Does GM Financial require income verification for everyone?

[Anonymous]

I am thinking about buying a new truck but am unsure if I should acquire the loan with my bank or apply with GM Financial. My credit is excellent (both scores and reports) and will be putting down 8-10k on a 35-40k truck, but my concern is that I am in business and for the past several years I've been spending or writing off most of my income so my tax returns show very little net income. I appreciate any input on this. What concerns me is that I read a post somewhere that someone financed with GM Financial and all went through without a hitch then a couple weeks later GM Financial started hounding them for income verification.

[bigpoppa09]

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@Anonymous wrote:

I am thinking about buying a new truck but am unsure if I should acquire the loan with my bank or apply with GM Financial. My credit is excellent (both scores and reports) and will be putting down 8-10k on a 35-40k truck, but my concern is that I am in business and for the past several years I've been spending or writing off most of my income so my tax returns show very little net income. I appreciate any input on this. What concerns me is that I read a post somewhere that someone financed with GM Financial and all went through without a hitch then a couple weeks later GM Financial started hounding them for income verification.

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I have dealth with them twice on a previous lease i currently have a lease with them now wasn't asked for any docs or POI.

[pinkandgrey]

While I haven’t dealt with GM specifically, I can say that USUALLY dealerships don’t request POI. Now, if you input your income as 500k, they might be suspicious. But even then, they’d probably just be happy that they had a rich person lol. Of course, if they do request it, and you really don’t want to give it up, then just don’t. 

I wouldn’t worry. Car dealerships can get just about anyone financing. They don’t care whether you can afford it or not. 

[ridgebackpilot]

In your situation, I'd be very surprised if GM FInancial (or any captive lender) asked you for POI.

Also, generally you'll get a lot better financing deal with GM Financial than you will with a bank or even a credit union. That's because captive lenders like GMF subsidize their loans. I recently got 0 percent financing on a Ford truck through Ford Motor Credit. You'll never get that from a bank or CU! And I've never been asked for POI by any captive lender. 

Good luck!

[JGGM]

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@Anonymous wrote:

I am thinking about buying a new truck but am unsure if I should acquire the loan with my bank or apply with GM Financial. My credit is excellent (both scores and reports) and will be putting down 8-10k on a 35-40k truck, but my concern is that I am in business and for the past several years I've been spending or writing off most of my income so my tax returns show very little net income. I appreciate any input on this. What concerns me is that I read a post somewhere that someone financed with GM Financial and all went through without a hitch then a couple weeks later GM Financial started hounding them for income verification.

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With scores north of 720 (Equifax is what my store submits to GMF in Texas) It is not likely they would stip your file for POI. While they could require POI on anyone really, generally I don't notice it until scores are south of 680. I assume you're going thru GMF because the vehicle is a lease or you're picking up some extra rebate money (or 0%) for financing thru them? If you're just doing traditional financing (with interest) and there's no incentive to use them, definitely consider going thru a different financial institution - GMF's rates are not great (unless of course it's 0% - even then you should find out how much rebate money you're giving up to get 0%).