I need a new car badly. If I exaggerrate on the credit application where it concerns employment, and they were to find out, what would happen?
2007-07-10 09:03:05 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
nothing if they found out after you get the loan and the car. if they find out before, of course they will deny your loan. However the fine print does state that if you knowingly falsify information you could be prosecuted, but who doesn't lie to get what they want.
My only advise would be to make sure you can actually afford the note, beause my aunt lied to get a house, and every month she struggles to make the note because she lied.
2007-07-10 09:10:53 · answer #1 · answered by beeslady115 2 · 1⤊ 0⤋
They could call in the loan and repossess the car, then press charges for fraud.
That said, few lenders check those things but I'd never suggest you do that.
2007-07-10 16:24:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the bank attempts to verify employment or income, and you lied, they obviously won't give you the loan. Sometimes you can juice your income without them checking.
If you are asking whether they will pursue legal action if you lied, no, they won't bother, they just won't give you the loan.
2007-07-10 16:08:31 · answer #3 · answered by jay 7 · 0⤊ 0⤋
If they find out before the loan is granted, you won't get the loan. If they find out afterwards, you could be prosecuted for loan or bank fraud.
2007-07-10 16:27:12 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋