A lot of people know they are in a better position to negotiate if they have their auto financing prearranged before they venture down to their local dealership. That takes one arrow out of the dealer’s quiver. The car is just a vehicle to sell you a financial product. In many cases, an unscrupulous car salesman will tell you that you are still required to fill out a credit application because of the Patriot Act. That is, to put it bluntly, a total load of bunk.
Section 326 of the Patriot Act requires banks and other financial institutions must get all your personal information before you open a new account, but it says nothing regarding buying a new vehicle. Remember, you’re not opening a new account. It’s just one more thing the dealership may try to pull to keep you off balance during the negotiation.
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