I am a servicemember who just applied for an auto loan. When I reviewed the paperwork, I noticed that it listed me at a higher rank than I really am. Is this a problem?
Answer: Even if a dealer or lender prepared the application for you, you are still responsible for the information on it.
You should immediately let your lender or dealer know that the information is not accurate. Ask that it be corrected or consider not signing and walking away from the deal. This could have been an honest mistake, but unfortunately there are some disreputable actors that will put in false information about your rank so you can qualify for a larger loan amount.
If you believe the incorrect information was added on purpose, you should report it to your installation JAG. You can choose to work with a different dealer or lender. Your installation JAG can also help if you decide to submit a complaint to the Federal Trade Commission and the state attorney general.
You should also meet with your installation’s Personal Financial Manager (PFM) to discuss how much you can afford to pay for a vehicle based on your budget. You can find your closest PFM on the Military Installations website. Our Auto Loan Resources page can help you find more information and answers on how best to budget and shop for an auto loan.