What happens if my car dealer lied on an application to get my loan approved?

I financed a car with Wells Fargo through a dealership. About a week after signing the paperwork, Wells Fargo called and says they must reject the loan because my pay stubs didn't line up with what was on the application. I never lied about my income, which means the dealer fudged the numbers. What happens next?

Answer
“Unfortunately, dealers consistently fudge numbers to get loan approval. Most of the time, however, lenders don’t catch it.
Since Wells Fargo caught the discrepancy and is denying the loan, the dealership will continue to shop your information around until they find another lender.
In the meantime, go to your bank or credit union and see what rate they can offer you. This might be the better avenue to pursue than waiting for a dealer who may use unsavory business practices.
Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free Jerry app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”
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Eric Schad
Answered on Aug 02, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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