RickFLS4

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

Hiyo528

I am buying the car in Virginia, however I am registering it in New York

carguyrob

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.

uberwgn

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.

snagitseven

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.

Hiyo528

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.

MerkurRS

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.

Sandy S

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.