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What happens if I get caught lying on a car loan application?
I want to buy a new BMW. I’m not sure if my income is high enough, although I don’t have many bills and I believe I can afford the car. I was thinking about lying about my income on my loan application, but I don’t want to get in trouble. What would happen if I lied and got caught?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Don’t lie to your spouse, your friends, or your potential
car loan
lender. In fact, lying to anyone can bring you negative consequences down the road.Light humor aside, fibbing on your car loan application will have long-lasting effects.
If (or more likely, when) you’re caught, the lender can charge you with fraud, and a conviction could get you anything from fines to jail time.
Your car will almost always be repossessed, leaving you without a ride. Moreover, your credit score will drop by at least 100 points, and it will take seven years before the credit penalty expires.
Instead of putting your financial future on the line, find something that’s more in your price range.
Used or certified pre-owned
BMWs are often lightly driven, so it’s possible for you to get the luxury experience for less. Another thing to think about when buying a luxury car like a BMW is your
car insurance
rates, which will probably be high. Use Jerry
to compare dozens of competitive quotes and make sure you’re not overpaying for the coverage you need. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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