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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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What is this discussion about? Car Buying

Messages Page 14 of 16

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

Dec 19, 2007 (12:23 pm)

Replying to: exb0 (Dec 18, 2007 8:31 pm)
I would bet that the possibility of having your SSN compromised by the dealer is no better or worse than with any other entity that you give your SSN to.
Any system can be hacked, any information can be acquired.
Even so, there are times when your SSN is necessary

#129 of 157 Re: Why not pull credit? [exb0] by joel0622

Dec 19, 2007 (3:51 pm)

Replying to: exb0 (Dec 18, 2007 8:31 pm)
If I am thief and want that info I can buy it for $1 along with your credit card number, mothers maiden name, and you zip code. May not be yours personaly but I can get as many as I want.

#130 of 157 Safeguarding Information by alamocity

Dec 19, 2007 (5:45 pm)

Recently at on of the largest dealerships it was discovered that quite a few of the car applications were found thrown away in a nearby dumpster, luckily they were discovered before they fell in the wrong hands but I'm curious how are these documents normally controlled? I know each time I visit a dealership the first thing they want is to fill one of these out, and after seeing this on the news it made me very uneasy. Having worked with data and records all of sorts while in the military I know all to well how important it is to control information, made me wonder what sort of safeguards dealerships use to control such sensitive information.

#131 of 157 Re: Safeguarding Information [alamocity] by volvomax

Dec 20, 2007 (9:59 am)

Replying to: alamocity (Dec 19, 2007 5:45 pm)
If they are dead deals,meaning a car wasn't purchased, they are generally kept in a special file and then shredded.

#132 of 157 Re: Why not pull credit? [joel0622] by epiney

Dec 20, 2007 (7:31 pm)

Replying to: joel0622 (Dec 18, 2007 3:54 pm)
Ok, since I guess I sorta unknowingly started this topic, I'll post a follow-up. Two new car purchases, no credit checks. No trade, either time. Maxed out the allowable deposit on Amex and "cash" for the rest. First dealer asked for a bank draft. No problem. Second dealer took a personal check. Asked if I would do 5 liner. I said I preferred not to. No problem, deal completed.
 
This is topic where some customers will just disagree with the guys in the biz. I understand that all cash deals are a small part of your business and YOUR systems are set up to use SSN to verify identity and OFAC. If you are not willing to accommodate the customers that not comfortable with giving a SSN, then I guees you risk the business. But that's OK, because it's your choice.
 
As customers, we have a choice to find a dealer that will work us or give in and provide the information.
 
It was not much a problem to buy the cars without a credit app. Sure, they asked, but I guess they wanted to sell a car more than they wanted the app.
 
One final thing, just because someone does not want to provide a SSN, does not automatically make them a crook. Perhaps you come across many that are, but you know not all people dressed like bums are bad ups. So you can't always broad brush people.
 
Joel, I guess I will never buy a car from you, but I'll still go out for beers with you.

#133 of 157 Re: Why not pull credit? [epiney] by joel0622

Dec 21, 2007 (7:10 am)

Replying to: epiney (Dec 20, 2007 7:31 pm)
Beers are good, I think allot of the worlds problems could be solved over a cold beer and a dart board. Hell a cold beer is the reason I am married to best women in the world.
 
Do you happen to know if your bank allows "funds availability checks". meaning if I call your bank and say that I have a check in the amount of $25K written on account# 123456 will they tell me if the account is active and funds available?
 
All banks used to do it. Allot of them had a touch tone system where you could call, key in the account# and check amount and it would tell you if it was good. Some even would let you call and put a 24 funds hold on the check you have written
 
Now most wont due to the Privacy Act.
 
I guess I need to clarify one thing. I have no problem taking a check from you during normal business hours when I can verify funds and if my spidey senses are tingling have the check hammered before your car is out of detail.
 
Or if you are a previous customer we will take your check all day with no problems.
 
Where I have a problem is the with the folks who come in after normal business hours on a Friday night and don't want to give up the info and then get mad when I tell them they are welcome to do all the paper work to hold the car and they can pick it up at noon of the next business day.
 
I would rather error to the side of caution and miss the occasional sale then have a $40K piece of metal on the road with what turns out to be a bad check.
 
My boss tells me to treat every transaction like it is my money, and if I would hesitate to lend the customer $100 of my own money he sure as hell does not want me to let go of $1000's of his, and he will never question it.
 
Thats why he he is so hot about the guy I had riding w/3 used cars worth $52K on a closed account. We did get our cars back yesterday though.

#134 of 157 Re: Why not pull credit? [joel0622] by epiney

Dec 21, 2007 (4:56 pm)

Replying to: joel0622 (Dec 21, 2007 7:10 am)
Do you happen to know if your bank allows "funds availability checks". meaning if I call your bank and say that I have a check in the amount of $25K written on account# 123456 will they tell me if the account is active and funds available?
 
Don't know, but I would have called the bank and let them them talk to them if they wanted.
 
It may have helped that I bought two cars that were not on the lot yet. Took them later right off the truck. I suppose there are easier cars to try to make off with.
 
Anyways, I stink at darts and would lose a lot of money to you. I'll stick to the beer.
 
Cheers and happy holidays.

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

Dec 22, 2007 (7:31 pm)

Replying to: joel0622 (Dec 19, 2007 3:51 pm)
If I am thief and want that info I can buy it for $1
 
Let the thieves have the info of the people who buy on credit. Gotta pay to play.
 

#136 of 157 Re: Why not pull credit? [epiney] by wilkens11

Dec 22, 2007 (7:42 pm)

Replying to: epiney (Dec 20, 2007 7:31 pm)
Two new car purchases, no credit checks.
 
Thanks for the followup, that's really interesting. My situation was different; the dealer insisted on the 5-liner, and let me walk out and across the parking lot to help "explain it to me".
 
They did say they would accept a certified check with no credit check, though.
 
You must be much more respectable-looking than I am.

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

Dec 22, 2007 (8:00 pm)

Replying to: joel0622 (Dec 21, 2007 7:10 am)
All banks used to do it. Allot of them had a touch tone system where you could call, key in the account# and check amount and it would tell you if it was good. Some even would let you call and put a 24 funds hold on the check you have written
  
Now most wont due to the Privacy Act.
 
This was the discussion I had with the dealer when I bought my car. I asked, Why not just call up the bank and check for sufficient funds? They said that they can no longer do that because of recent privacy legislation, and they even mentioned Sarbanes-Oxley, and also said it had to do with the fact that the dealership is a public company (it's owned by Sonic Automotive). They didn't even want to try to call the bank.
 
Of course, I had called the bank the previous day asking if they would verify funds, and they said sure, dealers call in all the time.
 
So I think there's some fast talking at work here, but also probably some real confusion about what's possible and not possible, and why. No real harm done.

Messages Page 14 of 16

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