Dealer question: OFAC and Credit Report?

Don't mind him.

You're doing your due dilligence in asking, as you stated you don't have anyone you can just call up that you trust.

Although I feel the dealership should've had someone else to better explain why they needed said information.

I've had customers deny providing info the same way you have and I've always been able to overcome it.

In paper format, and even in some web portals, the same application is used both for obtaining an OFAC as well as prefilling the required fields in the event of a credit check.

A dealer would just select OFAC and leave any of the bureau selections unchecked. Social security number is not needed for an OFAC.

 

I mean you’re not wrong in thinking that the dealership may try to screw you over into getting into a loan with a bank they are chummy with, but OFAC ain’t that.

 

What's the largest tire I can fit without rubbing no lift?
















































You're right though, plenty of misinformation and it's good to see a few here know what they're talking about.

 

Hard to 'trick' someone into doing that considering the contract terms would be for a 1-pay in the amount of the vehicle + any associated fees.

 

Thanks all for the replies. There is a lot here to process, along with the web research. Web can be as confusing and opinionated as these forums, but the "combined wisdom" here is appreciated.

From answers here it seems I'm being bit paranoid, but hey, it's my money and my sanity! I suppose if the sales team were a bit more upfront about the process I would not have been worried. When someone tell me I need to "stop asking questions and sign this to make the process go more smoothly" I instantly get suspicious. Anyway, hope to get opportunity to give them that feedback.

My plan is to finance thru my CU. They have really low rate (locked in back on 3/4) and give me convivence of keeping my financing in one place. It'll take am couple extra days to close out but then I've waited weeks for my truck already, whats couple more.

 

I've never bought through the Costco buying program, but it seems to me that if that is where this was initiated, then I would contact Costco and let them handle it. costco does not like things they endorse to be tampered with!

 

Ensure either your rate, or the CU's rates won't change going into the next month.

I still have a binder in my shed I kept specifically for 'Rate Sheets'.

These were rates that were publicly listed for members and non-members of financial institutions (including credit unions).

There are some that had multiple rate changes, as many as once a month for a few months straight.

Anyway, going back to why I mentioned this, sometimes there are stipulations to this rate such as having to sign a contract dated within that same month that the rate applies. Or having a credit check on file within 30-days of your contract date. Weird stuff like that.

 

Never knew you worked at a CU, and being on CUDL there may be a chance we've spoken before even and not know about it

 

40 years ago your owner's manual gave instructions on how to set timing.
Today's owner's manual warns you to not drink the battery acid.

Just sayin'.

 

Talked to CU, if needed I can extend current application for 30 more says and keep quoted rate, or lower if it happens to drop. Thats exactly why I love my CU!!

 

Yeah, many do extensions as well. At least those I've dealt with even as a dealer.

I've had this done because a vehicle order was taking longer than expected, or some stipulations were taking longer to gather as well IE proof of residence, expired driver's license, etc.

 

I hate those dealership guys...... I guess I like you haha

 

Data professional here. Give the absolute minimum amount of information away to make the deal.

Please quote the posts you think are tin foil hatting it and the paranoia and misinformation. Your post does little to move the discussion forward. It is hard to argue with a vague statement like yours, but maybe that is what you want. Who knows? My questions to you:

1. Who in this thread is "freaking out" that needs to do some googling
2. Who is wearing a tin foil hat and needs to remove it?
3. Who is paraniod?
4. Who is giving misinformation?

 

Ricochet Rabbit fits all 4. Doesn’t understand OFAC, freaks out by it without understanding, tells OP to walk out over a simple ID verification. My first post moved this forward plenty, other people in the know also chimed in saying the exact same thing. Is that enough data for you to proceed forward?

 

Most places that need to run an OFAC check are not doing it themselves. The dealer is most likely relying on a financial institution to run your info through the legally required KYC checks (know your customer) which includes OFAC. Hence the need for a "credit app" which will have the necessary disclosure info and your authorization.
Your skepticism is warranted given the responses from the sales team. But it's really not a big deal. Unless the dealer is super shady then your data will be fine. Google, Apple, Meta, etc. have a lot more info on you.
(I've worked in commercial financing for the last 17 years)

 

The dealer asked me to fill out a credit app when I purchased my 23 TRD Pro.
I was writing a check for the full amount.
Dealer F&I a$$hole said he needed a backup in case my check was bad. I assume he would have entered me into a loan agreement that suited him should there be a problem with my check.
He said "it's our policy." I told him "you're not going to believe this but I have a policy too. I don't apply for credit when I'm not asking for credit."
Solution was for me to go to bank and get a check. The correct solution would have been for me to walk out with my checkbook. I wish I'd done the latter.
I can say for certain, I'll never deal with midlands toyota again in any capacity.

 

I did forget to mention in the case of providing a social security number or not.

If dealing with any part of the purchase with cash, and that amount reaches and/or exceeds $10,000 an IRS8300 must be filled out by the receiving end and submitted.

Financial institutions deal with this as well when either receiving $10,000 or more, but couldn't remember if that applied to getting a cashier's check for that amount.

I remember I had Chase fill one out for depositing $42,000 cash some years ago.

 

Tons of dealerships do this.

If your check bounces, they're out a vehicle and you could be halfway across the country or worse.

Bring a cashier's check next time. A normal check is fine but a dealer must protect themselves.

 

None of us were there and in my experience many finance guys can be dicks. However let me ask you if you were selling your TRD Pro to a guy and he wrote you a personal check would you be completely fine trusting some stranger that the check is good?

 

I would have paid money to be a fly on the wall in that F&I office for that one