Quote:
Originally Posted by The X Men
I agree, a cashier's check is as good as cash and if he had a cashier's check, I am sure back up financing would not be necessary. Dealers usually want some sort of back up financing if one or both party wants to close the deal that day. Usually its the dealer who wants to close the deal just in case the customer change their mind or cannot come thru with the financing. The credit union usually want some sort of paper work from the dealer to process the loan, and those paper work can only be generated after the deal has been closed.
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I bought my last vehicle with a certified check from my credit union. I still had to fill out the top half of the credit application with name, address and social, I didn't complete the entire application nor did I sign it. The dealer needs that information to run their own credit/background check to comply with the CIP for a financial transaction.
https://www.privacyrights.org/custom...l-transactions
http://www.ofaciq.com/Resources/24.pdf