Re: Car Dealer Said they LEGALLY have to do a Hard Inquiry Even if paying cash![ Edited ]
10-03-2007 07:54 PM - edited 10-03-2007 07:55 PM
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.
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.
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