I recently bought a new car with certified check. They said I had to fill out a finance form because it was required by the Patriot Act. I said no it is not required and in fact credit reporting agencies state it is not required and not to do it. They go behind the curtain, as it were, and eventually came back and agreed I didn’t need to do that. I provided the check and my insurance card and signed usual papers to buy a car. I also refused to sign anything giving them permission to share my information.
This channel is gold. I've watched every video. I went to purchase a new Mercedes S65 a few years ago and told them I was paying cash. The sales person insisted I fill out a credit application for "identification". I told him I recently purchased a Bentley and didn't need to do that as I paid cash for it. He told me either I was lying/stupid or the dealer did a fraud deal. I walked right out
I was asked for my social at the ford dealer. They said it was the patriot act to verify I was a us citizen . I told them I was using USAA so I didn’t need to discuss any financing or add on items . They got mad
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!
Tried to pay cash and the salesman insisted I run it thru their credit system and I could just pay it off on the first payment due. I said no way was that okay. Stood up to leave and then he asked to let him "run it by his manager". I left and went to another dealer and had no problems.
R1: Nothing an agent of the dealership states, asks or offers is in your best interest. If you allow they take your trade for appraisal, insist it is visibly parked, usually where you can compare, and keys are returned before proceeding. It is still your personal property. R2: Prearrange financing at your financial institution. This way, if you want to explore what the dealership may offer, you can make an informed decision. Don't show this card until you make that decision, and never share details except for negotiation. R3: Know yourself, FICO, budget, insurance premium for that vehicle. Use that in making the final decision. R4: When a form is offered, only positive information will be pointed out, even highlighted. Ask for time to read everything before you sign anything. Take your time. Any resistance, use your keys. R5: The moment you drive your new car off the lot, it is officially a USED CAR.
Thorough job! A minor correction as a former federal investigator. Writing a check for more than $10k does not, in and of itself, trigger a CTR by your bank. Those are triggered by cash deposits of more than $10k. A similar form may also be filled out by the bank for someone making a series of smaller cash deposits appearing to avoid a single $10k deposit. Do that many people really bring that kind of cash to buy a car often? Can't think of too many reasons to do so if you weren't trying to hide something about it like being tip money you don't want to report.
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!
The correct answer is Never. A drivers licence with Real ID fulfills all Federal and State requirements for identification for non-taxing purposes. Financing should be the last step in purchasing a car after the price is determined including all sales and registration taxes and fees. Then a SSN is only relevant to approval of financing based on credit history. A drivers licence with Real ID fulfills all Federal and State requirements for identification for non-taxing purposes. The 8300 form only applies to cash transactions, , not checks. An EIN can be used instead of a SSN for the 8300 form to provide an additional layer of protection against identity theft.
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).
This happened to me several years ago, I was clear I was paying cash (like 2k not a lot) and not able to enter into any financing at that time. They made it sound like a matter of national security.
Under the terms of the Federal Fair Credit Reporting Act you are not required to provide a Social Security Number unless and until the customer is asking for dealer-arranged credit for the purchase or lease of the vehicle. If required to fill out IRS Form 8300, the SSN would be required for that, but that would not happen unless and until the OTD price has been established.
Great info! Im on a FB fan page for a large credit union, and people often asking why the dealer "needs" their SSN when they have a loan from the CU. I think I'll start linking this video to answer them. Keep the videos coming, please!
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.
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.
Bought a car 2 years ago. Told the sales man I had my own financing and down payment. He asked me to fill out a finance form so they could see if they could beat my bank. He said it was optional and I did not have to but there was a good chance they could beat my bank. They actually beat my banks percentage.
Do not argue with dealer, just walk away. The dealer will lose the profit from sale and will suffer. After I walked out the dealer called me the next day and said he could accommodate me.
My wife was car shopping with her granddaughter and got close to a deal, and the salesman ran their credit. Then the salesman found a reason to increase the price and they walked. The salesman then proceeded to process a hard credit pull every 3 days for almost 2 weeks to screw up her credit score.
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
My brother-in-law sold cars for many years. One of my favourite tricks, that they do, is asking for your driver's license to show 'the boss'. This traps you in the dealership.
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.
I've seen you on Car Edge with Zack & Ray. Your advice, Kimberly, was the most valuable part of that channel. Because of your advice there, I immediately subscribed to you. The combination of your 2 channels is the best place to get car buying advice....A big Thumbs Up and thank to you for all your advice.
Hi Kimberly, can you do a video for people with not so great credit or poor credit, so those individuals can have an understanding of what to expect… or provide tools they can have to fight for approval??…. THANK YOU!!
@@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
QUESTION!!!! When reviewing this type of paperwork, will it be on paper or on a tablet? I have an easier time reviewing paper in a physical form. I don’t want to get tricked by signing electronically, and then be given a physical copy.
hi kimberly, am familiar with you from ray & zach.missed you there,& first time watching your channel.great info for your viewers.wishing you the best.
I found a car i like and i did a credit application on friday but i was at the dealership 1 hour before they closed so iam going back on monday to finish the deal and see the finance manager i didnt have time to test drive the car because they were closeing so before i sign anything i will be doing a test drive
this is a question somewhat related to dealing with the dealership's own finance manger. I recently purchased a new BMW at a new BMW dealership. I wanted to get BMW factory 7-year extended warranty as well as the 7-year vehicle maintenance plan. The finance manger simply said "you don't need it, don't buy it"... at that point, I thought to myself "great, he's probably going to tell me about some third-party warranties so he can make more money!" Well.. no, he didn't... so I asked again about buying the factory 7-year/100k-mile no-deductible extended warranty through BMW. He again told me that I didn't need it. Not sure why... but based on the way that I drove my previous vehicles, I definitely needed it. What was wrong with that BMW finance manager? A month later, I ended up buying the BMW warranty that wanted from another BMW dealership. I'm still very much confused about the finance manager who didn't want to sell it at the dealership where i bought the car.
When they throw your trade in cars keys on the roof to delay you, if the keys don't appear quickly tell them you're going to call the police to say your car has been stolen. Your keys will appear real fast! Alternatively take a spare key set with you so you can drive off and return for the keys later.
Darn it. The dealership at which I purchased my new car last year insisted a social security number was required for any purchase, regardless of method of payment., due to regulation (of some type, I can't remember). The best i could get out of them was looking at their online submission real-time while the salesman entered the data I verbalized to him, and promised it was transitory / not stored, no credit would be pulled. Thinking back, I actually give decent odds that he did not think he was lying.
they need to update that 10,000 dollar cash reporting thing, after inflation it needs to be adjusted to the average price of a new vehicle, which is closer to 50k I mean that 10k reporting this was around in 1996 when i paid cash for a new z24 chevy cavalier 17000 dollars
Credit hits...if I get my own financing before shopping, my credit will have a hard hit via the credit pull, right? If I then go to a dealer and they say they can shop their institutions to beat it, then I assume that my credit score will be lower than I think due to the first hit I took (from my own bank or CU). So, I don't REALLY know my credit score when I'm in F&I, right? Also, if I let the dealership do some checking via their own lenders, then now I've got two hard hits. If things don't work out and I leave to go to another dealer, then what's my credit score then? Your thoughts?
I already subscribe and love your videoes. You have great information. Would you be able to say what a MF should be on a lease and how to negotiate a good rate? Going today to try out what I've learned. Feb 2024
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.
The only agencies that can require your Social Security Number are government agencies, and even then are limited by Federal Statute Any Federal, State, or local government agency which requests an individual to disclose his social security account number shall inform that individual whether that disclosure is mandatory or voluntary, by what statutory or other authority such number is solicited, and what uses will be made of it.” Section 7 of the Privacy Act of 1974, as amended, 5 U.S.C. § 552a note (Disclosure of Social Security Number)). You do not have to disclose your SSN to a car dealer. Take your business elsewhere.
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.
If the quote worksheet is "not an offer or contract for sale", then what's the point of signing it? I simply wouldn't sign it. It's for information. Signing it would not force you to buy the car. I'm guessing that it's used *against* you, if you change your mind.
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. 👍
im always wondering how i can use my approved carloan at the dealership. they always deny me and run their own system. last time the interest rate jumped 1% than what i got from my bank
I'm not an attorney, but does this apply: US CODE Title 15 Section 1681. Any person who obtains a consumer report from a consumer reporting agency under false pretenses or knowingly without a permissible purpose shall be liable to the consumer reporting agency for actual damages sustained by the consumer reporting agency or $1,000, whichever is greater.
I recently bought a car using a trade in and $12,000 cash and walked out with a paid off car. A week later I received a letter stating that my name has been reported to the government per regulations because I paid over $10,000 in cash. I never filled out any form nor did I give out my social security number. Does the form required no longer need a persons SS number or did the dealership make a mistake?
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) 👍
What if they run your credit first and then they want you to sign a credit application? Is there any penalties for them not following proper procedures?
The F&I office is the last place for the dealer to make another round of trying to rip you off! I hated the individual sitting in this office. I just bought my third new car! I don’t have a good experience with most F&I.
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?
You do not need to provide a SSN unless your are going to finance. If you are going to test drive a car , give them your license that is all smh 🤦♂️. Also if you pay more than 10k and in penny in cash , that requires a CTR
Let me tell you... dealerships constantly demand ssn even when you bring a bank draft check. Now, they will hold the car until the check is cleared as a means of penalizing you for not allowing thier banks to compete. Add minorities into this equation, and the conversation gets near threatening. Now, I love those debtates and have speent 4hrs with a salesmen, the manager and finance demanding SSN for privacy act checks. One dealer slid me the credit check form and said this is not a credit form but us to verify you citizenship. 😅😅 I laughed so, hard and said who is more stupid, you giving me a form that says credit check or me filling it out? In short, I applaud Telsa for removing dealerships feom the car buying experience, and I think the car manufacturers have found a loophole with the online car sales model thats not under the dealer union agreement. I sayball that to say, I personally look forward to the day when dealerships are gone.
I want to make sure I heard this right. I'm looking at buying a car and paying in full ... $50,000 dollars. I plan on getting a bank cashiers check. So that's not considered cash and therefore no ssn from me to the dealership???
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.
If they sent me a preliminary report in my email but i havent signed it yet can I use that to get approved for the credit union or do I have to have the bill of sale to get approved by the credit union?
When paying over $10K in cash, and they want to list your SSN, first off make the dealer show you the state law or SS regulation. Secondly, WRITE IN BIG LETTERS "I DO NOT CONSENT FOR RELEASE OF OR USE OF YOUR SOCIAL SECURITY NUMBER BEYOND THIS DOCUMENT! I DO NOT GIVE ANY CONSENT TO HAVE MY CREDIT INFORMATION DESIMINATED OR USED.
Hi Kimberly I have a question? If I would like to buy a car with certified check for 15,000 , should I still provide my social or fill any form in the dealership. Thank you in advance.
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.
@@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
any dealership does this tactic the customer needs to walk away and also let them know that they are a scam, even if they say they do this all the time is not the correct way, i had a DEALER ship here in fargo nd, cowin dodge , and cowin outlet say the same thing to me, even to do a test drive they wanted my ss# i told them your full of crap, and also just to look at a car they said the same thing to me, i told them just show me the car, and you dont need my info until i wanted to buy a car,
You can summarize this video in one line. Never trust anyone in a new car dealership.
Born in 1954 my original SS Card clearly states on the face directly under my SS Number
"NOT TO BE USED FOR IDENTIFICATION".
Exactly
How can I hire this lady
I recently bought a new car with certified check. They said I had to fill out a finance form because it was required by the Patriot Act. I said no it is not required and in fact credit reporting agencies state it is not required and not to do it. They go behind the curtain, as it were, and eventually came back and agreed I didn’t need to do that. I provided the check and my insurance card and signed usual papers to buy a car. I also refused to sign anything giving them permission to share my information.
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 keep a credit freeze in place at all times. this blocks any loan application checks.
This channel is gold. I've watched every video. I went to purchase a new Mercedes S65 a few years ago and told them I was paying cash. The sales person insisted I fill out a credit application for "identification". I told him I recently purchased a Bentley and didn't need to do that as I paid cash for it. He told me either I was lying/stupid or the dealer did a fraud deal. I walked right out
I truly appreciate the kind words ❤️ Knowledge is Power! 💪
I was asked for my social at the ford dealer. They said it was the patriot act to verify I was a us citizen . I told them I was using USAA so I didn’t need to discuss any financing or add on items . They got mad
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!
Tried to pay cash and the salesman insisted I run it thru their credit system and I could just pay it off on the first payment due. I said no way was that okay. Stood up to leave and then he asked to let him "run it by his manager". I left and went to another dealer and had no problems.
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.
R1: Nothing an agent of the dealership states, asks or offers is in your best interest. If you allow they take your trade for appraisal, insist it is visibly parked, usually where you can compare, and keys are returned before proceeding. It is still your personal property.
R2: Prearrange financing at your financial institution. This way, if you want to explore what the dealership may offer, you can make an informed decision. Don't show this card until you make that decision, and never share details except for negotiation.
R3: Know yourself, FICO, budget, insurance premium for that vehicle. Use that in making the final decision.
R4: When a form is offered, only positive information will be pointed out, even highlighted. Ask for time to read everything before you sign anything. Take your time. Any resistance, use your keys.
R5: The moment you drive your new car off the lot, it is officially a USED CAR.
Thank you. I'm 70 years and have bought a few cars in my day and had no idea reference this formation.
You have to be out of your mind to ever provide your social security number to a dealership. It is absolutely unnecessary under any circumstances.
Thorough job! A minor correction as a former federal investigator. Writing a check for more than $10k does not, in and of itself, trigger a CTR by your bank. Those are triggered by cash deposits of more than $10k. A similar form may also be filled out by the bank for someone making a series of smaller cash deposits appearing to avoid a single $10k deposit. Do that many people really bring that kind of cash to buy a car often? Can't think of too many reasons to do so if you weren't trying to hide something about it like being tip money you don't want to report.
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!
What upset me is when shopping for rates the dealer told me the credit inquiry would be. soft inquiry. It ended up being a hard inquiry.
Yup. Couple of weeks ago, had just sat down at the salesman desk and he was already asking to run my credit. I said, let’s slow down here. Sheesh.
The correct answer is Never. A drivers licence with Real ID fulfills all Federal and State requirements for identification for non-taxing purposes. Financing should be the last step in purchasing a car after the price is determined including all sales and registration taxes and fees. Then a SSN is only relevant to approval of financing based on credit history. A drivers licence with Real ID fulfills all Federal and State requirements for identification for non-taxing purposes. The 8300 form only applies to cash transactions, , not checks. An EIN can be used instead of a SSN for the 8300 form to provide an additional layer of protection against identity theft.
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).
This happened to me several years ago, I was clear I was paying cash (like 2k not a lot) and not able to enter into any financing at that time. They made it sound like a matter of national security.
Under the terms of the Federal Fair Credit Reporting Act you are not required to provide a Social Security Number unless and until the customer is asking for dealer-arranged credit for the purchase or lease of the vehicle. If required to fill out IRS Form 8300, the SSN would be required for that, but that would not happen unless and until the OTD price has been established.
Great info! Im on a FB fan page for a large credit union, and people often asking why the dealer "needs" their SSN when they have a loan from the CU. I think I'll start linking this video to answer them. Keep the videos coming, please!
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.
These videos keep getting BETTER! A lot of valuable information packed into this one. EXCELLENT.
You made my week @TwilightZoneX ! Thank you!!
You made my week @TwilightZoneX ! Thank you!!
Bought a car 2 years ago. Told the sales man I had my own financing and down payment.
He asked me to fill out a finance form so they could see if they could beat my bank.
He said it was optional and I did not have to but there was a good chance they could beat my bank.
They actually beat my banks percentage.
The only thing needed for a test drive is a driver’s license and possibly proof of insurance. Nothing else
The Stealership has insurance to cover the vehicle and you when test driving a car. Therefore your insurance is not needed.
Kimberly, I’m watching every posting to support you!
I can't thank you enough!! @Jupiter_Crash Doing my best to provide knowledgeable, quality info to help and I appreciate you!
Do not argue with dealer, just walk away. The dealer will lose the profit from sale and will suffer. After I walked out the dealer called me the next day and said he could accommodate me.
My wife was car shopping with her granddaughter and got close to a deal, and the salesman ran their credit. Then the salesman found a reason to increase the price and they walked. The salesman then proceeded to process a hard credit pull every 3 days for almost 2 weeks to screw up her credit score.
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.
My brother-in-law sold cars for many years. One of my favourite tricks, that they do, is asking for your driver's license to show 'the boss'. This traps you in the dealership.
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.
I love the "it's our policy".... Well Bernie Madoff had some company policies too....
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.
We had a problem when drivers license had ssn on them!
Anyone who runs your credit without authorization must spend a few years in jail.
Yup never fill out a credit application if ur doing a test drive.
Great video. Thank you. I had a problem with this previously. I wish I would have had this information previously.
I've seen you on Car Edge with Zack & Ray. Your advice, Kimberly, was the most valuable part of that channel. Because of your advice there, I immediately subscribed to you. The combination of your 2 channels is the best place to get car buying advice....A big Thumbs Up and thank to you for all your advice.
That means the world to me @DrinkingStar and I Thank You so much! ❤
Hi Kimberly, can you do a video for people with not so great credit or poor credit, so those individuals can have an understanding of what to expect… or provide tools they can have to fight for approval??…. THANK YOU!!
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
Does the work sheet include the out door price ?
Great info and will use this for my next car purchase.
QUESTION!!!! When reviewing this type of paperwork, will it be on paper or on a tablet? I have an easier time reviewing paper in a physical form. I don’t want to get tricked by signing electronically, and then be given a physical copy.
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 👍
If they insist just give them a fake one as they’ll never know..
Your SS # is NOT supposed to be used for ID purposes by FEDERAL LAW...
hi kimberly, am familiar with you from ray & zach.missed you there,& first time watching your channel.great info for your viewers.wishing you the best.
Hi! @timkis64 Thank you for the kind words and for being here!! 🙏
I found a car i like and i did a credit application on friday but i was at the dealership 1 hour before they closed so iam going back on monday to finish the deal and see the finance manager i didnt have time to test drive the car because they were closeing so before i sign anything i will be doing a test drive
this is a question somewhat related to dealing with the dealership's own finance manger. I recently purchased a new BMW at a new BMW dealership. I wanted to get BMW factory 7-year extended warranty as well as the 7-year vehicle maintenance plan. The finance manger simply said "you don't need it, don't buy it"... at that point, I thought to myself "great, he's probably going to tell me about some third-party warranties so he can make more money!" Well.. no, he didn't... so I asked again about buying the factory 7-year/100k-mile no-deductible extended warranty through BMW. He again told me that I didn't need it. Not sure why... but based on the way that I drove my previous vehicles, I definitely needed it. What was wrong with that BMW finance manager? A month later, I ended up buying the BMW warranty that wanted from another BMW dealership. I'm still very much confused about the finance manager who didn't want to sell it at the dealership where i bought the car.
When they throw your trade in cars keys on the roof to delay you, if the keys don't appear quickly tell them you're going to call the police to say your car has been stolen. Your keys will appear real fast! Alternatively take a spare key set with you so you can drive off and return for the keys later.
Darn it. The dealership at which I purchased my new car last year insisted a social security number was required for any purchase, regardless of method of payment., due to regulation (of some type, I can't remember). The best i could get out of them was looking at their online submission real-time while the salesman entered the data I verbalized to him, and promised it was transitory / not stored, no credit would be pulled. Thinking back, I actually give decent odds that he did not think he was lying.
Great video - thank you. Another reason I hate cars… (and we own 2 of them)… 😔
they need to update that 10,000 dollar cash reporting thing, after inflation it needs to be adjusted to the average price of a new vehicle, which is closer to 50k I mean that 10k reporting this was around in 1996 when i paid cash for a new z24 chevy cavalier 17000 dollars
This is why we have started buying our cars at Enterprise they do not ever play these games
In Canada,no person or business (except a bank or credit union) can ask for a Social Insurance Number. To do so is illegal.
Great video, thanks for the info
Great Info, Thank You!
The last two cars I've bought were Tesla brand so no dealership experience for me. I'm never going back to buying cars that way, no more dealerships.
Credit hits...if I get my own financing before shopping, my credit will have a hard hit via the credit pull, right? If I then go to a dealer and they say they can shop their institutions to beat it, then I assume that my credit score will be lower than I think due to the first hit I took (from my own bank or CU). So, I don't REALLY know my credit score when I'm in F&I, right? Also, if I let the dealership do some checking via their own lenders, then now I've got two hard hits. If things don't work out and I leave to go to another dealer, then what's my credit score then? Your thoughts?
great info, thanks Kimberly
So I should not have been asked for my driver’s license and car insurance and I hadn’t even seen the car yet or signed anything?
AAAAAnd THIS is why I don't buy cars from Stealerships. Give me a front yard car and a wad of cash any day. MUCH less hassle!!!
I already subscribe and love your videoes. You have great information. Would you be able to say what a MF should be on a lease and how to negotiate a good rate? Going today to try out what I've learned. Feb 2024
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.
On second thought, I'll take up walking
Thank you kimberly
Thanks for the great information.
Thanks for being here! @saladlamp2092
thanks for supplying this information.
The only agencies that can require your Social Security Number are government agencies, and even then are limited by Federal Statute Any Federal, State, or local government agency which requests an individual to disclose his social security account number shall inform that individual whether that disclosure is mandatory or voluntary, by what statutory or other authority such number is solicited, and what uses will be made of it.” Section 7 of the Privacy Act of 1974, as amended, 5 U.S.C. § 552a note (Disclosure of Social Security Number)).
You do not have to disclose your SSN to a car dealer. Take your business elsewhere.
Thanks for your content
Subscribed as of now.
Thanks 👍
Could you just get a loan for whatever interest rate and before you make your first payment just pay off the car in full and avoid everything else?
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 TH-cam. Great info on all things dealer related when buying new or used.
What if you have instituted a credit freeze? There's no way they could see your credit then... AFAIK
I just looked up what I need to register a car, it says driver’s license which I believe is untrue!
Thank you.
If the quote worksheet is "not an offer or contract for sale", then what's the point of signing it? I simply wouldn't sign it. It's for information. Signing it would not force you to buy the car. I'm guessing that it's used *against* you, if you change your mind.
Any information on leasing?😂
How about a debit card for down payment
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. 👍
Is a personal check the same as cash, requiring the IRS 8300?
Great information!!
Thank you so much! @patriciawhite6820 I appreciate your support!
Do you have any information of acquiring a (Free) car with Consumer Law?
As always a very informative video! Go Kimberly Go! 🎉❤
Thank you so much for your support!! @luissantiago147
"No SSN for you."
😝
Also, do all dealers use a FICO score only,and if so, is it FICO 8,9,10 ? Your FICO 8 could be quite different from FICO 9 or 10..
im always wondering how i can use my approved carloan at the dealership. they always deny me and run their own system. last time the interest rate jumped 1% than what i got from my bank
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.
I'm not an attorney, but does this apply: US CODE Title 15 Section 1681. Any person who obtains a consumer report from a consumer reporting agency under false pretenses or knowingly without a permissible purpose shall be liable to the consumer reporting agency for actual damages sustained by the consumer reporting agency or $1,000, whichever is greater.
good info thanks
I recently bought a car using a trade in and $12,000 cash and walked out with a paid off car. A week later I received a letter stating that my name has been reported to the government per regulations because I paid over $10,000 in cash. I never filled out any form nor did I give out my social security number. Does the form required no longer need a persons SS number or did the dealership make a mistake?
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) 👍
Thanks
How about the State sales tax and the DOC fee
What do you mean? These do not require a SS#. Or do you have another point?
My question is why don’t you answer the other questions asked? You seem to avoid answering legitimate questions?
What if they run your credit first and then they want you to sign a credit application? Is there any penalties for them not following proper procedures?
So what hapoens when they run your credit without your permission?
The F&I office is the last place for the dealer to make another round of trying to rip you off! I hated the individual sitting in this office. I just bought my third new car! I don’t have a good experience with most F&I.
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?
We need id to buy a car, but we don't need one to vote. What's up with that?
Thanks for allowing me to see her mindset. This foolishness made me unsubcribe. DA
I will not fill nothing out if I'm paying cash for a vehicle
you'll have to fill a few things, no choice unless it's a hillbilly backlot
You do not need to provide a SSN unless your are going to finance. If you are going to test drive a car , give them your license that is all smh 🤦♂️. Also if you pay more than 10k and in penny in cash , that requires a CTR
Let me tell you... dealerships constantly demand ssn even when you bring a bank draft check. Now, they will hold the car until the check is cleared as a means of penalizing you for not allowing thier banks to compete.
Add minorities into this equation, and the conversation gets near threatening. Now, I love those debtates and have speent 4hrs with a salesmen, the manager and finance demanding SSN for privacy act checks. One dealer slid me the credit check form and said this is not a credit form but us to verify you citizenship. 😅😅
I laughed so, hard and said who is more stupid, you giving me a form that says credit check or me filling it out?
In short, I applaud Telsa for removing dealerships feom the car buying experience, and I think the car manufacturers have found a loophole with the online car sales model thats not under the dealer union agreement. I sayball that to say, I personally look forward to the day when dealerships are gone.
Drivers license yes, social security number, go elsewhere!!
Your SS number should not be given out like candy !!
Right!!
I want to make sure I heard this right. I'm looking at buying a car and paying in full ... $50,000 dollars. I plan on getting a bank cashiers check. So that's not considered cash and therefore no ssn from me to the dealership???
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.
thank you!!
what about a check for more than $10,000.00
So if you pay say $9999.00 you would not have to fill that form? Actually that's what I was going to put down.
If they sent me a preliminary report in my email but i havent signed it yet can I use that to get approved for the credit union or do I have to have the bill of sale to get approved by the credit union?
ok so what happens if they got your socio
New Jersey........................let's ask Ray.
Can car companies sell your social number? And personal information 😮
When paying over $10K in cash, and they want to list your SSN, first off make the dealer show you the state law or SS regulation. Secondly, WRITE IN BIG LETTERS "I DO NOT CONSENT FOR RELEASE OF OR USE OF YOUR SOCIAL SECURITY NUMBER BEYOND THIS DOCUMENT! I DO NOT GIVE ANY CONSENT TO HAVE MY CREDIT INFORMATION DESIMINATED OR USED.
Hi Kimberly I have a question?
If I would like to buy a car with certified check for 15,000 , should I still provide my social or fill any form in the dealership.
Thank you in advance.
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?
Kim never heard of such BS, I’ve purchased over 50 cars and never heard SS number before a car deal.
Some will try.
any dealership does this tactic the customer needs to walk away and also let them know that they are a scam, even if they say they do this all the time is not the correct way, i had a DEALER ship here in fargo nd, cowin dodge , and cowin outlet say the same thing to me, even to do a test drive they wanted my ss# i told them your full of crap, and also just to look at a car they said the same thing to me, i told them just show me the car, and you dont need my info until i wanted to buy a car,
I paid cash for a new Honda Accord. During the test drive, they ran my credit without my permission.
I Honda Finance all set up and the dealer ran me through 2 other places...
Did u give them your SS?