What are the potential consequences of lying about age on a car loan application?

Sunday, July 12th, 2009 at 10:32

Eugene asked:

I am 17 years old. I earn an average of $400-$500/week in income, sometimes more. This is obviously way above-average pay for my age. I am a senior in high school, graduating in 3 months. I will then be able to work full-time and hopefully find a better job, making ~ $3,000-$4,000/month, before going to college either PT or FT next year.

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 buy rx drugs 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.

* 3 years ago

Additional Details
Thanks for the responses thus far.

I acknowledge the theoretical seriousness of this.

However, in PRACTICALITY, if I pay EACH and EVERY month on time and in whole, even exceeding the minimum installment amount for a given month, will I get in trouble?

NO defaulting, NO late notices, NO derogatory activity whatsoever.

I was approved for a $10,000 loan at 11.5% for a used person-to-person purcahse. While this isn't the best rate, it isn't unmanageable, either.

What if I paid even $700/month to get this thing paid off in 18 months?

Thanks again in advance and for the responses thus far.

3 years ago
Keep in mind this is for a person-to-person loan, NOT a dealer purchase. I wouldn't dream of trying to buy a car at a dealer. Besides the obvious legal reasons, they are a complete rip-off.

Reply:

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.

Finance your car here onsite if you need help buying one of these beauties :)