What are the potential consequences of lying about age on a car loan application?
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.
Answers:
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.
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.
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.
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.
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.
The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.