Dealer wanting to run credit check even though paying cash?

[VictoryToyotaUSA]

I have been in the car business for 30 years and Every retail customer i have done a deal with must provide a SS # at time of sale. Its required in Ohio AND the Federal Government requires an OFAC check to make sure the customer is not a terrorist or something. Below is a link if you're interested in exploring this. If you wont provide a SS # when buying a car with every dealer i have ever been associated with we would not sell you a car .

What Is an OFAC Background Check? - LegalClarity

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[VirginiaHills]

Don’t give it to them. They have no need for that. OR. say “Sure! I charge $1000 for that information.”

 

[gmarcucio]

I think they need your permission and signature to the run the credit check

 

[kekecarioca]

It's bizarre that they are asking for that now....Once you are with a Finance guy/gal, then I get it...

I was in talks for a few months with dealer before purchasing the vehicle.
I showed up with check from Credit Union (Finance) plus down payment the day of. All word of mouth and true to it.
No one asked for no credit check since finance guy simply said they could not match rates from CU. No waste of time there for no one....

 

[Evergreen104]

They all do that……but for what reason, I don’t know. I paid for mine with $56,000 in $100 dollar bills. Three days later I got a letter from the dealership saying that they had reported the transaction to FInCen. A branch of the IRS. At first I was worried about this but learned that any business is now required by law to report all cash transactions over $10,000. No big deal. Has to do with money laundering, etc. So know that there is a reason for the credit check. Someone here surely knows what it is.

I paid $175k cash for my 992 Porsche 3 years ago in WA state and never received a notice re the IRS.

 

[Desmolicious]

I have been in the car business for 30 years and Every retail customer i have done a deal with must provide a SS # at time of sale. Its required in Ohio AND the Federal Government requires an OFAC check to make sure the customer is not a terrorist or something. Below is a link if you're interested in exploring this. If you wont provide a SS # when buying a car with every dealer i have ever been associated with we would not sell you a car .

What Is an OFAC Background Check? - LegalClarity

An OFAC background check is a screening process designed to ensure compliance with U.S. economic sanctions programs. It identifies individuals or entities subject to government restrictions, playing a role in preventing illicit financial activities like terrorism financing and money laundering. This screening protects the integrity of the U.S. financial system and national security by blocking transactions with sanctioned parties.

Understanding OFAC and Its Mission
The Office of Foreign Assets Control (OFAC) operates as a financial intelligence and enforcement agency within the U.S. Department of the Treasury. Its primary mission involves administering and enforcing economic and trade sanctions. These sanctions are based on U.S. foreign policy and national security objectives. The agency also addresses other threats to the national security, foreign policy, or economy of the United States.

The Purpose of an OFAC Background Check
OFAC background checks are conducted to ensure adherence to U.S. sanctions laws and regulations. The main purpose is to prevent individuals and entities from engaging in transactions with sanctioned parties. These checks help combat terrorism financing, money laundering, and other illegal activities by identifying prohibited dealings. Organizations use these checks as a due diligence measure to avoid significant penalties for non-compliance. Compliance with OFAC regulations is a legal requirement for U.S.-based organizations and any entity conducting transactions in U.S. dollars.

 

[Scrappopatamus]

If someone demands running a credit check or your Social Security number when purchasing an item that you're planning to pay with a check, contact your state's Secretary of State and report them. There's no reason for this. There's also no reason for making a photo copy of your driver's license prior to completing the transaction. This screams discrimination. I recently purchased several new vehicles without doing so. If you look super sketchy, you might consider brushing your teeth and hair and dressing appropriately

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