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  1. #1
    Join Date
    Aug 2013
    Posts
    1

    Unhappy Misrepresentation of Income on a Loan Application

    My question involves collection proceedings in the State of: Washington
    I purchased a car using my financial aid as part of my income . I took the fasfa award to the dealer ship and everything was ok. Now, I'm home and I'm going over all the paper work and I checked my school email. I am going to be dropped from my classes , my appeal was not granted. Which thought it was when it stated my suspension was resolved . So in short I will not have that extra income. I don't know what to do. The dealership sold me the car as is, but I won't have to income . Do I tell the dealer and have them revoke the loan or am I just stuck and the car will be reposed either way. Please help me with this problem

  2. #2
    Join Date
    Aug 2013
    Location
    Brewer, ME
    Posts
    11

    Default Re: False Income

    Hopefully the dealership will have sympathy on you and take the car back. If not, then you can look at trying to sell it to pay the loan outright, changing or picking up a second job so you'll have the income to pay for it, or seeing if there's any chance of a loan modification to reduce the payments on it. I wouldn't recommend not paying the loan, as it sounds like you're young, and having one of the first things on your credit report being a repossessed car will not help you in the future. In the future, don't count your chickens before they hatch, you probably shouldn't have bought the car until your admission situation was finalized, but I imagine you've already figured this out

  3. #3
    Join Date
    Apr 2009
    Location
    Inland Empire
    Posts
    1,410

    Default Re: False Income

    Quote Quoting Lgary
    View Post
    My question involves collection proceedings in the State of: Washington
    I purchased a car using my financial aid as part of my income . I took the fasfa award to the dealer ship and everything was ok. Now, I'm home and I'm going over all the paper work and I checked my school email. I am going to be dropped from my classes , my appeal was not granted. Which thought it was when it stated my suspension was resolved . So in short I will not have that extra income. I don't know what to do. The dealership sold me the car as is, but I won't have to income . Do I tell the dealer and have them revoke the loan or am I just stuck and the car will be reposed either way. Please help me with this problem
    I suggest you get a job, quick.

  4. #4
    Join Date
    Mar 2013
    Posts
    4,152

    Default Re: False Income

    Quote Quoting justcoz
    View Post
    Hopefully the dealership will have sympathy on you and take the car back.
    It amuses me to think that there are people na´ve enough to believe that.

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