12-07-2012 01:23 PM
I am looking to lease a Mini as a second car. Lease makes sense for me atm (some tax breaks, smaller monthly, not worried about long term equity).
My FICO is in the 725ish area. My overall income is sufficient but is a pain to prove as self employed (also have employed income but it is only about 10k/yr). Will they likely ask for income docs? It has been 6 years since I bought a car and 12 years since I leased a car. Last car I bought they didn't require any income docs, I don't remember if they did when I leasedJust trying to gauge how much of a pain it may be.
12-18-2012 03:05 AM
only time they really require docs like that is when they can not see or track any of the past few years of any payments/purchases and there is no current up to date history to be able to track you, your spending, your income brackets, the type of expenses you hold and how much more or less of the income you have disposable to be able to pay back. They are not looking at your details but their best interest in mind, they are giving out money not to be taken for it. That is why there is a major area of opened extensions to people holding a certain bracket of points in their credit report therefore, they do not need to track you in any other manner. In a sense they can already see clearly what it is your working with and how well or not you are able to handle and balance overall credit. The major point of interest is usually the added accumulation of lump sums of spendable cash which for the most part, people run to spend quickly in small amounts in large gaps of bad decisions. People seem to be more observant of what they have when they sit on it and have familiarity with larger sums of cash as an example are the high achievers on these boards. NO quick and crazy irrational decisions.... who does that and plans to have larger more expensive and responsible obligations??????
12-18-2012 04:36 AM
I have self employment income......
I just applied with Cap One and they are asking for bank statements to verify deposits. I apped with my credit union and they want 2 years tax returns. Cap One has me preapproved for $32K for 72 mos at 3.65%. Credit union hasn't given a final answer but we're batting for the same terms at 3.42%.
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