maybe the sales rep is clueless. she replied to me stating soft inquiry.
i checked with another Toyota dealer they said
"The only way to purchase a vehcile in CA without having your credit run is to pay with a Cashiers Check from your bank. Personal checks are considered an extention of ones credit, therefore your credit will be run to verify your worthiness. The only loophole to not having your credit pulled when paying with personal check is to wait until your check clears with our bank to take delivery of the vechile. "
I am ok w the social for OFAC, i just dont want a hard inquiry if iām paying cash as iām not financing thatās my logic
OK so let me ask this, what if that person fully funding the purchase on their own with a certified check but have junk credit? Since that could negate the chance a bank would fund the deal would the dealer decline to move forward altogether or handle on a case by case basis?
Sorry for the questions but the fraud/BSA & AML compliance falls within my wheelhouse so itās interesting to hear the other side.
but the credit report only tells you the financial picture from the past.
like the stock market, prior performance is not indicative of future potential. itās a risk regardless.
many people worry that an inquiry drastically takes an 800 to a 500 credit. 1 inquiry does not do that, it barely hits it a few points. getting shot-gunned with shitty credit and getting sent to 50 banks to get an approval does that.
Well a credit report tells you the amount of outstanding debt the PG (Primary Guarantor) has. What type of debt ā Amex or Fingerhut. Late payments, Bankruptcies, Collection items.
a hard inquiry drops your score less than 5 points yes but iām a CC churner and would like to minimize the inquiries thus iām paying ācashā to avoid a hard inquiry. Unless they are offering me 0% on top of the cash discount then sure why not but itās a cash back or low financing deal.
iām tier 1 rated so am far from the deadbeats companies are trying to avoid.
Thatās not entirely accurate. For cashierās checks the bank is the official maker of the check, not the customer so there is no incentive for the bank to stop a payment on a check. Generally the only instances when a bank would stop payment is if it can be evidenced the check was lost, stolen, or destroyed. No bank worth itās salt is going to stop payment on a certified check at the request of a customer. If the customer does convince them it was lost, stolen, or destroyed the they will need to sign an indemnification agreement but in my own personal experience thatās a rather tall order.
If youāre talking about fraudulent cashierās checks, thatās a different story.
No dealer would know that though not knowing you from Adam. Iām sure they hear all the time from anyone that approaches them they have āgoodā or ātier 1ā credit, only to find out itās not when a report is pulled.
Purchased an SUV here in NY in Nov of '17 for my business. Paid by Bank Check made out to the dealership. The salesman requested no sensitive info with the exception of the biz name and address and, of course, wanted the vehicle insured as same prior to the transfer of plates and pickup.
thats fair but iām not seeking a loan thus imo a CR or my past is irrelevant.
but why wont Chveysalesgirlās dealer accept hard cash.
thereās no issue w stopping payment w cash cash. there are devices to validate counterfeit bills, just more of a security risk .
If a dealer is concerned about a fraudulent cashierās check, they can call the bank that made the check.
No SSN is needed for an OFAC.
Only an either/or purchase contract with give the dealer a way to fund the loan if a check is bad. That will require a full credit application. Some dealers operate this way.
@kaiotes1 - talk to the sales manager to determine how to pay for the car without a credit check. Itās up to them.
My bank requires the physical check in order to return the funds into the account. A cashiers check represents the amount of money that previously existed in the account and transferred into a physical form.
Without the physical check, I canāt go to my bank and say āput a stop payment of cashiers check 123456.ā The bank needs the physically take it and record it for their records with the explanation ānot used for intended purposeā in order to return the funds. I used to work for Capital One Bank and still use their services. With that being said, if I were to rip or return the check in any form than it was originally issued in, then Iāve lost the funds and they cannot take it.
Is it common for banks on California to return funds to an account after a cashiers check has been issued and without it returned to them? Seems like an easy way to avoid fraud.
