so i did all the paper work at the dealership, i got my income verified the whole 9 yards... the dealership put my package in CUDL for the CU.
now the CU pre approved me with pay stubs and all that, they said nothing about an employment verification just a pay stub verification.
Heres my question, i lost my job due to medical reasons... im going on state disability in 2 weeks (was in the ER, almost died) i know most CU's will not take DI as a source of income, so i dont even want to go there (i have other sources of income plus the wife makes alot to, we are set on finances.)
I have the vehicle in my posession waiting CUDL approval.... If they E verify me i will show as an active employee,(hasnt updated yet) if they call my work they will tell them i have resigned due to medical reasons.
loan amount 17,000
Please give me some advice on the situation
this is what i have thought up so fare I guess i have 4 options
1. the CU doesnt do an employment verification come final approval, done deal, i pay the bills on the car and carry on with life.
2. They find out im unemployed, and i have my Wife co-sign with me.
3. maybe they will take my disability insurance and other sources of income. if they find out im unemployed. (state Disability, GI BIll, VA disability,)
4. give the car back knowing i can make the bills but figure oh its the right thing since i dont have employment..... (some one will suggest it. )
I guess the first question is:
Do you still need the car now that you dont have to drive to work?
People drive other places aside from work...
I say just wait. There's nothing else you can do right now. If there is an issue, the credit union will contact you and you can work with them to figure out how to move forward. Worst case scenario, you add your wife to the loan. Big deal.
Yes I need the car, both me And my wife's cars are 200k plus... We both make enough to afford the payments even me being unemployed.
I am disabled veteran and the va takes care of me very well.
make the payment every month and go on with life. Hell, when I refinanced my car through a credit union they never verified anything.. no paycheck stubs no nothing. I understand your concern though.. let us know what you decide, and for heavens sake... dont give the car back.
thanks for the feed back guys, i wish i got some more solid answers but, the comments you guys have left has eased my anxiety, this situation has crippled me with anxiety thinking about it.... i'll give an update come monday night
I feel like at what ever point they went through the pre-approvl with you and took your pay stubs that was them signing off on the loan, especially if they knew what you were buying ahead of times... I would be surprised for them to actually call or change mind after seeing valid recent pay stubs.
Like you say "IF" they called, don't see why, but "IF" they called and didn't like things, throw the wifes social and signature up for co-sign and boom, on you go... but considering car in possesion and paystubs given, etc. woulnd't worry about it.
Thank creditaddict, i havent got a reply back from the dealer if the cudl went thru yet.... I hate dealerships i wish i just did it all thru the bank and paid the dealership with a check...i hate too many fingers in my buisness....
heres a question for you guys, now the dealship added on gap insurance, but the truck was already sold under value, and i plan on paying off a bulk of the truck with in a year... so im gunna pay for somthing i dont need.... At the end of the month i plan on dropping an additinal 2k on the loan, which means the insurance company will def pay off the value of the loan if its totaled, so im trying to get it rEinbursed, or replace it with lojack...
What do you guys think? Should i cancel gap right now or wait untill i put the 2k down then cancel, or just keep gap thru the loan term?
If you are absolutely certain that your insurance payout will be more than the loan value if the vehicle is totaled then you can safely cancel / not enroll for GAP at the start. I'm not certain which of the numerous book values the insurance companies use to calculate a payoff on a loaded vehicle but I am pretty certain it's not the retail value. It could be wholesale value or trade in value and may even vary between insurance companies. You may want to contact your insurance agent for an answer before deciding to ensure that the payout would cover the whole loan amount.