Is it wrong for the car dealership to ask me to lie to the bank to complete the loan contract. if it is should I tell the bank and return the car and does that look bad on my behalf? I never gave any information that was untrue the salesman said he was going to use my baoyfriends salary but use my name for credit reasons.If the bank sends the contract back what can I expect from the dealer ?
2007-01-07 02:19:33 · 6 answers · asked by Monica A 1 in Cars & Transportation ➔ Buying & Selling
At the very least, it's morally wrong. It also could be legally wrong and lead to arrest for fraud. Do you really want to get involved with a dealer that lies to you? You can expect them to continue to lie to you.
I would go and have a talk with the bank just to find out what information was turned in, and correct any untrue information. Perhaps it would still go through on your correct credit information. But I still think I would avoid dealing with a liar.
If the bank checks, they will quickly find out that your don't make $xxx.xx per week or work for the _________ company anyway.
2007-01-07 02:27:56 · answer #1 · answered by oklatom 7 · 0⤊ 0⤋
It is illegal, happen all the time, it is very unlikely you will get arrested, the banks do not pursue this, if the bank verifies you income they will reject the contract the car dealership will send a contract to a different bank and start the process all over again, your car payment may go up! the dealership get a kickback on the interest rate so they may send it to a bank of their second or third choice on which they make less money, also another common tactic is to tell the banks the car have options that are not on the car such as anti lock brakes , a sunroof ect. This will make the value of the car go up and the banks are more likely to give you the loan but beware since the bank feel that you could not make the payment on your income alone, you may have trouble making your car payments especially if your relationship with your boyfriend changes and then your credit may go down the tubes.
2007-01-07 12:19:52 · answer #2 · answered by MYRAJEAN 4 · 0⤊ 0⤋
The dealership is only interested in making the sale. As far as consequences go, you will have to pay for any that may come. If the bank finds out, you will be in breach of contract and they will have the car repossesed, while leaving a black mark on your credit. What the dealer has asked you to do is not minor to the contract and unfortunately you agreed to it at the time, contrary to what you knew was right..
Honestly, I don't know what you can do at this point, as the dealer won't want the car back (unless none of the paperwork has been filled, and even then) and the bank's interest is also compromised.
2007-01-07 10:30:50 · answer #3 · answered by David 3 · 0⤊ 0⤋
This happens ALL THE TIME.
I know people who don't have jobs but drive brand new $40k cars because the dealers filled out fake employment information on their behalf.
But as long as you make payments on time, no one cares because everyone's getting what they want. But if you default, there could be problems.
If you remember back to the OJ Simpson trial.... Faye Resneck who was Nicole Simpson's best friend, was prosecuted for lying on her loan application. But only because she had defaulted.
2007-01-07 14:31:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As long as you know you can make your payments every month I wouldn't lose any sleep over it.
2007-01-07 10:29:12 · answer #5 · answered by misc 75 3 · 0⤊ 0⤋
u should sue
2007-01-07 12:27:04 · answer #6 · answered by rkitect93 2 · 0⤊ 0⤋