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consumer credit application requirement

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Old 10-14-2013, 07:54 AM   #1
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I am buying a audi s4, I am paying it off full and do not need financing, is it required for me to still fill out a audi consumer credit application? My dealer is saying that it is required but I am unsure. Does anyone know if it is a requirement?

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Old 10-14-2013, 08:50 AM   #2
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Are you trying to launder drug money? I woulds assume that your money would be good. Don't know why you would need to fill out a credit application if you are not using credit. Money talks . Bull$hit walks. If the dealer wants the sale, I think he can work around it.
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Old 10-14-2013, 09:07 AM   #3
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That seems pretty silly. My dealer asked me up front if I was paying cash or wanted financing, so I know you don't *need* to fill out any forms

Besides, you don't want too many credit checks showing up on your record.
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Old 10-14-2013, 09:27 AM   #4
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Are you sure it's a credit application?

They ARE required to submit forms to the government for any cash purchases above a certain amount (I think it was like 10K?) which prevents illicit sales from folks who have obtained the money through less than legal means...

This was, the government can see your cash spending at year end, and it will flag if you have a lot of cash purchases, but relatively low income without justification.

This IRS link goes into more detail:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Cash-Payments-Over-$10,000-Received-in-a-Trade-or-Business-Motor-Vehicle-Dealership-Q&As
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Old 10-14-2013, 09:36 AM   #5
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If it a credit application, you do not need to fill out. I had a dealer tell me i needed to fill credit paperwork out. I was using a credit union to pay the dealer. I had an approved loan through them, buy the dealer told me i still needed to do their paperwork. I told them that if that was the case i would go elsewhere to buy a car. All i needed them to do was fax the purchase agreement to my credit union. The salesman did not know that if i already had financing elsewhere i didnt have to fill out paperwork

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Old 10-14-2013, 09:36 AM   #6
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Originally Posted by Hiyo528 View Post
I am buying a audi s4, I am paying it off full and do not need financing, is it required for me to still fill out a audi consumer credit application? My dealer is saying that it is required but I am unsure. Does anyone know if it is a requirement?

Thanks
I paid cash at delivery for my S4. No credit application was required...just drivers license and Michigan insurance.

i can't think of a reason this information would be needed and i wouldn't provide it.
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Old 10-14-2013, 11:39 AM   #7
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What state are you located in? I'm in California and I paid off the car as well but they still had to run that credit check. But I didn't fight them too hard on it.
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Old 10-14-2013, 01:12 PM   #8
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I'm in CA too, and had to complete a credit app in order to write a personal check in full for my last car.
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Old 10-14-2013, 02:55 PM   #9
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If paying with a certified bank check, no credit app should be required anywhere, just a drivers license and possibly proof of insurance. And unless you're paying with $20 bills, I can't imagine the govt. would care one whit how you're paying for your car.
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Old 10-14-2013, 09:32 PM   #10
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There is a law that requires the dealer to report any cash transactions above $10,000 to the federal government. It's been that way for decades for the banks, but more recently they expanded it to include other things like cars.

That said, the dealer doesn't need you to fill out any forms for this whatsoever. It's their responsibility, not the buyer's.
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Old 10-15-2013, 03:25 AM   #11
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I think the $10K form is for actual cash transactions, with checks excluded. If you were to walk in with a briefcase full of cash, you are probably laundering money (and / or evading taxes) and you will be filling out the form, but not with a bank check or third party financing check (or even a personal check). Presumably if you walked into a bank with $10K in cash the bank would have a form for you.

They are probably trying to sell OP financing by running his credit and then coming back with a finance offer. I don't see why it should be necessary unless something specific to local laws.

Correction: according to Edmunds, the $10K form (Form 8300) is filled out if you pay with a cashier's (bank) check but not a personal check (if the dealer will accept it). You should not need to fill out a credit report but there seems to be a fair amount of confusion because the information in the credit app and this form are similar.

http://www.edmunds.com/car-buying/ca...triot-act.html

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Old 10-15-2013, 04:42 AM   #12
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I am buying the car in Virginia, however I am registering it in New York


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What state are you located in? I'm in California and I paid off the car as well but they still had to run that credit check. But I didn't fight them too hard on it.
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Old 10-15-2013, 04:52 AM   #13
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My Audi dealer accepted a personal check for the entire purchase without requiring a credit check. I am sure they figured that if my check bounced, it would be Grand Theft Auto.
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Old 10-15-2013, 05:24 AM   #14
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Car dealerships may request a credit app even if you are paying cash. It's part of the "know your customer rule" and relates to what Dr GP said in post 2.
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Old 10-15-2013, 12:52 PM   #15
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They can request it but if paying cash it doesn't mean they're going to get it.
Also, keep in mind there are two types of credit inquiries; a soft inquiry will often be done by a dealer if they don't already know you sometime during the potential sales process to see if you are a serious and capable buyer. This one doesn't go on your credit history and doesn't require your permission. A customer signed app generates a hard inquiry which does. Get a few of those and your credit score will start to go down. Get several hard inquiries within a short period of time and it can drop very noticably.
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Old 10-22-2013, 11:49 AM   #16
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Default Credit Application

Thanks everyone for the input

I dont mind having to do a credit check if I have to, I just hoped not to because like it was said, if its a hard check it will effect my credit score and I have already gotten 2 credit checks for apartment and credit card applications over the last few months so I would rather avoid the credit check since I am paying with certified funds.
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Old 10-25-2013, 03:33 AM   #17
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Being a banker, I cannot imagine why your credit worthiness comes into play when buying a car outright (cash, check or trade).
I am sure you still have to sign all the normal documents: mileage certification, title transfer and bill of sale.
Credit should have no impact.
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Old 10-25-2013, 07:39 PM   #18
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Quote:
Originally Posted by Hiyo528 View Post
I am buying a audi s4, I am paying it off full and do not need financing, is it required for me to still fill out a audi consumer credit application? My dealer is saying that it is required but I am unsure. Does anyone know if it is a requirement?

Thanks
The dealer can make money on financing. I suspect they are trying to get a loan offer for you and convince you that taking a loan is better than paying cash (more profit for them). Just say no.
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Old 10-25-2013, 07:39 PM
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