Quote:
Originally Posted by Deegee
The business in general is kind of to blame as we receive some dealership loans at my place of employment and it amazes me in general how often proof of income is outright waived for credit approvals, especially when approving 100% P/P financing on a used vehicle.
It's no surprise that people lie when the system itself often doesn't include checks.
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About 30% of our approvals do not require proof of income. And it is never those people that become a problem. I cannot recall the last time someone with Tier A credit has been repo'd voluntarily or forcifully.
It is always the people who you go to bat for and beg and plead with the bank to get approved that bite you in the ass. Regardless of any of that, credit fraud is a federal crime, and because the lender does not ask for you to substantiate your income claims, it does not make it right to lie. If they repo the car and find out your loan was based on falsified info, they would absolutely forward it to the appropriate authrorities.