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Old 10-25-2007, 01:28 AM   #1
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Default What can happen if you apply for a loan with "bogus" pay check stubs?

well a friend is interested in buying a car, and got approved for a loan. but they want proof of income. Anyways, at his job his paycheck stubs have been small and most of the money he gets is from tips. Anyways, one of his buddies dads owns a business and can get him some "bogus" paycheck stubs showing that hes making some $$ etc. So he applied at a diff bank with that "bogus" job, the interest rate is higher then it was at the prev bank, but he doesnt want to try to apply again with a diff job in the app. He actually used to work at this job(very little tho and it has been a while). Anyways, my question is what happens if he were to get caught? and what are the chances? He can for sure pay the loan off, just his actual stubs look like he doesnt make much money at all. Any info is appreciated.
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Old 10-25-2007, 01:51 AM   #2
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If you dont get caught you obviously cant get in trouble, but if you do then it is considered fraud. You...I mean..your "friend" and his buddies dad would both be prosecuted and most likely not go to jail but end up spending thousands to fight it. I would go for it if I was you but then again I am a very poor decision maker, good luck!!
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Old 10-25-2007, 07:08 AM   #3
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just dop it. I have lied on many loan apps when i was younger and used fake pay stubs i made from the computer. They check it out about 1in 100 times.
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Old 10-25-2007, 08:01 AM   #4
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Don't do it, this is how you get in trouble for stupid ****. If your gonna go down at least make it worth your wild. They are gonna have your S.S. and more than likely will be able to look at your income and realize you are full of ****. Please believe you are not the only one that has thought of this, hopefully your not gonna be one of the ones dumb enough to do it and get caught. I suggest getting a job that pays well and not having to worry about this stuff in the 1st place.
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Old 10-25-2007, 08:12 AM   #5
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I take it "he" hasn't been exactly truthful in reporting his tips? If he has, just get a W2, or last years tax info. That should be as much proof as any.
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Old 10-25-2007, 10:01 AM   #6
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"he" gets tips by detailing cars. They dont report tips at all at his job or any car wash for that matter. Plus he was working at a car wash in san marcos and just recently started back up at this other car wash a couple months ago, So the year to date on the pay check stub is small for the year, but not really for the actual time hes been working since he went back there (he's had the job for about a yr and a half, but just came back). But his Year to date only comes out to a few $100 a month. by the way... his buddy did the pay check stub thing. and it worked for him.
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Old 10-25-2007, 10:11 AM   #7
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Originally Posted by Sprayed1998 View Post
If your gonna go down at least make it worth your wild.
Couldn't pass this one up...

How is it worth his wild? lmao! while maybe

If you THINK can get away with it, go nuts. But I will LOL when it comes back to bite you in the *** if you can't make the payment like you think you can.
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Old 10-25-2007, 10:16 AM   #8
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Couldn't pass this one up...

How is it worth his wild? lmao! while maybe

If you THINK can get away with it, go nuts. But I will LOL when it comes back to bite you in the *** if you can't make the payment like you think you can.
sprayed was saying not to do it just FYI. and I know the other party personally and I am certain he can make the payments. I'm a server and i don't always claim all my tips so I know it can be a pain in the *** to try to get a loan like that. I say go for it, bc I HIGHLY doubt they will check up on it. As long as you make the payments, you should be fine.
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Old 10-25-2007, 10:44 AM   #9
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sprayed was saying not to do it just FYI. and I know the other party personally and I am certain he can make the payments. I'm a server and i don't always claim all my tips so I know it can be a pain in the *** to try to get a loan like that. I say go for it, bc I HIGHLY doubt they will check up on it. As long as you make the payments, you should be fine.
I know what he was saying, but if you are going to use a phrase/saying at least get it correct.

I've been a server too and know all about claiming and not claiming tips. IF he gets the loan and they take his proof and makes payments he will not have any problems. I had a buddy do the same thing and even after the loan they kept calling asking for more proof for some reason. He finally said, "look I'm current on all my payments, I'm tired of being bothered. If you call again I'll stop making payments and you can come pick up the God damn car..."
Calls stopped after that lol.
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Old 10-25-2007, 11:00 AM   #10
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Well we never claimed tips at an older job and when someone needed to get an APT or Car loan we would gave the boss write up a more realistic pay estimate.

We only claimed 2 dollars an hour and I routinely made over 10 an hour in tips alone.
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Old 10-25-2007, 11:02 AM   #11
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I'm a server and i don't always claim all my tips so I know it can be a pain in the *** to try to get a loan like that.
I pay my taxes/report my wages...and I personally feel, so should you/everyone.
You already got your loan(technically could be considered a grant, since you won't be repaying those non-reported tax dollars anytime soon)...
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Old 10-25-2007, 11:10 AM   #12
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I pay my taxes/report my wages...and I personally feel, so should you/everyone.
You already got your loan(technically could be considered a grant, since you won't be repaying those non-reported tax dollars anytime soon)...
Servers and those with tips for income get taxed harder than the average person because of the fact it's known they do not claim all their tips. So if you are an honest person and claim all your cash tips you get screwed because you get taxed harder than you should when you are honest.

Everyone should but we all know that's going to happen so the the govt does it's best to estimate and be fair (or equally unfair) to everyone.
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Old 10-25-2007, 11:13 AM   #13
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Servers and those with tips for income get taxed harder than the average person because of the fact it's known they do not claim all their tips. So if you are an honest person and claim all your cash tips you get screwed because you get taxed harder than you should when you are honest.

Everyone should but we all know that's going to happen so the the govt does it's best to estimate and be fair (or equally unfair) to everyone.
exactly, I can't tell you how many times I work 80 hrs in a pay period and recieve a check for less than 5 dollars
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Old 10-25-2007, 11:17 AM   #14
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Obviously Nate, you don't know who I'm employed by or even the slightest clue to what you're talking about.
Your statements about an individual being taxed harder because they are "paid under the table" is incorrect.
Want me to prove it...try me on for size.

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Servers and those with tips for income get taxed harder than the average person because of the fact it's known they do not claim all their tips. So if you are an honest person and claim all your cash tips you get screwed because you get taxed harder than you should when you are honest.

Everyone should but we all know that's going to happen so the the govt does it's best to estimate and be fair (or equally unfair) to everyone.
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Old 10-25-2007, 11:18 AM   #15
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Obviously Nate you don't know who I'm employed by...
And your statements about an individual being taxed harder because they are "paid under the table" is incorrect.
Want me to prove it...try me on for size.
Who are you employed by?

Guess my sis doesn't know **** about payroll working for Paychex and processing that stuff.

Just going off what was on some certification test she had to go to GA for.

<-----Not a payroll person
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Old 10-25-2007, 11:22 AM   #16
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I know alot of the local girls that work at chilis and they are required to claim them all and they RARELY get a check that isnt 0.00
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Old 10-25-2007, 11:37 AM   #17
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Who are you employed by?

Guess my sis doesn't know **** about payroll working for Paychex and processing that stuff.

Just going off what was on some certification test she had to go to GA for.

<-----Not a payroll person


Doesn't mean she is right. She is still a female that ***** up easy facts.
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Old 10-25-2007, 11:37 AM   #18
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Well considering I'm defending the US Gov...take a wild guess?

Let's start with a little education lesson.
When one speaks about tips, there is a confusion with most normal individuals on what one is required to report.
Tips are included under the definition of wages and considered taxable under Secs. 3121(a) and 3401(a).
This basically means to you...The tips are reported under "wage income", meaning you pay the SAME taxes as I would have to pay on that same wage income(disclaimer - this only applies if we are/were in the same tax bracket).
This is very different than reporting the tip income on a schedule C sole proprietorship(like what you are referring to "paying more"), with the advantage of writing off some of the earned income.

Now here is where the confusion lies:
There is a definite difference in tips and a service charge.
Tips are gratuity payments made to a waiter or a car wash attendant for example.
Service charges are an amount added to a customer's check by management/ownership.
Now to address the waiter questioning why you are only getting paid $2-$3 an hour plus tips.
Well guess what...the $2-$3 an hour is to cover the taxes being paid on your minimum 8% reported tip wage income from your employer to the IRS.

As for me personally, I understand the system and always try to tip a descent amount to a descent waiter.


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Who are you employed by?

Guess my sis doesn't know **** about payroll working for Paychex and processing that stuff.

Just going off what was on some certification test she had to go to GA for.

<-----Not a payroll person
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Old 10-25-2007, 11:37 AM   #19
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I know alot of the local girls that work at chilis and they are required to claim them all and they RARELY get a check that isnt 0.00
they don't have to claim ALL of them, just the ones that are on credit cards due to the fact that they are already in the computer. My roommate works at chili's and used to work at outback with me, that is how it is down here in san antonio atleast.
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Old 10-25-2007, 11:39 AM   #20
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dont do it, not worth your while lol
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Old 10-25-2007, 11:39 AM
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