Auto Loans

[Watchmann]

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drkaje wrote:

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Watchmann wrote:

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drkaje wrote:

I'd walk.

There's no legit reason (I can think of) for them to pull a credit report when it's already been done by a CU and OP is essentially paying cash.

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Yes there is.....it's called the Patriot Act..

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I speciflcally wrote "legit reason".

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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.

[drkaje]

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Watchmann wrote:

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drkaje wrote:

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Watchmann wrote:

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drkaje wrote:

I'd walk.

There's no legit reason (I can think of) for them to pull a credit report when it's already been done by a CU and OP is essentially paying cash.

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Yes there is.....it's called the Patriot Act..

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I specifically wrote "legit reason".

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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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I'm saying OP (and others) should decide with their wallets. If the dealer won't accept Govt ID on a purchase, I'd move on. We all know what multiple inquiries will do to a credit report, LOL! I've got nothing to hid but would prefer to at least do something wrong before being treated like a criminal.

I'm not inflexible, though. I'd allow a soft pull if they had it in writing and signed by someone accepting financial liability should a hard show up. 

It might be old age setting in but I can't recall ever being given an opportunity to vote on thePatriot Act.

[Watchmann]

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drkaje wrote:

It might be old age setting in but I can't recall ever being given an opportunity to vote on thePatriot Act.

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Of course you voted on it, when you voted for your Senators and House Representative you authorized them to vote on your behalf.   Since 82% of the House and 98% of the Senate voted for it it is most likely that you yourself approved of it (if you voted in the first place).  That's the way it works. 

[drkaje]

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Watchmann wrote:

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drkaje wrote:

It might be old age setting in but I can't recall ever being given an opportunity to vote on thePatriot Act.

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Of course you voted on it, when you voted for your Senator's and House Representative you authorized them to vote on your behalf.   That's the way it works. 

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Then I need to vote for some new representatives, LOL!

[going2tdc]

Well it's a no go anyways...  I left last night basically on the premise that I would not authorize a credit check. the whole Idea of it seemed shady to me. The first dealer never mentioned anything about a credit pull. I would be more than happy to show 2 forms of photo ID, but I do not trust anything a dealership tells me. I was thinking they where going to submit my file to their lenders regardless of what I told them.

They showed me a carcheck report and kept calling it a carfax. I know what both of them are, but I decided to pull a carfax to see what would appear, and sure enough there was an accident with frame damage so I'm walking. I emailed the sales manager I was working with and told him about my findings. (as if he didn't know) Funny thing is, I have yet to hear back from him.

Also to clarify, I have an approval. I don't actually have a blank check. What will happen is once I get a deal, the dealership will fax a PO to the CU and they will fund the loan.

[Stoomac]

Here's some info on this subject that may be helpful

http://www.ftc.gov/os/statutes/fcra/coffey.shtm

[drkaje]

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Stoomac wrote:
Here's some info on this subject that may be helpful

http://www.ftc.gov/os/statutes/fcra/coffey.shtm

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Awesome post!

That being said, the patriot act may have some odd provision that trumps every individual right and all previous laws.

[Stoomac]

The Patriot Act requires a lender to verify identify, not credit worthiness.  Identity verification is available from many very large organizations that sell data and the checks are known as CIP checks in the industry (LexisNexis is one of the bigger players).  There is no legitimate reason for an HP on a cash transaction, other verificaton requirements may exist (OFAC & CIP fro example) owing to other regulations (Patriot, AML, BSA etc).

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drkaje wrote:

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Stoomac wrote:
Here's some info on this subject that may be helpful

http://www.ftc.gov/os/statutes/fcra/coffey.shtm

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Awesome post!

That being said, the patriot act may have some odd provision that trumps every individual right and all previous laws.

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[drkaje]

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Stoomac wrote:

The Patriot Act requires a lender to verify identify, not credit worthiness.  Identity verification is available from many very large organizations that sell data and the checks are known as CIP checks in the industry (LexisNexis is one of the bigger players).  There is no legitimate reason for an HP on a cash transaction, other verificaton requirements may exist (OFAC & CIP fro example) owing to other regulations (Patriot, AML, BSA etc).

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drkaje wrote:

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Stoomac wrote:
Here's some info on this subject that may be helpful

http://www.ftc.gov/os/statutes/fcra/coffey.shtm

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Awesome post!

That being said, the patriot act may have some odd provision that trumps every individual right and all previous laws.

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Thanks!!

We had no intention to thread-jack but the information has really been educational.

[pipeguy]

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Watchmann wrote:

The seller has to identify exactly who you are under the heavy hand of the Federal Government.  Part of this is for terrorism purposes and part is to prevent money laundering.  The days are long gone when you could walk in with a wad of cash, or a check, and buy a car with no questions asked.  Your credit will be run if you are going to buy the car to properly identify you.  You can resist, but you won't get the car if the seller is staying legal......just get over it.  Your right to privacy is not absolute any longer.

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Please provide a link to the section or act of law you are talking about. I can't find anything in the Patriot Act that requires a car dealer to run a credit report as "verification of Identtification".

http://www.fincen.gov/statutes_regs/patriot/index.html

Section 326: Verification of Identification

http://www.gfsbusiness.com/docs/USA_PATRIOT_Act_Section_326_Final_Rule.pdf