Question by Joey P: What is the penalty for a car business falsifying income on credit apps. to secure loans?
Who bears responsibility, the dealer or his finance people?
Best answer:
Answer by SPIFIMAN1
Auto finance is what I do for a living and it’s not that simple.
If a finance Manager increases the amount of money a customer makes every month to get them approved knowing that they will not have to prove the income, then both the finance manager and the dealer are liable.
But, it doe’s not end there, customers must sign a credit application and this application must be included in the package that is sent to the lender or the dealer will not get paid.
So when the customer signed the credit application they stated that the amount of income submitted by the finance manager was correct so now everyone is guilty of bank fraud.
If it ever comes up in the future, you have a case of he said she said.
What do you think? Answer below!
