Scion, Credit Unions, and Banks: Proof of income?

Anonymous · ‎10-03-2015

Anyone bought a Scion with dealer financing without proof of income? Or got a loan from a common bank/cu (Penfed, DCU, BoA, Chase, etc) without proof? Need datapoints.

I have ~720 bankcard FICO and I should be able to increase to 750 when I lower utilization. 2yr credit history, no prior car loans, 55k in credit limits, and a small student loan. Looking to buy a 2015 fr-s.

I don't want to provide proof of income because I work for a fully-owned corporation and only pay myself ~10k/yr. When I fill out the loan application, I want to include the company's income even though I only pay myself just enough to pay my bills. The rest stays on the company's books.

I'm interested in dealer financing since they offer 0.9% but bank/CU loans are just as good.

I checked the approvals thread but most people did not report whether they had to provide W2/4506-T. All the datapoints for Scion dealership financing is also >1yr old.

CH-7-Mission-Accomplished · ‎10-03-2015

Credit unions generally do ask for pay check stubs. Big lenders like Capital One, or captive financing companies, typically do not ask for income verfication if scores are decent as yours are.

DCU offers the best rates but they do require two paycheck stubs.

You should always list yourself as a manager of your business and avoid the whole self employed issue. It's nothing but trouble.

Anonymous · ‎10-04-2015

Good questions, I'm in the same boat, I can't give them proof of income because i'm self employed and my income on my tax return from last year is lower than this year.
What about bofa do they ask for proof if income? Or penfed does accept bank statements?

sccredit · ‎10-05-2015

Penfed never asked me for POI

In the past when I operated my business similar to you I used my Corp bank statements at the dealer and had no issues.

Anonymous · ‎10-05-2015

When I bought my truck last year I didn't have to provide any proof of income, was about 35k. They asked me what it was and the bank never requested any proof. Recently I have been doing alot of auto refinancing/shopping and all dealers said "they could make bank statements work." This is actually my only avenue because I don't even have a personal bank account ( will have a problem with a mortgage soon enough.)

The loan was through dealer financing at toyota. I got approved through Cap one on a used car loan with business bank statements. Got approved through DCU for a refinance but needed to supply tax returns, so no go on that.

Just a note though I was told through numerous dealers if my score was 680 or better the income verification becomes "less of an issue." My scores at the time were 620ish (auto enhanced or whatever they call it =P) That is dealer talk though so take it for what is worth. Although my refinance specialist at IFS did say the similiar thing.

I hope this helps some.

Dj4Money · ‎10-05-2015

Most banks/lenders will base decisions on what's been reported as "income" on your CR. I also think there's a threshold. In other words, if you walk into a MBZ Dealer and look like you can't afford one of those things (profiling) you might not be even asked if you need any help.

Since Scion is designed for younger buyers (primarily) Toyota may ask for POI but lately I haven't seen much evidence, they want to sell cars so bad that if you are working at all and they can verify employment, your good to go.

Anonymous · ‎10-05-2015

Thanks for the info..
@sccredit what was your fico score and reported income when you applied for the loan

CH-7-Mission-Accomplished · ‎10-05-2015

@Dj4Money wrote:
Most banks/lenders will base decisions on what's been reported as "income" on your CR. I also think there's a threshold. In other words, if you walk into a MBZ Dealer and look like you can't afford one of those things (profiling) you might not be even asked if you need any help.

Since Sicon is designed for younger buyers (primarily) Toyota may ask for POI but lately I haven't seen much evidence, they want to sell cars so bad that if you are working at all and they can verify employment, your good to go.

Just curious what you mean by "income" as reported to the CRA's? The CRA's do not list or report income ....

Anonymous · ‎10-05-2015

That's correct, CR do not list income

Dj4Money · ‎10-05-2015

Correct they don't report income, but I have made sure my employeers are listed on my credit reports. Sorry for the lack of clarity. If your employed I am going to assume your not working for free -