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Buying a Vehicle with Cash, Check or Credit Card

157 messages,  Last post on Dec 28, 2009 at 9:29 AM

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Messages Page 13 of 16

#118 of 157 Re: Credit App? [greanpea68] by tidester

Oct 01, 2007 (5:45 pm)

Replying to: greanpea68 (Oct 01, 2007 5:32 pm)
Most banks today won't disclose what you have in your bank account because of "Privacy Laws"
 
I think it's been that way for a very long time.
 
tidester, host
SUVs and Smart Shopper

#119 of 157 Re: Credit App? [greanpea68] by volvomax

Oct 01, 2007 (5:45 pm)

Replying to: greanpea68 (Oct 01, 2007 5:37 pm)
Some dealers just want to get the car on the street.
They figure if they need to bump the customer later,the customer will pay rather than bring the car back.
Not good business IMO.

#120 of 157 Out of context.. by steine13

Oct 01, 2007 (6:42 pm)

.. but on topic.
 
I bought an '07 Vibe last week, for $17,5xx OTD. Since I have the GM Card, and since the dealer does not pay any fees when you use it, I was able to use the card to cover $13k of the total.
 
That's a six-week 0% loan, and now I'm waiting for 0% balance transfer offers to cover it. If not, I'll have to dig it up elsewhere, but it makes "financing" quite easy.
 
I just thought I'd mention it here. If anybody knows if the same game works with the Chase Subaru card; I'd love to know.
 
-Mathias

#121 of 157 Re: Credit App? [tidester] by greanpea68

Oct 02, 2007 (7:55 am)

Replying to: tidester (Oct 01, 2007 5:45 pm)
I think it's been that way for a very long time.
 
I've found it more of a problem in the last two years were evrywhere I call I can't verify. That's why we'll run credit checks now. If they don't have a 700 or higher they have to get a certified bank check.

#122 of 157 Re: Credit App? [nthe] by wlbrown9

Oct 02, 2007 (10:32 am)

Replying to: nthe (Sep 21, 2007 9:38 am)
we use a check guarantee service (like many other dealerships). if your check bounces, and we have all the info on the check that is required, then the check service company comes after you for the money, but they pay us first.
 
So, if you use a check guarantee service, how much does that add to your cost on the deal? They don't guarantee checks for free. I remember a dealer years ago commenting how much it would cost him to run a $3000 or so check I was writing for additional down payment. But now I can't remember how much it was. So, I guess you have to weight the chances to save a few $$$ and not have the guarantee or spend the $$$ and get the guarantee. Almost less expensive for the dealer to write the loan at this point.

#123 of 157 Re: Credit App? [wlbrown9] by lounger

Oct 04, 2007 (1:14 pm)

Replying to: wlbrown9 (Oct 02, 2007 10:32 am)
We bought a new car here in Florida with a personal check. The dealer must of used a check guarantee service. But in addition, they also had a software service that pulled public information about us that would be very difficult to know for an identity thief (multiple choice questions on old addresses, prior cars, divorce, land holdings, etc.) that they must have used as their due diligence in verifying our identity. If you think you have much privacy, you are dreaming. A ton of stuff is out there in the public record about you.
 
Of course these services must cost them something and they must pass the cost on to us, but I doubt the cost to them is all that high.

#124 of 157 Why not pull credit? by wilkens11

Dec 18, 2007 (2:31 am)

There's an important point that maybe wasn't emphasized, regarding dealers pulling a customer's credit on a cash deal. An extremely important reason why customers don't want their credit pulled, is that they don't want to give their social security number. This has been mentioned again and again, by posters right here in this thread, but it keeps getting lost in the nonsense.
 
Dealers: Need to verify a customer's identity? Fine, go right ahead. Need to verify funds? Fine, go right ahead. Need to satisfy the Patriot Act? Fine, go right ahead. Taking the customer's SSN helps you do this. So it is sufficient along with DL. But it is not necessary. You don't need the social security number, and customers don't want to give it to you.
 
This isn't a privacy issue. It's a security issue. If you're trying to prevent others from opening your lock, there is a huge amount of value in keeping the key secret. The SSN is the key in this case. Of course, just like a real key, the SSN can be forged, and that sucks, but there is still a huge value in hiding the key! Once the key is out, it's like a video on the internet: you have no control over what others do with it. Your only control is to keep it secret in the first place.
 
Dealers: the customers -- your customers -- are telling you they don't want to give you their SSN. Maybe, possibly, you could look into alternative ways of satisfying your very legitimate needs, so that an SSN is not required in this small percentage of cases (cash deals? who does that? ). In the meantime, can you please listen to what your customers are telling you, instead of arguing with them?

#125 of 157 Re: Why not pull credit? [wilkens11] by volvomax

Dec 18, 2007 (3:41 pm)

Replying to: wilkens11 (Dec 18, 2007 2:31 am)
The problem is, is that the existing systems for dealer to readily satisfy both OFAC and their need to verify a customers identity are predicated on using the SSN.
For a dealer to spend time and money on an alternate system,that would only be used on a tiny fraction of car deals probably wouldn't be cost effective.
 
We probably do more cash deals than most dealers, yet it may be once a year,if that, that someone doesn't want to give out their SSN.
 
Giving a dealership your SSN is not a dangerous thing to do.

#126 of 157 Re: Why not pull credit? [wilkens11] by joel0622

Dec 18, 2007 (3:54 pm)

Replying to: wilkens11 (Dec 18, 2007 2:31 am)
Dealers: the customers -- your customers -- are telling you they don't want to give you their SSN. Maybe, possibly, you could look into alternative ways of satisfying your very legitimate needs, so that an SSN is not required in this small percentage of cases (cash deals? who does that? ). In the meantime, can you please listen to what your customers are telling you, instead of arguing with them?
 
My customers are not telling me that. The only people who I have ever seen that have a problem with it are the people here.
 
On a daily basis I take a 5 liner and never have a problem. I have had approximately 5 people give me flack over it in the last few years and all of them were trying to pass me a bogus check.
 
So people can rant all they want about it and I guess that I will just never do business with them after normal business hours, if my signature is on the paper work as OKing the deal you are not leaving with my car till I know exactly who you are. If it cost me a deal now and again fine.
 
As we speak I am chasing $52K on 3 used cars that we let roll on a hold check because they were friends with the salesperson. No 5 liners, no nothing. the checks were written on a closed account by his mother in law, we have nothing on her.

#127 of 157 Re: Why not pull credit? [volvomax] by exb0

Dec 18, 2007 (8:31 pm)

Replying to: volvomax (Dec 18, 2007 3:41 pm)
Giving a dealership your SSN is not a dangerous thing to do.
 
Yes, it is. There was a story here in Washington DC where a salesman was selling his customers’ identities.
 
Also, where do you keep your customers’ information; on computer’s hard drive that is connected to the Internet, that any teenager can hack into? Or is it in a filing cabinet that any disgruntled employee has access to?
 
Most dealers know nothing about computer security. I bet $100 that 9 out 10 dealers that except credit applications online don’t have their connections SSL encrypted. Yes, I know, what the hack is SSL.

Messages Page 13 of 16

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