Dealer(s) told me they needed to run my credit report even though I'm... - Toyota Yaris Forums

b_hickman11 · 02-07-2009, 12:37 PM

http://www.irs.gov/compliance/enforc...113003,00.html

It doesnt matter what you are buying...... a car, boat, RV, groceries, beer, etc......if the transaction is more than $10,000 and was paid for in cash, ALL business must fill out an IRS form and send it to the feds. I use to work in a grocery store while I was in college and we would have people come in and wire money to different places all over the world. If it was over a certain amount, we had to have their SSN to fill out some forms. A lot of these laws have been around for decades but they got a lot stricter after 9/11.

hobojon · 02-08-2009, 04:30 AM

You can freeze your credit reports prior to going to the dealer. They will be able to pull a soft inquiry but not a hard. Soft inquiries will not ding your credit score. It's priceless when they try to pull your report after they have told you they weren't and it comes up blank with just your name and address. it costs $10 per agency (Transunion, Equifax and Experian) in my state. Some states are free.

Tamago · 02-08-2009, 09:38 AM

Quote:

Originally Posted by Tamago

didn't read the thread, but in short, they DO need your social. they DO need your ID but they don't need to run your credit.

salesmen have to fill out a form for the IRS if someone drops over $10,000 cash on a car IIRC.. keeps people from laundering money through a dealership.

Quote:

Originally Posted by b_hickman11

http://www.irs.gov/compliance/enforc...113003,00.html

It doesnt matter what you are buying...... a car, boat, RV, groceries, beer, etc......if the transaction is more than $10,000 and was paid for in cash, ALL business must fill out an IRS form and send it to the feds. I use to work in a grocery store while I was in college and we would have people come in and wire money to different places all over the world. If it was over a certain amount, we had to have their SSN to fill out some forms. A lot of these laws have been around for decades but they got a lot stricter after 9/11.

have we been avoiding the reason why this whole time?

hobojon · 02-08-2009, 06:06 PM

They may need your social for a cash transaction over 10K but they don't need to pull your credit.
Also, as far as fico scores go, the score you purchase from Fico is the "classic" fico score and will differ from wht the dealer pulls which is the "auto enhanced" version. The auto score weighs installment tradelines more heavily.

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02-07-2009, 12:37 PM	#1
b_hickman11 Drives: 08 Sedan Join Date: Oct 2008 Location: Tyler, TX Posts: 899	http://www.irs.gov/compliance/enforc...113003,00.html It doesnt matter what you are buying...... a car, boat, RV, groceries, beer, etc......if the transaction is more than $10,000 and was paid for in cash, ALL business must fill out an IRS form and send it to the feds. I use to work in a grocery store while I was in college and we would have people come in and wire money to different places all over the world. If it was over a certain amount, we had to have their SSN to fill out some forms. A lot of these laws have been around for decades but they got a lot stricter after 9/11.

02-08-2009, 04:30 AM	#2
hobojon Drives: Yaris Join Date: Feb 2009 Location: NW Posts: 36	You can freeze your credit reports prior to going to the dealer. They will be able to pull a soft inquiry but not a hard. Soft inquiries will not ding your credit score. It's priceless when they try to pull your report after they have told you they weren't and it comes up blank with just your name and address. it costs $10 per agency (Transunion, Equifax and Experian) in my state. Some states are free.

02-08-2009, 06:06 PM	#4
hobojon Drives: Yaris Join Date: Feb 2009 Location: NW Posts: 36	They may need your social for a cash transaction over 10K but they don't need to pull your credit. Also, as far as fico scores go, the score you purchase from Fico is the "classic" fico score and will differ from wht the dealer pulls which is the "auto enhanced" version. The auto score weighs installment tradelines more heavily.