Doing that has “economic costs” too. I have seen both the models. In the US, you can walk in to a dealer and walk out with a car. Elsewhere, you usually get you

Doing that has “economic costs” too. I have seen both the models. In the US, you can walk in to a dealer and walk out with a car. Elsewhere, you usually get your preapproval before you start car shopping. Then usually you have to go to the bank to close the paperwork and get the car in a few days to a week. It’s for the best in general. But it’ll make people make more informed decisions and that’ll reduce the spending. And proper identify verification - like looking at the document in person - also has downsides. It still can be forged. Just a little harder than what we have. (Other countries with mandatory physical KYC and a wet signature still have fraud issues) Overall I think it’s a lot of added cost and inconvenience for a slightly better benefit.