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kekenc

lender fraud?

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Does anyone have any idea if I can find out about lender fraud? Can a auto dealership/lender approve you for a vehicle without getting proof of income. I read an article about aggressive lending, meaning that lenders are committing fraud by giving loans to credit risk people. I have a situation and I need to know if there is a website where I can find out if they are required to get this verification before they can give you a loan.

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I don't think there is such a thing, but I don't know for sure. Logically, it makes sense to me that as long as they don't discriminate against you due to race, age, creed, etc., they are free to loan money to whomever they want.

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I wouldn't think that it is fraud unless in their agreement with the bank it clearly states that they will get solid proof of income. In my opinion, there are a lot of people that will pay their bills now that have had credit problems in the past. Seven to 10 years is a long time to hold someone accountable for their actions. A credit card charge off when you were 18 is no indication of how responsible you are at the age of 25.

[Edit by jordanmorganusa on Monday, September 16, 2002 @ 08:25 PM]

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OK you need to look up lemon laws and consumer laws in your state

In INDIANA it is illegal to do what they call "drop sale" they take your trade in, then give you a car and come back later and say they couldnt get you financed after they said you had financing.

Check your states consuner lemon laws and civil law. Its a hassle but in the end could be your best bet.

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