I don't know about anyone else but I thought a theoretical answer to a hypothetical question was a perfect response! But then again my brain lives on the outer edges of reality sometimes.
Creditaddict, I too agree that no where on a contract does it ask if you bought another car recently, but when you take out a loan with any financing company, you must fill out an application (whether on paper, or electronically). When you sign that application, there will almost always be a line that says something to the degree of "the information provided above is truthful and accurate to the best of my knowledge" etc. If you took out another car loan that isn't reporting yet, but don't mention it on the application, I would consider that being dishonest. I am not saying that this can't be done - sure it can. You could theoretically purchase 5 cars the same day if you wanted to, but I don't think it is the right thing to do.
Lenders have underwriting standards to protect themselves from risk - by purchasing 2 cars, you are most likely exceeding the underwriting standards that would be approved, by deception. I honestly don't care what anybody else does, as it's none of my business, but I wouldn't encourage people to lie.
Starting Score: 627 EQ, 621 TU - 11/15/08
cdtotten, true, but in my scenario I fill out one app, fill out another app. Get 1 approval, get 2nd approval. So at the time of filling out the apps, I had no other car loans, meaning that what I filled out and signed was 100% truthful and honest. Unless there is a section that asks me if I intend on buying more than 1 car. 