Patriot act, car purchase out of state.

[ISHOOTHST'S]

The dealer I am dealing with out of state is requiring my social security number due to something that has to do with the patriot act. I have my own financing already. When I google this most things come up with some type of gimmick to run my credit report, and other searches come up with having to report cash transactions over 10k in cash. Has anyone else ran into this or experienced it?

 

[BehindBlueI's]

The over $10k in cash in a transaction is a real law (and note it has to be cash, not wire transfer, check on a personal or business account, etc.). Does that apply to your situation?

 

[ISHOOTHST'S]

No only, checks

 

[Booya]

I bought my last car from a dealer in St. Louis and had it shipped. Easiest car purchase I've ever had! Found it on eBay, contacted the dealership to discuss negotiations, got what I needed in writing and had a big Ol' truck delivering my truck a few days later! No one mentioned SSN's or homeland security (I can't remember if I sent a check or bank transfer?).

 

[BehindBlueI's]

No only, checks

Then I believe they are blowing smoke up your bum. I took a course in tracking money laundering and financial crimes in 2012 and don't remember any legal requirements to gather the SSN if checks are being used. The whole point of the $10k cash transaction rule is to create a paper trail to make it harder to launder money. Checks already create a paper trail.

 

[jbombelli]

Then I believe they are blowing smoke up your bum. I took a course in tracking money laundering and financial crimes in 2012 and don't remember any legal requirements to gather the SSN if checks are being used. The whole point of the $10k cash transaction rule is to create a paper trail to make it harder to launder money. Checks already create a paper trail.

And don't try to bypass the $10K threshold with multiple transactions just under $10K. They will fill out and send to the feds a "Suspicious Activity Report" if you try that (It's been a number of years now - I think that's what it was called).

 

[Kirk Freeman]

Then I believe they are blowing smoke up your bum

People invoking non-existent laws in order to make their lives easier? Good thing we never see this in the gun business.

 

[ISHOOTHST'S]

My bank gave me something about this today, only financial institutions should be asking for ssn....nothing else. Since I already have financing, it is smoke and horse crap.

 

[HoughMade]

...and the $10,000 cash reporting requirement well predated the Patriot Act.

 

[SaintsNSinners]

Give them 10k in pennies.

 

[Kagnew]

On our most recent trade, we were able to pay the difference in cash. (First time that's happened since 1971!) The difference was a good bit more than $10,000, and don't recall anything being said about SSNs.

 

[HoughMade]

Really? Cash? Not a check of some sort? I used a cashier's check last time even though the dealership said I could write a personal check. I knew the manager.

http://www.irs.gov/pub/irs-pdf/f8300.pdf

I sold cars for 3 years (1992-1995) and I think I only had to do this once or twice. I remember one in particular where a guy bought a white '87 Sedan DeVille limousine from us for something over $10,000. He kept his money in a banker's bag in the spare tire of his car. I never would have accepted a personal check unless i got it cleared before the care was delivered, but I worked in the "big city" of Grand Rapids.

 

[Kagnew]

I said "cash", but I did give them a check - yes. Then, again, I've done business with the same dealership for many years.

 

[BehindBlueI's]

I said "cash", but I did give them a check - yes. Then, again, I've done business with the same dealership for many years.

Checks don't count as cash for the purposes of reporting. Like I said earlier in the post, The whole point of the $10k cash transaction rule is to create a paper trail to make it harder to launder money. Checks already create a paper trail.

 

[easy]

Ask the dealer to quote the law. No quote that you can verify, no deal.