Imagine handing over your personal financial information, including your home address, Social Security number, birth date, and amount you earn each month, to a dealership finance manager who just happens to have a history of engaging in identity theft. Creepy, no?
Unfortunately, some dealers fail to do even basic background checks of prospective employees. As a result, you may end up exposed to identity theft. The FTC has issued “Red Flag” rules aimed at curbing ID theft at auto dealerships, which is a step forward, but — they don’t have the staff or resources to police compliance.
Bottom line: This is yet another reason to ALWAYS get your financing lined up with a reputable lender BEFORE you shop for a car.
Yahoo News report: Could you be a victim of identity theft while shopping for a new car?
Orange County, CA District Attorney busts major new car dealership
KC TV 5: Car dealer facing ID theft charges
F & I News: Tampa dealer convicted of identity theft, other charges