Auto-loan?

My husband and I have been looking around for me a car but, his credit isn't that great. Mine is good, but I don't have a job. We went to a dealer about an hour away and instead of picking out a car first, we decided to go ahead and see if we could even get approved for a loan. We jumped past the salesperson and saw a 'loan specialist'. She pretty much lied on the application, saying I worked for a privately owned business and got paid cash for my work. I ended up getting approved with only $1,000 down. I have not gone back to pick out a vehicle or sign anything because I'm not sure how much I'm approved for but, anyway, Is that illegal, to lie like that?





I really need a car but, I don't want to have a court case on my hands in a few months down the road. The 'loan specialist' has been there for a while, and I'm sure that I'm not the first or last person she'll do this to, but I am very wary about it now..

Auto-loan?
Financially, always think of yourself first. If you buy a car from a dishonest car dealer, using borrowed money, obtained illegally, is that really a smart choice for you? I don't think so. Why would you even consider buying a car from a crooked dealer? I'm completely serious. Do you think somehow you're going to look back at the day you piled this debt on yourself and say "that's the smartest move I ever made"? Do you?





I know that's not answering yoru qestion, but it's better than what you asked for. If you make wise financial choices, you'll be rich one day. That's what people forget when they're happily signing up to buy a pile of junk car for twice what it's worth at 10% interest. At least I think so.





Financially, always think of yourself first. When you buy a car with borrowed money, you're helping the dealer and the bank. Help yourself instead.
Reply:If they would lie to the bank (their long term business associates), now you know if they will lie to you.





===


It seems like the latest trend (scam) is for dealers to get into ANY DEAL even if they know it can get backed out (only few days into a new car ownership). Then your loan get refused (even after initial approval). Then you are in a difficult situation and makes you desperate for ANY DEAL the dealer hands you.








Good Luck...
Reply:I would find another place to buy a car. You here about situations where people drive off a lot thinking they have bought a car, only to find that they have to return it because the financing did not go through after all. I fear this could end up being one of those cases.
Reply:Do not do business with people who lie. If they so easily lie to the credit company, how do you know that they are not lying to you about the car?
Reply:I was a finance director of a large dealer in Dallas for 5 years, and then switched over to being a mortgage broker for the past 4 years, so you can say that I am an expert on auto finance, and home finance. The "loan specialist" also called a "finance producer" that is helping you with the car loan, is doing whatever necessary for you to get in a car. Is it leagal? No. The only way that the car finance company would check it out, is if you defaulted on the loan, if they get paid every month then they are going to take it at face value, and you two got the car deal you wanted. You see the banks in the auto side don't verify like they do when you get a home loan, because of that, this situation would NEVER happen in the mortgage side of banking. So really it comes down to your integrity, if it were me, your husband and you are married, which makes you one in the same person, the bank doesn't look at it that way, however, so they don't understand that your husband is going to pay for the car, but your credit is what makes it avaliable to you. I hope this helps.





Alan Ford
Reply:First off, she didn't do this *to* you, she did it *for* you. You wanted a car, she falsified a document, your signature is on it. You are not some unwilling victim in the deception. If you get the car, you are attesting that all of the information on the application is true. You are going along willingly, if you go along at all. So let's dispense with the victim approach.





Second, if you keep your payments up, its unlikely that this will come back on you. If you are pre-approved, then there is very slim chance that the bank will investigate further, unless you start skipping payments. So if you go forward, then you stay on top of the payments. You should do that anyway, since its part of y our contract.





Lastly, if you are 'wary' about this, then don't do it at all. Go to an online lender like eloan.com, lendingtree.com or capitalone.com and apply for financing. Eloan and lendingtree both shop the loan to multiple lenders, so they may be your better option. Only apply to one of those three though.





If you are not approved, your next application goes to drivetime.com or roadloans,com. Both specialize in "second chance" financing. The rates will be high, but they approve loans that many others will not. So if you really NEED the car, they are an option.





Good luck