topic Re: Verifying Additional Income in Auto Loans

Verifying Additional Income

Anonymous — Sat, 09 Jan 2021 18:37:09 GMT

I recently applied for a car lease on a 100k car. I was approved, all good. My W2 income for the past 5 years has been 150k. I added more income in 2020 for 100k on top of the W2 income. I was told by the credit guy that adding the extra 100k on my credit app helped me get approved. But how would they verify that info? I was never asked for proof of income. Curious to know how the proof of misc income works.

Re: Verifying Additional Income

Anonymous — Sat, 09 Jan 2021 19:28:30 GMT

A lot of auto lenders don't request POI

Re: Verifying Additional Income

RobertEG — Sat, 09 Jan 2021 20:21:39 GMT

I assume that you provided them some form of written statement attesting to that income?

If found to be inaccurate, particularly if it was knowingly so, I am sure that it would be basis for termination of your credit/lease agreement, and taking possession of the vehicle......

Re: Verifying Additional Income

ccquest — Sun, 10 Jan 2021 14:48:39 GMT

They usually go on your word until proven wrong, then they go after you for fraud if it comes to that. If you've got some ridiculous sounding income, they may have a "burden of proof" type thing where they verify.

I've never been asked when buying a car either, been through the process three times.