Credit check for cash buyer? - Mercedes-Benz Forum

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post #1 of 6 (permalink) Old 09-13-2007, 03:51 AM Thread Starter
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Credit check for cash buyer?

I'm picking up my 08 E550 in a few days.

I was told by the dealer today that they need to do a credit check even on an all cash buyer. They've apparently started doing this post-9/11 because the credit report tells them whether the buyer is on the "terrorist watch list."

Sounds like a bunch of bull to me, but I'd like to hear opinions on this.

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post #2 of 6 (permalink) Old 09-13-2007, 04:36 AM
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The credit report is not going to show them if you are on a Terrorist watch list or not.
They will however see how you have paid your bills, they will also have to report the sale to the IRS due to being such a large amount of cash.
The dealership would rather you finance the car because they can make more money that way.

PS. Enjoy the new car.
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post #3 of 6 (permalink) Old 09-13-2007, 04:57 AM
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Seems odd they need a credit check for a cash purchase, but with today's information it's probably part of their standard procedures for all sales.

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post #4 of 6 (permalink) Old 09-13-2007, 05:01 AM
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It does seem a little extreme, however thats life.
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post #5 of 6 (permalink) Old 09-13-2007, 10:51 AM
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Its because of “money laundering”, “proceeds of crime” related to drugs etc &/or tax (IRS) purposes, by doing a credit check they can perhaps tell if your income allows you to buy with cash (high paid job etc) and indeed the cash is yours, just because you have it doesn’t mean its you cash lawfully.

If your actually taking the cash to them rather than a bank transfer then it may also be so they can arrange extra security or a method to transfer the cash from there building to the bank, even in the UK some big company’s will not accept high value amounts of cash unless its paid into there bank rather than to them (liability in the event of robbery)

If your paying the cash by “bank transfer” then in respect of the above there is no need for a credit check etc as it will be legally documented by both banks.
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post #6 of 6 (permalink) Old 09-13-2007, 11:58 AM
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I don't think he means cash / currency buyer - he means non-credit buyer. There is no need for it, it's just an invasion of privacy and you should refuse it, and buy the car elsewhere if necessary.
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