Will a car dealership ask for income verification when paying with cash?
- 1 month ago
Some will some wont. Depends on if it is doing a straight up business or not. YOU can ask to see the law which says they have to run it. IF they are insistent just simply tell them you will take your money somewhere else and WALK OUT THE DOOR... They will probably catch you before you leave the lot and say they will make a exception for you. AND NO YOU DO NOT HAVE TO GIVE THEM YOUR Social Security Number or Drivers License number either.
BUT BE AWARE BUYING ANYTHING IN THE USA and PAY 10 thousand or more cash requires to be reported to the government.
IT'S because of MONEY LAUNDERING Laws..
BUT You can pay say 9.9 grand and have a person with you pay the other 9.9 grand for a total of 19.8 grand... to get around it.
- Anonymous1 month ago
Yes, every dealer I've been to has asked for my SS# so they can run my credit even though I was paying cash. They always cite "The Patriot Act" as their reasoning. I rejected their request and they either refused to sell me the car or backed down and stopped asking.
BTW, The Patriot Act does not require car dealers to run your credit. They want to run your credit cause they are nosy and want to know if they can sell you financing. Ask them to show where in the Patriot Act requires a credit check and they will scatter like roaches.
- RichardLv 61 month ago
That would make no sense if they did.
- zipperLv 61 month ago
If you pay in full with cash, they have no reason to ask about your income. Now if your paying part in cash and taking a loan on the balance, they sure will ask!
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- Anonymous1 month ago
They could, I would refuse if I was paying 100% with cash. None of their business.
- Rona LachatLv 71 month ago
They may or may not ask?
YOU do not have to answer.
They also do not have to sell you anything and can ask you to leave.
Did you plan on doing something suspicious to encourage them to check you out a little closer?
- JetDocLv 71 month ago
Why would they do that? If you're paying the full purchase price IN CASH, there's no need to provide any credit information.
- TheRealLv 51 month ago
Any cash transaction over $9,999.99 is reported to the IRS. In addition, they want to ensure that the buyer has income and can potentially finance and pay for the vehicle in case, for whatever reason, they can't pay cash after all.
Some one else said "They can ask, but there is absolutely no reason to give it to them. Your income is none of their business." Try this if you want, and you'll most likely find yourself buying elsewhere. The dealer holds all the cards. You want THEIR car, therefore, you'll follow THEIR rules. They don't want to be liable for the car if issues arise on your end, so they are going to cover all their bases.Source(s): 20 years retail auto sales experience.
- StarryskyLv 71 month ago
If your bills are not counterfeit, and they are marked "legal tender, valid for all debts public and private" then they should take it. They probably will not expect to see you ever again. So why should they ask?
- ron hLv 71 month ago
No, but if you're using green cash they are required to report when they take more that $5000. if you borrow from a bank, that bank will care if you can pay them back. If you borrow cash from your dad, the dealership won't know or care if you pay him back. In most places, they'll want good ID.