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Regular Contributor
Posts: 110
Registered: ‎03-19-2011
0

Proof of income and child support deductions

My paystub says I have child support deducted from it.  I was told this:

 

"approved with POI, POI cannot contain wage garnishments/or child support deductions"

 

Am I supposed to take that as I am screwed for getting an auto loan?  I have a 799 Equifax score, I make $3,260 gross a month, have zero debt outside my mortage ($1,200 /mo).

804 Transunion
804 Equifax
775 Experien
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Proof of income and child support deductions

If simply having child support deducted made you ineligible for a loan half the cars getting sold in America would not be financed.

 

Who told you this?

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Regular Contributor
Posts: 110
Registered: ‎03-19-2011
0

Re: Proof of income and child support deductions

A finance person was saying that because it showed as "Garnish-Child Support" that my proof of income would be denied.  It's not a garnish for back child support, it's just so the state takes it out of the check and sends it to my ex each month.  He said the only thing that could be on the pay stub were state/federal taxes, retirement, medicare, etc.

804 Transunion
804 Equifax
775 Experien
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Proof of income and child support deductions

Ok: Not sure what state you live in but you can:

 

1- Call different dealers (opf cars you want to buy) and ask to speak to their finance managers, explain your situation and see if that will be a "no go" for getting a car from them.

 

2- talk to your bank or local credit union and see if they can help you get financed.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
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