What are the potential consequences of lying about age on a car loan application?

Question

I am 17 years old. I earn an average of $400-$500/week in income, sometimes more. This is obviously way above-average pay for my age. I am a senior in high school, graduating in 3 months. I will then be able to work full-time and hopefully find a better job, making ~ $3,000-$4,000/month, before going to college either PT or FT next year.

Anyway, my parents have refused to co-sign a car loan for me. I am not really sure why, and it bugs me.

I already lied on a couple credit card applications and have two credit cards (a Visa and AMEX) in good standing.

My credit score is just above 700.

What are the potential consequences of, say, "mis-typing" the birth year on an online Capital One Auto Finance application for about $7,500?

If I pay my payments on-time and in whole every month, will they care/investigate the matter further?

Also, do they ALWAYS require proof of identification, i.e. driver's license, when applying for a secured/car loan?

Thank you.

Thanks for the responses thus far.

I acknowledge the theoretical seriousness of this.

However, in PRACTICALITY, if I pay EACH and EVERY month on time and in whole, even exceeding the minimum installment amount for a given month, will I get in trouble?

NO defaulting, NO late notices, NO derogatory activity whatsoever.

I was approved for a $10,000 loan at 11.5% for a used person-to-person purcahse. While this isn't the best rate, it isn't unmanageable, either.

What if I paid even $700/month to get this thing paid off in 18 months?

Thanks again in advance and for the responses thus far.

Keep in mind this is for a person-to-person loan, NOT a dealer purchase. I wouldn't dream of trying to buy a car at a dealer. Besides the obvious legal reasons, they are a complete rip-off.

Answer 1

They will ask for proof of income and will want to make a copy of your drivers license.

No matter if it is a secured loan or if it is credit cards, if they find out you lie on the applications they may very well file fraud charges against you.

If that happens your credit report will be the least of your problems.

Answer 2

1

Answer 3

The problem with not stating your correct age, is that you cannot enter into a legal contract until you are 18. If you default on the loan for some reason and then state you were 17 when you signed the loan papers, you can go to jail for fraud, because by then, you will be "of age", and most states would set up a trail as an adult. It could also messup your credit score long term.

Your parents could also be liable if you got into an accident etc. It just is not worth the risk.

Answer 4

Your playing with fire and will get burned. Don't be in such a rush to put yourself in debt.

First before they even let you test drive a car they take a photo copy of your drivers licence. So even if you have a loan it will be hard for them to even let you take it off the lot without your parents there.

Second you will need to get Insurance on this car and again they will want proof of your age. For insurance this is used to determine your rate more than anything else. But they DO verify your driving record with the DMV so if something does not match such as your date of birth you will not have insurance. In most states if you not have insurance you can not register your car. If you get pulled over without insurance they can impound it and give you serious fines.

Just wait the number of months until you turn 18 and get it then.

Answer 5

I think you are stuck with it. You signed the contract and now you ruining your credit. You should of waited until you got the job and then went and looked at cars.The dealership is not liable for your payments. If you can't pay for it then try to sell it or it will get repoed. Sorry that you are in a situation like that. Oh one more thing, about the comment that the first guy made. Not every dealer is like that. There is only a few that ruin the image for the rest.

Answer 6

Even if you get the loan, your parents will still be liable for it because you are under 18.

Respect your parents. Pay cash for a cheap used car now, then, when you turn 18, finance a better one.

Answer 7

As to proof yes. As to the lie, it is not a good idea, as to your age you may not be able to enter into a binding contract. If they sell you a car it is really at their risk. Once you turn 18, it will not matter as long as you keep making payments. Your best bet is to put your real age, or talk to the dealership.