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It’s something you can do in five seconds.” Another federal law requires car dealers and other businesses to fill out IRS Form 8300 if they receive a cash payment of ,000 or more from a customer, Henrick says.They should also fill out the form for lower cash payments if they spot red flags suggesting the money came from drug sales, money laundering or other illegal activity. “If you’re not financing a car, there’s no reason for them to check your credit,” Ostroff says.“The OFAC list is generally people who are sympathetic with or involved with foreign terrorist groups,” Henrick says, adding that no one in the United States is supposed to make a sale to anyone on the list.“You literally cannot sell a pack of gum to somebody on the list, though in the real world the guy at the candy store doesn’t check,” he says.In many cases, dealers mark up the interest rates on loans and split the proceeds with the lender.Acting as a financing middleman is one of the top ways dealers make money, says Randy Henrick, a private consultant and president of Auto Dealer We encourage an active and insightful conversation among our users.

If one has, dispute the error on your credit report.

Unnecessary credit checks linger, sting Credit checks bring down your score and cost you when you apply for future credit.

Authorized or not, a “hard pull” or hard inquiry happens when a lender checks your credit to decide on a loan application.

Under the Fair Credit Reporting Act, a car dealer may pull your credit – if you consent by filling out and signing a loan application.

However, when paying with cash or prearranged financing, a dealer has no right to coerce you to agree to a credit check by invoking the USA Patriot Act, the 2001 federal anti-terrorism law. Wanda Dunbar, 70, and her husband went to buy a new car from a dealer near Palm Springs, California.

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