Well, since I have nothing better to do than obsess about hard inquiries, this issue, and feeding my addiction to these message boards-- I spent some time reading the "Patriot Act". Yes...VEHICLE DEALERSHIPS (as well as those who sell boats and planes) are considered FINANCIAL INSTITUTIONS--it seems crazy but maybe not...don't know. Here is the reasoning, apparently the first step to laundering money is to "clean it" by introducing it into a legitimate purchase. Since I am not a money launderer --just a mom who needed a new car--I am a little stumped by the whole process. However, I did some further reading at www.privacyright.org. When accepting a cash payment in excess of $10,000 the dealer is only required to get the basics (SS #, name address, dob etc..)nowhere does it say "CREDIT REPORT." Additionally, I found out that banks are required to report any "suspicious transaction" in excess of $2000. The bottom line is that dealerships do not need any verification of identity other than that which is required by a bank etc.. to open an account--passport, etc... should be acceptable. Now, I can understand a dealership accepting a cash payment wants some assurance that the $50,000 car being driven off their lot is backed by a legitimate check; however, a credit report tells them nothing about how much income an individual earns. I can guarantee you there are people with much better scores than mine who don't make nearly what I earn (they are just more disciplined about paying bills on time --my problem) OH yes...don't we have to provide "proof of identity" to get a drivers license and insurance? If those things are in order then the identity checks have been done. I just dunno...think I will move back to Australia (ha ha)
