I recently applied for finance for a new car. When I filled out the form I gave details of my income that was true at the time. Since then I’ve been made redundant. Do I have to tell the finance people about my change in employment? I’m still planning on paying the money back because I’m sure I’ll get another job soon. I really want this car.
Lawyer Answers (1): Answers from lawyers are general preliminary responses. They are not formal legal advice and cannot taken account of all your circumstances. They do not create a lawyer–client relationship.
Answer by Jo Wilson, Macleod 3085 VIC
- Silence or failure to correct a mistake can amount to a deception where:
- you make a representation which is initially true;
- that representation subsequently becomes false; and
- you know the representation has become false but do not advise the other party prior to obtaining the property.
- Silence in such circumstances can be considered to be an implied (unspoken) representation that the situation remains the same as initially represented on your loan application.
- You should advise the finance company immediately of your change in circumstances.