I've never had so much trouble buying a car before.

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Chief Sapulpa

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I am picking my new truck up when it gets delivered. My credit is frozen, so I can't get a loan. I wonder how that is going to work when they try to sell me on financing?
You’ll have to unfreeze it so they can run a credit check or bank transfer the cash.
 

SlugSlinger

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F*uk the unfreeze. Just write a check for crying out loud. Easy peasy. Screw the credit check and the bank transfer.

I always thought a credit check was mandatory, even when paying with cash. Apparently, it’s not.

Is a Credit Check Required When You Pay in Cash?​

Since you aren't applying for credit in a cash transaction, the dealership doesn't need to access your credit score and report. And in fact, the Fair Credit Reporting Act (FCRA) limits access to your credit information in these types of situations. According to the FCRA, credit reporting agencies may only provide information about you to people who have a valid need: creditors, insurers, employers, landlords and other specified businesses.

A dealership needs your permission to run a credit score and report. They may ask you for it as part of the sales process, so they can find out what kinds of financing you are eligible for and therefore how much you can afford to pay for a car. Dealers often make money from the financing they arrange, so they have an added incentive to talk you into a loan or lease.

A dealership might falsely cite the Patriot Act as a reason to run your credit report. But federal anti-money-laundering regulations do not require a dealership to pull your credit on a cash transaction. You may, however, be required to fill out IRS Form 8300 if you make a cash or other lump-sum payment in excess of $10,000.

What's the harm in having a dealership run your credit? While any resulting damage would be slight, if at all, a dealership checking your credit could result in your credit scores decreasing slightly. That's not a reason to avoid applying for credit you need, but it's a good reason to avoid unwanted credit inquiries. And if the dealership is going to use your credit information to try to entice you into financing a more expensive car than you want, then you're much better off declining.

https://www.experian.com/blogs/ask-experian/do-you-need-credit-to-buy-a-car-with-cash/
 

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