i was surprised that the whole thing went down that way too. i'm guessing the letter of credit was sufficient enough to satisfy thier concerns (along with the phone calls). i thought i was going to carry the check to the dealer, but the rep copied it and said nope we mail it.
uptomyneck wrote:If you handed them a check and they called Wells Fargo then they performed their due diligence because they can document that a lending institution performed the required checks. But, if you wanted to stroke a check on your own, they aren't gonna (well shouldn't) take it without getting a credit app.
dnm45227 wrote:you know actually now that i think about it all i had was a photo copy of the check and a letter of credit from wells fargo, of course they called wells fargo and made sure everything was cool. my point being i drove off the lot with a brand new 2005 jeep liberty from a five star dealership with a copy of a check, and they didn't pull my credit.
uptomyneck wrote:Dealerships-plural. Different parts of town, different companies, different manufactures, differerent corporate counsels giving the classes we were required to take before we went out on the floor.Like I said, you may find a dealership that doesn't follow the letter of the law, but it is the law.For that type of transaction don't most dealerships require a guaranteed form of paymnt such as cashier's check?
Message Edited by Brammy on 10-03-2007 10:55 PM
No, the credit manager doesn't have to approve you. They just have to perform due dilligence under the required federal law. Now, as an employee of the company they have a fiduciary duty to ensure that any funds they take are legitimate. So some dealerships may be extra cautious and require a cashier's check. But, if they ran your credit, and preformed the required checks, they know whether or not you can write the check. Then it's the discretion of the Finance Director- or in some cases the General Manager.
uptomyneck wrote:but it is the law.Verifying the identity is the law.Running a Credit Check without my permission is not the law. It is convenient for them, I agree, but is not the law. I have purchased 4 cars and an engine from my local dealer, and had them do repairs - they know my identity and can verify it via passport, drivers license and their records.That's why they get you to fill out a credit application. They can't run your credit to do the verification they need without it. If they get caught running somebody's credit without a signed app their in just as much trouble.Now, they would strongly prefer that you finance with them, but that's a different issue. I wouldn't recommend you do finance with them, unless you already know they have a rate that beats what you can't get elsewhere. The point of my posts is you can't just walk into a dealership and pay cash to get out of a credit pull, because there are certain legal requirements that have to be met.
Okay I'm confused, didn't yu say earlier that if you ae paying cash the credit maager has to approve you? Or some such thing?
dnm45227 wrote:ok i'll settle this tomorrow i'll drag a little red wagon full of benjamin's to a dealer and say i want that one, then wait on sw to tell me wether or no i took a hard.
It seems quite clear to me that the OP wanted to pay with cash because they had the money and didn't need financing not because they were making every effort to avoid inqs. I agree with Brammy, Timothy, MV and most of the others. The dealership did not have PP and has violated the law. This is very sleazy!
Now, they would strongly prefer that you finance with them, but that's a different issue. I wouldn't recommend you do finance with them, unless you already know they have a rate that beats what you can't get elsewhere. The point of my posts is you can't just walk into a dealership and pay cash to get out of a credit pull, because there are certain legal requirements that have to be met.
Not in my house it isn't
The $9999.99 threshold which triggers IRS notification is often exceeded with many purchases furniture, electronics, appliances--