@cdtotten wrote:
Cap One pulls all 3. I would not try to circumvent the underwriting by lying to get what you want. You would be obtaining the loan based on fraudulent information and in both contracts you will have most likely agreed that the information you provided is truthful and accurate, when you know it is not. If they found out after the loans were processed, they could theoretically call the loan due immediately.
If they say you can't afford both payments, they are most likely correct - you are trying to overextend yourself.
I completely disagree... I can't think of anywhere on an application that asks me if I purchased a new car within the last 30 days and I'm applying for another car before the last one reports! I don't find this fradulent at all.
Further more cars bought brand new are like a sinking ship for the first couple years or more depending on if any money was put down and how long the loan term is, you are never going to see a lender call you after 60 days and say hey just found out you bought another car you need to return ours because we don't think you can afford it anymore... they would loose more doing that then getting 6-12 months down the line and having to repo it.
I have talked about it in another thread but I bought a new "used car after bk 13 was dismissed and it ended up being financed through Santander which was the same bank that had financed my car that was in the BK, they repo'd that car about 2 weeks after I bought the new car... no issues with Santander or trying to take my new car.
Starting Score: 627 EQ, 621 TU - 11/15/08
