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uptomyneck
Posts: 51
Registered: ‎06-07-2007
Re: Car Dealer Said they LEGALLY have to do a Hard Inquiry Even if paying cash!


Brammy wrote:


uptomyneck wrote:


dnm45227 wrote:


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.


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.


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.


 
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

In three years I only saw one cashier's check.  Some people (including my dad actually) will just whip out their checkbook.