low income w/ gm financial

[jrrsmith18]

just wondering if anyone here has more knowledge about gm financial, right now im 22 and i have a part time job where i gross 1500/month.  i was approved for another lease by myself which was crazy of me to try with an EQ FICO of 568 in early march.  since then ive taken care of some credit card debt and im sitting at 627 today.  i wonder if they saw that im just about to finish my first lease with ally financial and have only one 30 day late from july 2012.  the only problem they had with my app was insufficiant income, they said i needed to make at lease 1800/month, because of the situation my parents are in they can't cosign and they would be about the only people that i would ask.  is it possible to claim additional income from my sister where me and a friend do landscaping? or can i use only income where i have a paystub?

[Remember0]

Have you been depositing the landscaping income to your bank account? If there's 3 months worth of statements where that income shows as deposited, they should be able to take it.

1500 isn't that low. I'd try applying to maybe Roadloans only and see what they give you. They should take 1500 (1500 is their min, so input like 1525). But if you have even 2 statements of the cash deposits showing, I'd enter 1800 (or whatever 1500+that landscaping income is). Now if you don't have 2 months, start depositing the money?

Also I'd probably leave out the sister part when describing it unless they explicitly ask do you do landscaping for a family member. Just self employed income from landscaping should do.

I don't quite understand how you were previously approved in march but now declined? Is this the same dealership? Did you try to buy now vs. lease?

[jrrsmith18]

when i applied in march i was denied, sent a letter saying something about a counter offer, so i call up the dealership and they said that all i needed was a cosigner to make up for the missing income.  i was thinking about playing up the income at my part time job, like saying i work a little bit more hours im thinking that with some extra landscaping money on the side i should be good for the income.  its just that if they ask for proof then im screwed. 

[Rkalynsmith]

Roadloans min is 1800 not 1500 hence your denial. Try a credit union. Might only give you 10k but that's a start.

[StartingOver10]

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@jrrsmith18 wrote:

when i applied in march i was denied, sent a letter saying something about a counter offer, so i call up the dealership and they said that all i needed was a cosigner to make up for the missing income.  i was thinking about playing up the income at my part time job, like saying i work a little bit more hours im thinking that with some extra landscaping money on the side i should be good for the income.  its just that if they ask for proof then im screwed. 

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Getting turned down is the very best thing for you right now IMO. I know that doesn't sound right, but why put yourself in a bind for payments when you don't have the income coming in to support the lease?

1) You are in school working part time. The very best transportation for you under these circumstances is a paid for 'beater'.

2) Getting a vehicle lease while you are in school is a stressor. You end up with payments only and nothing to show for it. Plus trying to make payments on a vehicle lease that you simply don't have the income as you promised has to weigh on you - doesn't it?

3) Overstating your income is fraud. No polite way to say it. Don't do it. It isn't worth the risk.

4) When do you graduate? Take this opportunity to save your money during school so that you have a decent down payment for a better vehicle once you graduate and get an actual job in your field.

I am against auto leases except in very narrow circumstances. I would never consider one for myself as it is the most expensive way to have transportation over the long run. Low payments during the term of the lease doesn't mean the expense is low over the long run.

[NotTellinYou]

Agreed! You're throwing away money you should be saving. You're young you should be learning from these forums not only how to get credit but also responsible use of credit. Buy what you can afford cash and start saving. Once you get your career going and earning more you won't need to ask here about how to make it happen. Good luck in what ever you decide.