Is this absurd to anyone else? Loan application for cashiers check purchase - Drive Accord Honda Forums | radio-pro.ru
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post #1 of 10 Old 12-16-2017, 08:30 PM Thread Starter
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You read that right.

I was ready to buy a 2017 Camaro SS Convertible tonight. It was a great price, the only reason I was there. They claimed they have an automated price system and an algo reduces the price based on inventory age, but it went to far on this particular car and on Monday it's going back up about 2k. (They have had it since October, when I saw it on a sunday, so who knows, probably a scam though). It was priced under everyone's trade in estimator and it still has 2 years of bumper to bumper. Seemed like a good bet.



So they thought I was going to trade in my like new Accord, I said no. Loan? No, I'll bring a cashiers/certified check Monday. Oh, ok. So they bring out some paperwork(it was late on a saturday)


First thing says I agree to them accessing my credit info. I said no, they said oh it's just a general form for every purchase. That's reasonable, but I cross out that part anyway before I sign. I tell him I just read that Jalopnik article about dealership loan scams yesterday, people signing loan apps, not buying a car, but finding out they have mystery loans from that dealer. So they bring out more paperwork. At this point I'm thinking, 10 months ago this car sold for 15k more.


So he brings out more paperwork.

"I need you to fill this out"

- "Sorry, I'm not filling out a Credit Loan Application, there is no reason to.

"Oh it's not for a loan, it's because this is the only paper we have that we use to record your personal information for the title"(this is a multi site dealer chain, FYI)

"Then you guys need to get a new form, I'm not signing anything that says loan application when I'm not getting a loan."

"But we need you to sign to verify your information is true, its for the title, like I said we aren't asking for your social so you dont need to worry we cant run credit without it"

"You guys have my drivers license and a copy of it, I told you that is the correct info for the title"

"But we have everyone do this for a purchase regardless, we don't have another form"(or a blank piece of paper, apparently. If he had just written my info down on blank paper, with "I claim this information is true and correct" I would have signed)

"OK, thanks, but I'll have to pass on the car"

And I left. And the worst part is he didn't try to get me back in, which means that probably works so much they don't use another form. He even claimed he had the same discussion with a lawyer who finally came around and signed.

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post #2 of 10 Old 12-16-2017, 08:41 PM
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Scam city. You were right to walk.

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post #3 of 10 Old 12-16-2017, 08:43 PM
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They want to run your credit so they can come back & convince you to take a loan as they add a percent or two as profit. Same happened to me when I bought my 04 new, had a loan set up with my bank, the dealer insisted that they couldn't sell me the car without me filling out a credit app., I got up & left, salesman ran after my car, only then did they drop the requirement (they also tried to raise the price 2K from what was agreed on).
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post #4 of 10 Old 12-17-2017, 06:19 AM
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And the car industry wonders why people think dealerships are stealerships.......
Good thing you were "eyes open" and saw through their crappola.
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post #5 of 10 Old 12-17-2017, 06:38 AM
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Yes, but ever since 9/11 a good way to get caught (if you are a terrorist) is the money trail. I wonder how much of this "credit application" stuff was inserted by a consulting law firm that told the nationwide dealer that to protect themselves from getting sued, they need to know HOW you got the money to buy the car.

I know that is a stretch- but a good friend of mine catches terrorists (and has them killed) simply by following the money trail. This is outside of the USA, of course. And no, I am not saying you are a terrorist- just a thought as to why they think they need this info.
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post #6 of 10 Old 12-17-2017, 10:04 AM Thread Starter
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Quote:
Originally Posted by RTexasF View Post
And the car industry wonders why people think dealerships are stealerships.......
Good thing you were "eyes open" and saw through their crappola.
I had a bank slip GAP into a loan deal once without my knowledge. I turned down something else and they covered up/layered some documents so it looked like I was signing a copy of something else. When I looked over the stuff again later, there was a page for GAP I didn't remember buying. But my signature was there, that's when I remember how she had layered the "copies" down. I was as mad at myself as them because I had known of that trick and didn't catch it.

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post #7 of 10 Old 12-17-2017, 03:21 PM
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Last 2 vehicles I bought I gave then a personal check. No loan app or any BS. The second one wanted me to wait until the check cleared to pick up the bike. OK, fair enough.
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post #8 of 10 Old 12-17-2017, 04:17 PM
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RickBlaine nailed it once again, friends. The idiots at the stealership likely knew nothing of what they are NOT required to report on the IRS form 8300. A transaction over $10K with a bank check is NOT considered cash for IRS reporting purposes.
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post #9 of 10 Old 12-17-2017, 08:08 PM
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Quote:
Originally Posted by VFR4Lee View Post
Last 2 vehicles I bought I gave then a personal check. No loan app or any BS. The second one wanted me to wait until the check cleared to pick up the bike. OK, fair enough.
Last two vehicles I bought were from private sellers, LOL. Used a credit card on the Corolla, and a bank draft on the 8.

Even then, when I bought the Accord, I used a personal cheque and it was fine. The dealer did get a copy of my driver's license, but no loan BS.

That said I only bought used cars before.

Personally, I think a bank draft works the best. The bank I use makes told me that a cashier's cheque is more expensive than a bank draft and has to be done at my home branch(which is all the way in downtown Vancouver). Not sure about other banks, but a cashier's cheque seems stupidly complicated to me.
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post #10 of 10 Old 12-18-2017, 01:08 PM Thread Starter
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I got a text this morning that it was still available for the price, but he wasn't sure how long for today. It's still that price. They lost one sure thing and any future hope. If they contact me again I'll tell them I'll look at it again if they knock another 1300 off, my BS fee.
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