I bought a car earlier today. The sale has already gone through and the car is now under my name and at my house.
I went through the financing department at the dealership and they worked out a deal with me even though my credit isn't the best. There was only one catch! When i filled out my application I put down that I pay $950 for rent. The finance guy approved me and then said I need to come back with a phone bill showing proof of residence and my landlords phone number. Then he said oh yeah, your landlord needs to say you pay $300 for rent otherwise the loan wont go through.I was so excited about a car I didnt think much about it. Now that Ive had time to think about it i realize i need to go tell my landlord to lie and say my rent is $300 whenever the loan place calls.
My question is what happens if the landlord doesn't do this favor for me? If she still says tells the loan place my rent is $950 can i just tell the loan place i have roomates thats why i put $300 ? Please help!
2007-11-10 16:39:16 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I think you answered your own question. That's actually a good idea.
2007-11-10 16:49:55 · answer #1 · answered by mb 3 · 0⤊ 1⤋
I am in the auto financing business and I see stuff like this all the time. What you're salesman is doing is call coaching. This is ok if its the truth, but for you to lie ... a bad idea. I would go to the manager at the dealership and tell him what happened and that you don't feel right about this. They will probably take the car back, which is ok, since you did the right thing.
Typically, lenders do what is called QC on their loans. What this means is that we check the information given on a credit application. Lenders feel that if you lie on a credit application, you will lie about your desire to pay the loan back and we should not be doing business with you. We caught someone 6 months later in a lie and we threatened to repossess the car or for them to come in with full payment. (As a creditor, we have the responsibility to report any fraudulent credit we see - we report it to the credit bureaus.) They were forced to get a loan at a much higher interest rate and we closed their account FOREVER - they will not be allowed to do business with us ever again.
The reason your salesman told you to lie, is that he is trying to trick the lender into buying the loan. This is illegal and he will get caught. When he does, he will be blacklisted. You do not want to be associated with this.
Please do the right thing and bring the car back to the dealer. Let the manager know what happened and if they can get you approved legitimately, then do so.
Good luck.
2007-11-10 17:22:09 · answer #2 · answered by Greg K 3 · 0⤊ 0⤋
Assuming that you won't qualify for the loan unless your rent is $650 a month lower than what you are paying, YOU CANNOT AFFORD TO BUY THE CAR. I can't stress this enough! You are buying WAY TOO MUCH CAR for your income.
Only an idiot of a landlord would lie for you. Let the loan fail and give them back the car when they ask for it. They can't charge you for the time you used it so enjoy it for a few days and let the chips fall where they may.
If you try to hang on to this car, you're going to wind up either losing it to the repo man OR you'll wind up being evicted from your home. A $650 monthly shortfall is simply TOO MUCH to carry.
2007-11-10 19:18:25 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
my thought on this, is if you need to do something like that, like lying about your rent, you should look else where for a car deal. He's trying to make a sale, Don't be afraid, to tell the dealer "no deal" and walk out, if he really needs to make a sale, he will give you a better deal, if not, he's mainly trying to get you. Do some research, look online for the price of the car, be ready to get a lower price, don't let these guys take advantage of you, you shouldn't have to involve anybody else in this process.
2007-11-10 16:53:04 · answer #4 · answered by dvx9 3 · 2⤊ 0⤋
IT SOUNDS LIKE YOU WONT BE ABLE TO AFFORD THE VEHICLE IN THE FIRST PLACE AND THE LANDLORD WILL NOT LIE FOR YOU.
YOU WILL HAVE TO RETURN THE VEHICLE AND AT THE SAME TIME YOU MAY OWN THE DEALER WHEN IT IS ALL OVER PLUS THIS LITTLE THING THAT YOU DID COULD COME BACK AND HURT YOU.
2007-11-10 23:55:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Wow. Just wow. They are asking you to put out false information. If I was in your situation, I would say NO DEAL! and go elsewhere. Fast. The deal you think you are getting isn't a good deal for you.
I mean seriously...how does this make you feel morally?
2007-11-10 17:13:30 · answer #6 · answered by Teri 2 · 2⤊ 0⤋
u have to return the car, and its the dealerships fault.. so you get to drive the car for free till it gets returned.
2007-11-10 16:48:29 · answer #7 · answered by Anonymous · 1⤊ 2⤋