Don't get tricked at the dealership with this social security number tactic!  

Exactly

Why did you need an insurance card?

@@ChrisL-oz4lp they do need that info before you drive off lot.

@@bepowerful2160 I asked, "why."

@@ChrisL-oz4lp. Lol why…in case there’s an accident and the driver will be liable not the dealership. 😅

@@mrFalconlemshould not matter. The car was bought with a cashiers check. Purchaser is liable not dealership.

I went through the over 10k nonsense a while back. I even printed the form To prove they had read it wrong. The first time the salesman had to check with someone else. I’ve forgotten the sequence but they asked for it several times. I believe that the salesman was so used to asking certain questions that he’d fallen into rote. Nevertheless, I did have to ask several times what the needed my SSN for or other nonsense. When we bought the second vehicle he slipped up again but caught himself!

They make money from their lenders so that's why they push for it over cash.

The dealer gets a piece of the finance pie if they originate the loan.

Got mad because they could make more money off you

One doesn't have to be a US Citizen to buy a car or property lol.. Gotta love these Dealerships!

They should be held accountable,,for there chitting ways,, especially for those consumers that don't have a lot of money to buy a car,,

My brother was financing but wasn’t ready to have his credit pulled yet, he just told them to assume FICO was over 800. They were stunned but did it. He eventually bought the car, which stunned them more!

How many plain ole folks have an EIN in addition to or instead of a SS#? Ans: almost none. You walk in with a bag of currency, you either fully complete the 8300 or you don’t get the car (or the dealership just broke the law). Exactly like when you withdrew the bag of $$$ from the bank, they did a federally required currency transaction report. Which is a painless non-event (unless you are a money laundering drug deal or terrorist).

The Stealership has insurance to cover the vehicle and you when test driving a car. Therefore your insurance is not needed.

You made my week @TwilightZoneX ! Thank you!!

You made my week @TwilightZoneX ! Thank you!!

I can't thank you enough!! @Jupiter_Crash Doing my best to provide knowledgeable, quality info to help and I appreciate you!

Oh my gosh - Can't thank you enough! @nimravus01 - I love helping credits unions as well ❤

Depends on what part of the process of the sale you are at. If you’re in the F&I some credit unions and banks still require a credit application done through the dealer. Because the customer was only pre-approved for a loan and now this is vehicle specific and to save time of driving back and forth for the customer the dealer does that part for you. But until that time a person doesn’t need to give them their social security number.

​@@wildmanofthewynooch7028 lol. You're funny.

In my case I had a blank check from my credit union with a percent and limit already disclosed to me. At the dealership all I needed to do was fill out the check and have them call the credit union to finalize. The dealership asked me for my ss number to see if they could beat my credit unions offer. It was optional. I chose to do it and the dealership gave me a better offer.

That’s why I make a photocopy of my license, when they ask for it, I hand them the photocopy.

@@steelydanit9756 They have, absolutely, no reason to ask for it.

​@@steelydanit9756Great idea!!

I went to one of the local Toyota dealerships and wanted to drive a highlander. I gave him my license but then he asked me for my phone number. I refused and he went off on me. I was so shocked that I locked up and couldn't really respond. I finally said "were done here".

A friend of mine had to threaten to call the police when the dealership wouldn't give her back her keys after being given ample time to evaluate her trade-in. She had friends on the local force and it definitely wasn't an idle threat.

Thanks for being here! @saladlamp2092

Yep. It's always "our policy" isn't it?!!

The proper reply is "It's my policy to not provide my social security number" and to immediately leave.

Did you take legal action? I would have had a field day over this

I had the same experience about 10 years ago. I went to the BMW dealership and when I asked about terms for a loan, I told the dealer "finance" person that I didn't want them running multiple credit searches but to just tell me the deal terms for credit score of XXX. The salesman sat there and the finance guy went away. We waited about 25 minutes and the finance guy came back and said "we can do 9% but your credit score is way below what you told us, you can't hide stuff." I was like "what" and looked at the credit score which was way below what I had checked before going to the deallership. My buddy said, "Lets walk, these guys are jerking you around and my credit union is doing 3% loans". So I went to the credit union and got a 3.5% loan but they showed me my score I was shocked to see that the dealership had run 10! hard credit pulls while I was sitting at the dealership and had knocked my credit score down 25 points. I learned later that each hard credit pull knocks your credit down about 2 points and stays on your credit history for 3 years. Be aware car dealerships are there to make money off of you. They are not your friend. @@TheMANOJ200

I worked in the car business for 43 years and beware their is a lot of crooks out there and the car business had more then their share

LAWSUIT!!

A dealership tried that. I stopped the real quick. I was wondering what was up with that.

Thank you so much! @patriciawhite6820 I appreciate your support!

Thank you so much for your support!! @luissantiago147

Hi! @timkis64 Thank you for the kind words and for being here!! 🙏

That means the world to me @DrinkingStar and I Thank You so much! ❤

Plain and simple, fix your credit.

Great idea! @a1s2a3p4m Thank you for the idea and I will certainly work on that one!!

which is of course never plain and simple lol . @@skoffco

@@skoffco you have no idea what situation people find themselves in, perhaps that what's the plan but the situation occurred that that couldn't wait for

😝

Thank you for your support! @catherineyslas4725 Be sure to take the MF and multiply it by 2400 i.e. .00215 x 24000 = 5.16 (interest rate). There are some decent lease deals happening. Let them know that you know what Buy Rate MF is and you don't want it marked up or you'll shop elsewhere. Know your credit first. They don't have to give you Buy Rate but now they know they're not working with the average buyer.

Great question! @catherinejacobs4801 It could be either. However, even if it's on a tablet, you can request that the form be printed out first 👍

Right!!

What do you mean? These do not require a SS#. Or do you have another point?

Uh, just walk out the door. Don’t ever give them the keys to any possible trade until you get a firm price on the car you want to buy.

Anything they offer is not worth it in my experience and it’s easy to tell because they keep mentioning these items….I love my October experience when I said no to everything and he stapled those sheets together and wrote declined in huge letters across page. All the time acting/talking as if he were surprised. What an scam. I’ve bought and sold cars for years and even when test driving when salesperson says something untrue I call him on it..I always say afterwards….don’t repeat that it’s patently untrue. I used to think they pulled this BS because I was young and female, now I think it’s because I’m old and female. But apparently it’s anybody?

Correct. It does need to be signed by an Authorized Official- typically the one that verified your driver's license and then you receive a notice in the mail (just like you did) 👍

You're fine, it's treated as credit. You'll first want to find out from the dealership, how much they will allow you to put on the card and sometimes you'll need to clear it with your bank too. 👍

Thanks for allowing me to see her mindset. This foolishness made me unsubcribe. DA

Make sure there is no prepayment penalty on the loan though.. Sometimes dealers pad the bank interest rate to try pocket the difference so knowing what rate you expect to get for your credit situation is good info to have.

Check out Car edge here on RU-vid. Great info on all things dealer related when buying new or used.

I Honda Finance all set up and the dealer ran me through 2 other places...

Did u give them your SS?

Do not say you're paying cash. Say you don't discuss financing outside the finance office. Cut your best deal then tell finance person you're paying in check. They make tons on financing so why hurt your deal.

you'll have to fill a few things, no choice unless it's a hillbilly backlot

No. According the the IRS, the financial institution issuing the check would need to complete FinCEN Currency Transaction Report (CTR) which does have the SSN required space (sample shown in video). However, if you were to break it up into smaller checks, under $10k combined with some cash for example, that total would require an 8300.

Thank you so much

Hello Kimberly, asking if using debit card for down-payment requires 8300.

@@AutoFinanceSense Glad I found you! A question to your response here, what if you went to 2 different financial institutions & bought $7500 at each? Would you still need to fill out anything, or may that be a "work around"? Thanks

⁠@@AutoFinanceSenseWouldn’t that be “structuring,” which is itself a felony?

Some will try.

Because they are never honest with the rate they quote you. They usually add 2 or 3 percent onto the rate that the bank offers the dealer.

@@humelakecabin That's why you need to do your research and get a pre-approval before you go in for a loan. I just bought my car on Friday and they tried giving me 10% from Toyota and I had already gotten a 5.8% rate from BofA. I just gave them the preapproval letter and the process went nice and smoothly. Once you have one hard inquiry for a car loan, all subsequent loan inquiries are grouped together as one for the next 30-45 days typically. It won't penalize you to have them check as well - it can give you negotiation leverage.