Carvana (Go Financial) approved me with no verification with a 601 score. No other auto loans in the past. However, i have had a mortgage for 9 years that was never late so maybe that helped the installment credit.
I've never had an income verification for an auto loan. In 2013 I didn't need one for my $33k Maxima. And last month I bought my wife a Yukon and didn't need one for $46k.
I received my loan through State Farm and they didn't ask for income verification. I applied through my car insurance agent and they pulled TU.
"If you work at McDonald's and claim you make $60k + a year, we would call your employer in that case to verify." - random PenFed agent I spoke with once.
I bought a new Toyota last month for $31.5 K from the dealer, I put down $3K by using a US Bank cash plus credit card that has zero interest till 4/2017, they said I could put down $0, $1, $2 or 3K. I thought why not put down $3K using the zero interest and get a few points as well.
They gave me $2K rebate, So I financed $26.5K. I could have gotten 0% interest with no rebate.
The dealer pulled 4 HP, I got a 2.05% rate from US Bank, the others were the dealer themselves, TD Auto and COAF.
At first, they ran it as though I alone was buying the car, but my wife wanted to be joint so it would help her credit history. She is new to credit as she just moved to the USA 3 years ago. her first card ever was a Chase Freedom in Sept 2015. She is AU on a couple of my cards, but I believe that isn't any help with her FICO 8 score, though it helps a lot with Vantage 3.
I report as retired, I was never asked for income verification, neither was my wife. The dealer verbally asked about income.
BUT rerunning the car loan APP and changing this to a joint application did cause some sort of trouble, the finance guy said US Bank was giving him some push-back about my wife. I also got some weird push back from US Bank when we tried to open a checking about with them 6 months ago, though I did get it open by working around the branch manager by opening the checking account online.
The Toyota finance guy asked me to sign two finance agreements, one with US Bank, one with Toyota, and if US Bank kept giving him trouble he would kick them to the curb. He would tear up the one he didn't end up using.
All he needed from us was a copy of my wife's SS card. I drove the new car out the door, came back the next day so they could make a copy of the SS card.
My FICO was around 800, my wife's FICO 8 was ~687. The HP didn't affect me, the auto loan had a very minor 2-3 point drop, but the additional 3K of credit card debt seemed to drop my score ~16 points, currently I am around 7% utilization and my total HP are 10 on TU (4 from the dealer), but there should be one more HP from 4 days ago that probably shows up on Experian, it was for a new DiscoverIT card. All I know is I don't see yet it on either equifax or TU. But discoverIT approved me for 14K and is sending the card, so they had to do a HP someplace.
I haven't had a car loan for over 16 years, so I have no recent installment debt. I did a Chapter 7 in 2002, but that has long ago fallen off, and it was super easy to get the car loan.
So never asked for income verfication, I have bought 3 new cars well over 10 years apart, and have the loan from US Bank @ 2.05%.
I just Got a new Mercedes Benz this past week. They didn't verify my pay stubs but wanted my 3 month bank statements that reflected my direct deposit of my pay checks.
Same, MB financial and Bentley financial are the only times I have ever been asked for income verification on a car loan. MB Finance guy just said because I had a lot of very recent activity on my credit report, and Bentley just because I had never had a car loan that large before. He was quite happy to see I had actually gone well under what my deposits showed, and I printed bank statements right off the dealers computer. 15 min later I drove away. Honestly one of the quickest easiest times I have had with a car loan. The rest have taken hours to get to the back office. I would be very surprised to be asked to varify at any of the main stream car dealers as they care more about moving the iron than anything else. Just for some data points, I have had auto loans with the following. IM a car nut, and love using other peoples money for cheap. Now I also usually never go beyond a 36 month loan/48 month lease and always put 10-20% down to never be upside down. The curse of being a car nut.
Never asked for POI
Ally financial- 3 times 2011, 2013, 2015
Land Rover financial
Toyota Financial (lexus)
Bank of America 2 times 2012, 2014
Bmw Financial 3 times 2011, 2014, 2015
Ford Credit only time I broke my rule and went 72 months because it was 0%
Asked for POI
Mercedes Benz financial
Bentley Financial which technically is under written by Porsche Financial.
Huh, maybe its a regional thing, as I've financed 3 always had to provide some sort of income verification. Anyway it just seems to me like responsible lending procedures, but I stand corrected.
I just got approved for a 40k auto loan with NFCU with no proof of income. I also have a 50k credit limit credit card with them (also no proof of income). My credit score is 788, not sure if they do that for everybody.
I have a car now. I went to Carmax and the found a lender that didn't ask for proof of income...thanks for all the response