Kia Motor Finance questions

[Anonymous]

Does Kia Finance ask for proof of income. I've had to take some time off from work recently to help care for a family member while they were sick and recently started going back on a part time limited basis but plan on going back full time in the near future. Unfortunately my car was rear ended and will most likely be totaled whenever the car insurance companies get the head out of their arses. So most likely I will have to buy a new car. I have between a 750 and 770 fico score and and 814 Fako score. Im pre approved with a loan with capital one and and the pre qualification letter all they ask for is drivers license and proof of insurance. But the interest rate is a little higher at around 6 % which is a little to high in my opionion. Generally dealer lenders such as Kia finance and Hyundai finance usually offer the lowest interest rates and the rate that Kia showed me based on my score was 2.7% which in my opinon is still a little high but alot better than 6%. So anyway want to know if Kia finance will ask for proof of income since my recent pay will not show what I noramlly make in a year. considering I was off for 6 months and only working part time limited hours right now?

[Cowboys4Life]

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@Anonymous wrote:

Does Kia Finance ask for proof of income. I've had to take some time off from work recently to help care for a family member while they were sick and recently started going back on a part time limited basis but plan on going back full time in the near future. Unfortunately my car was rear ended and will most likely be totaled whenever the car insurance companies get the head out of their arses. So most likely I will have to buy a new car. I have between a 750 and 770 fico score and and 814 Fako score. Im pre approved with a loan with capital one and and the pre qualification letter all they ask for is drivers license and proof of insurance. But the interest rate is a little higher at around 6 % which is a little to high in my opionion. Generally dealer lenders such as Kia finance and Hyundai finance usually offer the lowest interest rates and the rate that Kia showed me based on my score was 2.7% which in my opinon is still a little high but alot better than 6%. So anyway want to know if Kia finance will ask for proof of income since my recent pay will not show what I noramlly make in a year. considering I was off for 6 months and only working part time limited hours right now?

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I bought a brand new Kia last year and they did not ask for proof of income.  There are other ways for them to verify it.  Beware that Kia does not always use captive financing.  They farmed mine out to Ally Bank and after a year of headaches I refinanced away from them with Cap1 at a much better interest rate.  Your scores are a tad better than mine though.  

[Anonymous]

It's been almost 3 years, but they didn't ask for paystubs when I got a loan with them. Score at the time was ~770. Had an active auto loan. 5+ years of working the same job. I suspect they may ask if the current job is newer or something else in the profile trips them up.

[Anonymous]

Same here no pay stubs were requested when I leased, although that was back in 2019. Like others have mentioned they have their own ways of verifying income/employment. And obviously any gaps would raise suspicion as well as the new lower part time wages if not reported. 

I would think that the main issue would be is if your DTI can support the new lease payment, as long as that math works out in your favor you shoild be fine.  Oh and hopefully the insurance fully pays for the totaled car so you're not left owing any extra.

[pinkandgrey]

I've bought a used car and a new car from Kia. Neither time was I asked for POI. As others have said, Kia often doles the loan out to other lenders--in my case, Ent for both. 
Good luck and enjoy the new car!

[Loquat]

There's a chance that any lender can ask for proof of income if they feel a need to do so. I can't recall the last time I had to provide such but if for some reason you profile peaks their interest, yes, a request of proof could be part of the approval process.

Best of luck to you.