cant prove income

[tiffo02]

I want to know if there are any specific lenders that will accept bank statements as proof of income without requiring tax returns?

[Remember0]

Which lender/dealer (manufacturer) didn't accept bank statements? And are you buying new/used? I'm assuming you're self employed. Generally bank statements are fine for auto lending (3-4 months usually required, depending on lender).

Santander Consumer USA for examples allows self-employeds to use one of two methods for self-employed workers or 1099 workers. If using a 1099/self-employed, they require proof that you've been continuously working for more than six months. Method 1 of income verification is  three months of complete bank statments from a personal account. Method 2 is last year's professionally prepared tax return.

Also for another example, Carmax, see here: http://www.carmax.com/enus/stips/fnc_a.html Allows either two years of complete tax returns OR three consecutive bank statements.

Auto lending is generally not like a mortgage where they want tax returns...those bank statements should be fine for most lenders esp. when working through a dealer. I'm curious as to who gave you trouble? And this shouldn't matter, but what's your approximate FICO?

[j_gizibe]

If you're self-employed, I remember reading Capital One wants three months worth of bank statements. 

I got a car loan with Mercedes Benz Financial and I didn't have to bring any proof of income. They just took my word for what I put on the paper, along with my credit score (high 600s).

I had also applied with Santander before then and they didn't request proof of income either.

Hope this helps!

[tiffo02]

Thank ya'll for the feedback. I am actually a waitress and have been for about 5 years. I know it's not really my employers fault but I like to blame them. ha. My boss will not record our tips daily and hold taxes out. She makes up report them ALL at the end of the year which brings me an outrageous tax bill that I really can not afford. I know alot of ppl are faced with this dilema but I just havent faced it and have held up on my taxes and am planning on getting caugh up soon. However, I applied with my credit union. My fico score is 671. I am trying to refi my car with a 9300 balance. I did want to go through cap one bc I have had 2 credit cards with them for about 2 years all paid and kept up with. However, their refi requires the vehicle to have less than 100k miles on it....Mine has 102k miles. Anyways, I spoke with a loan officer on the phone from my credit union and he did say bank statements would be acceptable. We spoke for a few mins and right before I hung up he said "and they may require tax returns, but that's only a maybe." Well, I'm waiting on their decision and the loan officer told me it's pretty much coming down to if they are going to accept my bank statements or not. We will see. So, in the meantime I am trying to find other lenders that may be helpful to me.

[Remember0]

Ah ha, a refi. That helps...

Definitely see what your CU says. If they say no, maybe apply to DCU? I'm not sure if DCU requires tax docs though. Maybe another member here who has direct experience can help...

[Chris123nTx]

My daughter is a bartender. She has used bank statements along with a letter from her employer stating her yearly income and length of employment. They just used whatever they both decided was something that was reasonable in the letter.

[tiffo02]

They accepted the bank statements!!!

[Remember0]

Nice, congrats! What APR did they give you?

[Anonymous]

Congrats on your refi!