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  1. #1
    Join Date
    Aug 2012
    Posts
    1

    Default Fraud on Application for a Car Loan

    Michigan Grand Rapids
    I did something really stupid..yes stupid. I needed a loan for a car and just relocated to michigan. I made a false letter up stating income and employment to secure a car loan. I was given the loan and took the car home..2 wks later the bank is checking the letter out to verify i work for the company i said i did. The contact names on the letter are false and today they have called me to get a direct line and name of someone. I sent a false fax from a 3rd party web site and falsified that also. What is the worse that can happen to me. It is common to be charged with a fraud crime, or basically do they most likely want the car returned. I got myslelf deeper in lies with this situation. the car salesmen and i have also talked. The bank is who is finding out that the names i have given do not work at the company i said i worked at. I also traded in a car as a down payment worth about 1000.00.Im now beaTING MY HEAD AGAINST THE WALL. I have never done something like this before. my first payment is due soon so i have not made any payments yet although i have the money. . Any advice?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Fraud on Application for a Car Loan

    How about getting the money to pay off the loan, whether by immediately refinancing or by coming up with money from another source. If the bank gets its money back it won't have much of an incentive to keep digging.

  3. #3
    Join Date
    May 2012
    Location
    massachusetts
    Posts
    25

    Default Re: Fraud on Application for a Car Loan

    first you need to stop lying to cover up your previous lies. that is going to make things worse for you.

    as the previous poster suggested the best thing you can do now is somehow obtain the money to pay off the loan. if you cant obtain the money then you would have to consider taking the car back. *but do not do that without first consulting an attorney.*

    it is a federal crime 18:1014, to lie on a loan application to an fdic insured institution. granted, most prosecutions under this statute involve large amounts of money and/or complex schemes and frauds. but there is plenty of case law out there involving folks who were prosecuted for doing things you have admitted to doing. would a us attorney bother to prosecute this? who knows. not a chance id be willing to take, though.

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