Tesla Model X autoloan approved but 55k down

[wynnsand2020]

Wow thats awesome

Do you mind sharing the interest rate?

[MauiMan85297]

Just an FYI that could be helpful.......

Witholding information from your loan officer is a good way to get your mortgage loan canceled by an Underwriter let alone lying on your application is a federal offense.  The 1 question that is asked by your LO is:

Are you a co-signer or guarantor on any debt or loan that is not disclosed on this application?

[wynnsand2020]

Business is a separate entity. Its a business debt not personal just like a worker in bedbathandbeyond shouldnt worry about the debt of company.

[sccredit]

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@wynnsand2020 wrote:

Business is a separate entity. Its a business debt not personal just like a worker in bedbathandbeyond shouldnt worry about the debt of company.

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A worker in a Bed Bath Beyond is not a guarantor on a loan. @MauiMan85297 is correct, you are required to disclose to your lender as co-signer/guarantor. I also happen to know that there is no corp only program through Tesla so you are guaranteeing it. All home lending programs have add back guidelines for this and it will be removed from your DTI calculation but if you do not dislose it is fraud. 

[wynnsand2020]

Oh really, didnt know. So need to disclose everything that I am guranteeing like all the business cards with personal gurantee?

[sccredit]

Yes. They will add them back for DTI but they must be disclosed. 

[wynnsand2020]

What if cost is already deducted from my business profit? Shouldnt they be waiving the loan anyways since it already ate away from the business income?

[sccredit]

That is all part of the add-back formula that lenders use.