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Did you have to provide POI?

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Valued Contributor

Did you have to provide POI?

I'm going to buying a car soon, and once some new balances update my scores will all be 720+, im just curious under what circumstances do you have to provide POI? I might go through Capital One or I might lease the car through one of the Financial Services, (Toyota, Hyundai/kia, Ford) (havn't decided what car I want yet).

Up to $315k in CLs. FICO scores are 750s across the board.
8 REPLIES 8
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Valued Contributor

Re: Did you have to provide POI?

Depends on the lender, each one is different. It also depends on your profile as well. There's no way to say for sure.

PenFed didn't ask when I refinanced, Nissan didn't ask when I purchased. Totally ymmv with each lender.

back to a seedling 3/17/18
Message 2 of 9
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Established Contributor

Re: Did you have to provide POI?

I bought 2 in same week Nissan didnt ask neither did Ally bank.

Message 3 of 9
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Valued Contributor

Re: Did you have to provide POI?

I have heard  anecdotal evidence that captive lenders are LESS prone to ask for poi than a 3rd party bank or credit Union. As always, YMMV☺


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 4 of 9
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Established Contributor

Re: Did you have to provide POI?

There is really no telling on when they might ask. I have not been asked to provide poi even on the latest card that I purchased for $90k.

Message 5 of 9
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Regular Contributor

Re: Did you have to provide POI?

I just got my auto loan from DCU and I had to provide Proof of Income and get them a copy of the Purchase and Sales Agreement. I have one of the two (POI) but since my car is being built at the GM Factory I have to wait until I have a VIN for my car and THEN my Dealership will give me a Purchase and Sales Agreement but the good thing with DCU my approval is good for 45 days so that gives me time Smiley Happy


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 6 of 9
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Valued Contributor

Re: Did you have to provide POI?

When I was at the GM dealership last year, I was told that I did not have to because my score was over 650.

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Message 7 of 9
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Moderator

Re: Did you have to provide POI?


@Pway wrote:

When I was at the GM dealership last year, I was told that I did not have to because my score was over 650.


+1

 

Over the years I've purchased many cars, and I've only had to provide documents twice. 

 

The first time I was asked for POI was when I bought a car right after my bankruptcy.  It was at a dealership, but they had to use alternate financing, and honestly the entire experience was a bit different from every other time I've bought a car (both prior, and since that purchase).  Since it was only months after my bankruptcy I can understand the need for meticulous paperwork, however if that level of 'thoroughness' was required for every finance transaction they wouldn't sell many cars.

 

The second time is when I used Capital One ('Blank Check' program).  For the Capital One loan my credit wasn't an issue, but since I was arranging the financing myself ahead of time they verified everything (it was quick, though).

 

I will go "out on a limb" and say that if your credit is decent you probably won't be asked for anything other than your driver's license (and maybe insurance card) if you go through a dealership.  Not many people carry around a paystub, and it would be all too easy to say "I can't buy today, I left my paystub at home" if it was a firm requirement. 

 

That's just my own personal experience, though... as always YMMV.

Message 8 of 9
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Established Contributor

Re: Did you have to provide POI?

I think it's a lot more likely that they won't ask than they will if your getting your financing at the dealership.

 

Now, if you want to have funds in hand (preapproval from your bank or CU) then most of them will ask for POI

 

I've financed at least 10 that I can remember over the last 25 years, with payments ranging from 250 to 737 and have never been asked for POI, even when my credit took a downturn back in 2010-2011.  

 

But as others have said,  It's always possible they could ask, so not a good idea to inflate your income.  

Message 9 of 9
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