Does a credit report have to be pulled to pay cash for a car ?
I am paying $10000 CASH to buy an automobile, the dealer tells me because of the Patriot Act they have to pull my credit to make sure I am not on a “terrorist list.” Is this true ? Why does this have anything to do with my credit ? Or terrorism for that matter ?
December 1st, 2008 at 3:08 am
No, this is not true. You should report him to the Better Business Bureau and do business elsewhere.
December 2nd, 2008 at 4:37 pm
They do not have to pull your credit. They do however have to check your name and S.S.N. against the terrorist list. This is a requirement of the Patriot act.
On the program I use (Dealertrack) at the end of the page after you fill in the customers name, D.O.B., S.S.N., address and phone number you can check which bureaus you want to pull and check exact ID. This is the one that checks your name and S.S.N against the terrorist list.
December 5th, 2008 at 5:17 pm
The Patriot Act states “Anyone applying for a loan must provide adaqate identification to fight the funding of terrorism.” If you are paying cash, it is the same as paying for something at Best Buy, there is no need to pull your credit.
December 8th, 2008 at 7:05 am
BS. The dealer gets paid a bonus if he can steer you into a loan instead of cash. Dealers hate cash because they make half their profits off of loan kickbacks and extended warranty commissions.
December 9th, 2008 at 12:16 am
No. Report him to Better Business Bureau for giving you misleading information. I would call back the dealer and ask “are you sure you need my credit report for this? Because I will be verifying that information with Better Business Bureau right now.”
See what his reaction is.
What a BS.