9999 must be reported to the IRS is not understanding the IRS regulation. For clarity, here are the reporting requirements (as it applies to cash or money orders - not personal checks or bank checks from a bank or CU loan).  Referring to a loan from a CU as "cash" is a misnomer at best. The CU has their own checks they run through. Read the link below for IRS specifics.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payment...

As posted multiple times above, there is no requirement to pull credit for the OFAC check. That is the dealership trying to shop your loan.

EDIT:  Here is a link from Edmonds discussing how the dealerships DO NOT have to run your credit for the OFAC check. 

http://www.edmunds.com/car-buying/car-dealership-credit-report-scams-and-the-patriot-act.html

[sccredit]

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@Anonymous wrote:

 OFAC check or Hard Pull is needed 

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Your own words.  When I recently purchased a vehicle and used my credit union the dealer did run an OFAC check but never a credit report.  By the way that was in CA.  

[Creditwiser]

I was just approved for a car loan today with NFCU to which I will probably use and therefore become a cash buyer. I am appalled at what I read in this post and I for one will swiftly walk out of any dealership that tells me they HAVE to pull my credit. Not going to happen out of pure principal. Patriot Act my foot.  F#$% that.  Totally rediculous.  Im so glad I ran across this post.  Thanks to all for the info and links.

[Anonymous]

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Unfortunately you don't get to decide what is a legitimate reason.  That is decided for us more and more by people who are wiser than you and me.  Or so they say.

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Wiser?! Whoa! Didn't think I was dealing with 3rd grade students here. This is the reason this country is becoming a dump, as you are truly underestimating the power we have. The upatriot act is an act of theivery of our rights, plain and simple. Nothing "patriotic" about it. They use the psychology game on you to make you think that you are doing a patriotic thing to comply to strip you of your rights. 

[09Lexie]

Let's remember to be respectful in your comments, as to not violate myfico's TOS and User Guidelines.

Lexie, myFICO Moderator

[Anonymous]

You guys made me think of this https://www.youtube.com/watch?v=XUSiCEx3e-0