03-19-2011 09:32 PM
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).
03-21-2011 11:54 AM
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?
03-22-2011 10:04 AM
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.
03-28-2011 03:43 PM
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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO