New "Government Requirement" for SSN on Buying New Car?

Discussion in 'SRT Hellcat Purchasing' started by Andi, Mar 23, 2015.

  1. Andi

    Andi Silver Member

    Joined:
    Jan 15, 2015
    Messages:
    142
    Likes Received:
    41
    Trophy Points:
    138
    Location:
    Frisco, TX
    Vehicle:
    Charger SRT Hellcat
    Looks like I'm ~36hrs away from delivery of my new Jazz Blue Charger Hellcat. But, the dealer just threw a curveball at me when they emailed me the following:

    "[Finance] Will need to do a Credit Application (only top five lines) so they can register the car. "

    I politely declined, since I'm paying cash. Doing what I do for a living, I'm well aware how atrocious cybersecurity tends to be at car dealers, and I don't welcome the opportunity for identity theft that this brings. Nor do I want the hit on my credit - part of the reason I'm paying cash.

    Dealer came back with:
    "Unfortunately, they have to have your SSN to sell you a car, even when paying cash. That is a government requirement. "

    Sounds bogus to me. This article agrees:
    CarBuyingTips.com Blog Patriot Act Car Dealer Financing Scam

    ..but, at the end of the day, the car is in short supply, and the dealer already has about $40K of my money from the M3 pre-trade. They have the leverage so simply taking my money elsewhere isn't an option. I would like for the dealer to honor their agreement to sell me this car, with [built for] my name on the window sticker, without the new 11th-hour requirement of a credit check.

    I assume they are asking for this because somebody was misinformed and created this unreasonable policy, and this can be resolved with reason and facts.

    Thoughts?

    Do I need a lawyer?

    Thanks,
    Andi
     
  2. Deputydog

    Deputydog Gold Member

    Joined:
    Nov 2, 2014
    Messages:
    1,002
    Likes Received:
    260
    Trophy Points:
    218
    Location:
    Spokane, Washington
    Vehicle:
    Challenger SRT Hellcat
    Sounds totally bogus to me..
     
    • Agree Agree x 1
  3. 1FSTCAT

    1FSTCAT The Punisher

    Joined:
    Dec 28, 2014
    Messages:
    1,130
    Likes Received:
    407
    Trophy Points:
    358
    Location:
    Virginia
    Vehicle:
    Challenger SRT Hellcat
    They have to report transactions over a certain threshold to the IRS if paid in cash...hence the need for a SSN. If you've paid cash before on anything of significant value (used to be as low as 10k), you have to provide a SSN.
     
    • Agree Agree x 1
    • Useful Useful x 1
  4. DrBuick

    DrBuick Gold Member

    Joined:
    Oct 11, 2014
    Messages:
    2,408
    Likes Received:
    1,381
    Trophy Points:
    768
    Location:
    Slinger Wisconsin
    Vehicle:
    Challenger SRT Hellcat
    Tell them Obama Is paying for it.
     
    • Funny Funny x 4
    • Agree Agree x 1
  5. 1FSTCAT

    1FSTCAT The Punisher

    Joined:
    Dec 28, 2014
    Messages:
    1,130
    Likes Received:
    407
    Trophy Points:
    358
    Location:
    Virginia
    Vehicle:
    Challenger SRT Hellcat
    • Useful Useful x 1
  6. badash

    badash Silver Member

    Joined:
    Jan 2, 2015
    Messages:
    375
    Likes Received:
    102
    Trophy Points:
    153
    Vehicle:
    Challenger SRT Hellcat
    Totally bogus.........!!!!!!!!!!!!!!!!!!!!!! Just got the wife a new car, paid cash, they did ask for my SSN and I asked them why? Im paying cash, and declined to give it to them. The sales man came back after the deal was done and said that they wanted to run my credit and show me how much money they could make me if I took the cash I was paying for the car and put it in a CD .. LOL .. stupid car dealers.
     
    • Agree Agree x 1
    • Funny Funny x 1
  7. Harley88

    Harley88 Gold Member

    Joined:
    Nov 15, 2014
    Messages:
    1,218
    Likes Received:
    344
    Trophy Points:
    218
    Vehicle:
    Challenger SRT Hellcat
    Wonder if dealer is qualifying you as well. Might be looking for a reason to turn this Hellcat into a "owner canceled" unit. Hello Mark-up!
     
    • Agree Agree x 1
  8. badash

    badash Silver Member

    Joined:
    Jan 2, 2015
    Messages:
    375
    Likes Received:
    102
    Trophy Points:
    153
    Vehicle:
    Challenger SRT Hellcat
    • Agree Agree x 1
  9. badash

    badash Silver Member

    Joined:
    Jan 2, 2015
    Messages:
    375
    Likes Received:
    102
    Trophy Points:
    153
    Vehicle:
    Challenger SRT Hellcat
    a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF). Form 8300 is a joint form issued by the IRS and the Financial Crimes Enforcement Network (FinCEN) and is used by the government to track individuals that evade taxes and those who profit from criminal activities. Although the cash reporting requirements apply to many types of businesses, auto dealerships frequently receive cash in excess of $10,000 and are required to comply with the filing requirements.
     
  10. B5 Blue

    B5 Blue Platinum Member

    Joined:
    Jan 5, 2015
    Messages:
    6,857
    Likes Received:
    1,742
    Trophy Points:
    1,178
    Location:
    Michigan
    Vehicle:
    Charger SRT Hellcat
    So if I read that right a check or a wire transfer they won't need the form
     
    • Agree Agree x 1
  11. 1FSTCAT

    1FSTCAT The Punisher

    Joined:
    Dec 28, 2014
    Messages:
    1,130
    Likes Received:
    407
    Trophy Points:
    358
    Location:
    Virginia
    Vehicle:
    Challenger SRT Hellcat
    Sorry, assumed we're talking cash.
     
  12. Andi

    Andi Silver Member

    Joined:
    Jan 15, 2015
    Messages:
    142
    Likes Received:
    41
    Trophy Points:
    138
    Location:
    Frisco, TX
    Vehicle:
    Charger SRT Hellcat
    1fastcat, thanks for that link!! I will show them that and tell them I am doing a wire transfer, which according that IRS link, does not constitute cash for Form 8300 reporting.
     
    • Like Like x 1
  13. badash

    badash Silver Member

    Joined:
    Jan 2, 2015
    Messages:
    375
    Likes Received:
    102
    Trophy Points:
    153
    Vehicle:
    Challenger SRT Hellcat
    YES .. Its only to monitor CASH.

    A customer wired $7,000 from his bank account to the dealership's bank account and also presented a $4,000 cashier’s check. Does the dealership complete Form 8300?

    • A wire transfer does not constitute cash for Form 8300 reporting. Since the remaining cash remitted was below $10,000, the dealer has no 8300 filing requirement.
     
  14. badash

    badash Silver Member

    Joined:
    Jan 2, 2015
    Messages:
    375
    Likes Received:
    102
    Trophy Points:
    153
    Vehicle:
    Challenger SRT Hellcat
    Not a problem 1FSTCAT... I would love to see they sales guys face if some one rolled in there with 70k in
    cash.:eek:
    I really trust NO ONE with my/wifes SSN. I only use one lady at my CU. I worked for car dealers for a long time and some of the stuff F&I dose is not cool. If were talking about SSN, guys and gals..Keep in mind the 10 a hour person at you doctors office has access to you SSN as well. I recommend Life lock. It has saved me one time already. or really any type of credit service like that.
     
    • Agree Agree x 1
  15. Andi

    Andi Silver Member

    Joined:
    Jan 15, 2015
    Messages:
    142
    Likes Received:
    41
    Trophy Points:
    138
    Location:
    Frisco, TX
    Vehicle:
    Charger SRT Hellcat
    1fastcat, thanks for that link!! I will show them that and tell them I am doing a wire transfer, which according that IRS link, does not constitute cash for Form 8300 reporting.
     

Share This Page

Search tags for this page

hellcat requirements

,

new car ssn