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Cars and Transportation
Reply to "Does car dealer really need my social security number if I pay cash?"
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[quote=Anonymous][quote=Anonymous]Yes, transactions above 10k have to be reported https://www.irs.gov/newsroom/understand-how-to-report-large-cash-transactions[/quote] Yes, OP. The reason that they do this, is that large purchases in cash is a frequent way of laundering money. So, they track large cash transactions to help ensure that they have a list of the buyers spending large amounts of cash. If you don't want them to run a credit check, then talk to them about not having them run a credit check. However, just so you know, if you are not borrowing money from the dealership for the purchase of the vehicle, they will do a soft credit check, not a hard check. A soft check will have zero impact on your credit score. They only do hard checks (which have a very small blip on your score) if you are borrowing money.[/quote]
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