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Regular Contributor
Posts: 114
Registered: ‎08-29-2012
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Conditional w/ Proof of Income. Good or Bad sign? - Update, Approved.

[ Edited ]

I was here last fall panicking about getting a car. Happy to say that we did get approved for a loan and the car is with us. Yet here I am again back with another story.


At the time, we really just needed a good car and so we didn't really fully review what was being sold to us. Unfortunately, the car salesman neglected to mention that all the advertised things listed online was not with the car. Features I find to be important as my husband needs to keep his eyes on the road or else he'll rely on his phone to flick through music and so forth. Something I find hazardous. So we didn't get XM radio like we thought or the On Star features that was said to be there. Honestly, we may have paid 3,000 over the actual price of the car... but it was again done in haste to just GET a car.

 

Now here we are ready to trade in this vehicle for the newer model. Impala 2014. This time we have done all our research and comparing ( because it was that or chrylser 300 ) and firmly believe this vehicle is -the one- that will be with us for years to come. We went to the dealership of our choice and they were very insistant in selling us a car on the lot. They even offered to pay off the extent of the loan which really sealed it for us. But this time I didn't want to make a hastey decision so we left to think on it some more. We decided that if this was going to happen, waiting until the end of the year might lower the value of the trade in. So we decided to apply for a loan through the bank we finance at again. The decision was if they decline us then it's obviously not time and if they approve then it means we should move forward. 


During the application process, I was sure to mention that the dealership we have in mind has stated they were willing to pay off the loan. That way they'd see we're not trying to get two car loans but only one. Today we received notice that it is "Conditional with proof of income". I'm not sure what that means... I'm hopin that's a good thing, yes? Once I send off my husband's pay stub, then it's back to waiting. Does anyone think this is a good sign or is there still a possibility that the proof of income will not do anything?


Wallet: Capital One Platinum - $2000, Amazon - $3000, Walmart - $3000, Discover It - $1000, Chase Freedom - $3000
Current Score: TU98: 678 - 2/2012, Walmart TU - 672 2/2013, Equifax 713 - 1/2013
Goal Score: 700 for all three.
GC Challenge: App free since 1/2013. No more apps! 2015 for mortgage!
Regular Contributor
Posts: 154
Registered: ‎09-21-2012
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Re: Conditional w/ Proof of Income. Good or Bad sign?

Sounds resonable, not sure why some dealers prefer running income or not. Last car I went to 4+ banks/dealers and some wanted paystubs, some didn't. As long as you told the truth about income on application for loan you should be just fine. Even if you fudged a little, as long as it is reasonable and is not a massive change in debt-to-income than you will be fine. GL!

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
Valued Contributor
Posts: 1,294
Registered: ‎09-14-2012
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Re: Conditional w/ Proof of Income. Good or Bad sign?

When they say that they are going to pay off your loan are you 100% they are going to give you enough on your trade to pay it off (they give you $10k and you owe $10k) or are they going to roll it into the new loan (they give you $5k and you owe $10k, they roll $5k on top of the new car)?

Never take credit personally

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Regular Contributor
Posts: 114
Registered: ‎08-29-2012
0

Re: Conditional w/ Proof of Income. Good or Bad sign?

They are going to pay off the loan 100% for trade in. Nothing will be rolled into the new car loan.

 

 

As for our status, looks  like we were approved. I didn't realize it was that easy. Now the next step is just finalizing things. We now have the approval from our bank. I like banking with them and what they have to offer, so I have no plans to use whatever financing the dealership throws at us. But we'll see what happens.


Wallet: Capital One Platinum - $2000, Amazon - $3000, Walmart - $3000, Discover It - $1000, Chase Freedom - $3000
Current Score: TU98: 678 - 2/2012, Walmart TU - 672 2/2013, Equifax 713 - 1/2013
Goal Score: 700 for all three.
GC Challenge: App free since 1/2013. No more apps! 2015 for mortgage!
Valued Contributor
Posts: 1,294
Registered: ‎09-14-2012
0

Re: Conditional w/ Proof of Income. Good or Bad sign?

Great news, CONGRATS!

Never take credit personally

Amex Business Platinum; Amex BCP $24,900; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $10,900; Citi TYP $12,900; Capital One Venture $15,000; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $8,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $15,000; US Bank PLOC Overdraft $1,500; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Established Contributor
Posts: 839
Registered: ‎10-25-2011
0

Re: Conditional w/ Proof of Income. Good or Bad sign? - Update, Approved.

I'm almost sure conditional w/ proof of income means: approved, we just want to make sure you make what you stated on application

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
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