My brother signed a contract and gave a down payment and a car lot. However they falsified information to get approved for the car. One week later the dealership and lenders are calling trying to verify the information that was falsified which was the amount of income. What's worst case scenario? Will their deposit be forfeited?
Car Deal Falls Through
- Thread Starter leeann
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army judge
Super Moderator
The answers they seek are in the contract they signed. As far as the deposit, they'll probably get that back. they might lose a portion of it.
Making false statements on loan applications is a federal crime. Some states make it a crime, too. They could be charged criminally.
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Making false statements on loan applications is a federal crime. Some states make it a crime, too. They could be charged criminally.
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disagreeable
Well-Known Member
They will likely have charges for the use of the car taken out of the deposit. This may include mileage and dealer prep.
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