Jump to content

Sign in to follow this  
Cherylbelinda

Has a dealership ever asked you to lie to lender? If so, what happened?

Recommended Posts

My daughter and I were looking for a car for this weekend and her credit didn't qualify her. The dealership the company Santander which I know has a bad reputation. In the end they found a car that my daughter thought she would like but the catch was that we would have to tell the lender that the car is fully loaded and it is not that we gave them money as a down payment which we still have not done and will not do because I understand all of this to be Bank fraud.

 

Does this story sounds familiar has this happened to anyone else?

Edited by Cherylbelinda

Share this post


Link to post
Share on other sites

I have had customers say they have had these experiences, and best I can say is run away. One of my clients was very "upside down" on her car,and was telling me how the car she had, the dealer had her lie to the lender (Ironically, I think it was also Santander) - and say they were installing a moonroof and other things.

 

That dealer was likely looking to increase perceived value in vehicle to get more money out of the lender and profit for themselves, screwing your daughter over and leaving her on the hook for the negative equity it would cause. Bottom line, if a business if ever asking you to lie to a bank to finance their services, do not do so.

Share this post


Link to post
Share on other sites

That is called Power Booking and is very prevalent in the industry. Nowadays the dealer has to sign off on the booking sheet. In a case of default, the dealer has to pay for the falsified items. It is routine for lenders to request a copy of the receipt for the down payment.

Share this post


Link to post
Share on other sites

I am admittedly very sad to hear that it is prevalent in the industry. :-/ That was part of why I chose to work at my dealership, because though most car dealer numbers are intentionally fuzzy, the one I work for didn't fall into the range of shady. (At least, they haven't thus far with my deals)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      178,212
    • Most Online
      2,046

    Newest Member
    NathanP
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines