Posted on 06/01/2019 12:38:12 PM PDT by logi_cal869
I recently agreed to co-sign for our veteran son for a used/low-mileage 2014 truck (31k sticker) from a dealership. He's in the police academy and need transportation for work & school. He's had some bad luck with vehicles and just lost his last rig for reasons pertaining to an ex (long unrelated story).
I provided my info over the phone to our boy while he was in the sales office with the rep. Dealership sent me the paperwork to sign this week and on the form they increased my income by 25% in addition to other false statements pertaining to my employment; I was livid that they expected me to sign such a statement.
Obviously this is a non-starter. I cannot falsely-certify my income on a financial application, in-state or otherwise (I'm not in Texas). He's upset that they're probably going to take back the truck (the sales rep got a roaring earful from me a few minutes ago) but I'm more upset that they're taking advantage of a veteran by putting him into a vehicle that BOTH of us fail to qualify for without lying on financial documents.
Update: As I was typing this my wife got a call from him that the dealership is sending out new paperwork with the proper information for the financial application to wrap up the deal; this is not what the rep told me on the phone as I was ripping him a new one, threatening to talk to his GM on Monday. It will be interesting to see if it affects his payments of if this is just "the Texas way"...
Still, they're actions are grating on me in a major way and I'd appreciate some tangible insight into Texas law regarding their transgressions here.
I highly recommend you look at the big picture.
They are sending you ouy a new form with the correct info, your son got the car and hopefully he will be able to make the payments.
Just calm down, sign and send back the revised statement and let it go.
Good luck.
Being a veteran doesn’t mean you get a car. Veteran or not, you’re just another customer unless you’re talking VA loan for a house or something like that. And yes, you would be out of your mind to sign a contract in any state falsifying your income.
Perhaps. I almost deleted the post after he called back.
However, the initial act is still reverberating.
They fudged it a little bit?
Who gives a sh.t?
They could say i was the @#$$ing POTUS if I could get the car I want.
I better stay up north .
Don’t want to infect the south with my ways :)
Quick story; my exwife signed a vehicle purchase application with an inflated income claimed on the form. She is self employed so her income is hard to pin down. My lawyer used that to establish her income when she sued me for additional child support. My child support was actually reduced. Always be careful what you sign.
“Dealership sent me the paperwork to sign this week and on the form they increased my income by 25% in addition to other false statements pertaining to my employment; I was livid that they expected me to sign such a statement.”
****
That’s nothing. I even got years back paperwork that STATES I am a fag, (because the idiot Mercury insurance thought it would decrease my payment AND insurance). True story. Always read the fine print. I knew it was trouble when the city asked for my “wedding certificate” (blecchh) later on..
If it is a ‘tote the note’ used car lot, then you’re going to get ripped off several different ways; more likely they are going to broker the loan for a bank, in which case the false financials would have been a federal crime.
In any event, the used car salesmen want the sale no matter what. Income from loan brokerage and insurance pimping are gravy.
I do find it amusing that you have a grown son and are just now discovering that used car salesmen can be ethically challenged.
I agree with you 100%
At best they are sloppy on the paperwork, at worst they are knowing committing fraud that YOU will be blamed for (and possibly lose the vehicle because they provided the loan based on info YOU provided (according to the paperwork).
Stay away from them, they are nor reputable, And why get a loan from them? You have a bank you trust. Talk with them and get the loan there.
It sounds like a salesman at the end of a month. It’s not a liberal thing at all.
To think, a used car salesman being unethical...
Thank you. The South appreciates it. I lived up north for a long time, and I was so happy to get back down South, where people have morals. I made it a point not to bring the north back down with me.
Run away from this deal.
The worse the credit for your son, the less they can lend. If you cosign they will jack up the loan principal and add on a bunch of stuff you do not need. Sure, the interest will be lower, but they compensate that by increasing peincipal. Hood credit is a rip off.
Refuse to co sign, let them retake the truck and work out a lower price. Save some money, then pay off quickly the principle. Dont go for their bluff.
Either go for the deal or return the car (Texas does have some laws that govern truth in lending, lemon laws and the like). There are thousands of late model purchase options: dealers, Carvana etc. and access to info about vehicles Carfax. It is easier than even to buy a vehicle with less likelihood of getting ripped off if you are just halfway observant.
*Good credit is a rip off.
Refuse to co sign, let them retake the truck and work out a lower price. Save some money, then pay off quickly the principle. Dont go for their bluff.
What type of dealership
New with pre owned or used only or buy here pay here
I never buy used vehicles from used car dealers. Craigslist is the way to go. I purchased my last three vehicles from private parties on craigslist and they have all three been excellent.
Good job!! :)
I would move down there but, nope, I just checked again and my neck is still white :)
I wouldn't be too quick to blame the income error on Texas.
This is the "used car salesman" way. Lower than low.
Besides who cares what your income is? Did you have to provide tax returns to prove it? The dealer just finances it through one of their credit sources.
If they corrected it and closed the deal, that's all that counts anyway.
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