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Toyota Financial without Income Verification

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zepperhead89
Member

Toyota Financial without Income Verification

Hi there, first time posting here. So, I managed to get a deposit on a '22 Toyota Tacoma TRD Off Road in Lunar Rock and 6MT. That truck in that configuration is near impossible to get right now. The truck should deliver in the next month or so, and I am trying to finance through the dealership. I am self employed and I have unpaid back taxes for the past two years so I dont have tax documentation of my income. I do have bank statements showing regular deposits but I would rather just avoid income verification if at all possible. 

 

This is my first time applying for an auto loan, but I do have 8.5 years of credit history with a few 3-4k personal loans that were paid on time about 7 years ago. I have three credit cards with a $5900 credit limit total and Util at 25% and only one late payment from almost 5 years ago. I have 5k to put down so I am only applying for a 36k loan. My income is ~4k monthly and with a $550 a month car note, my DTI ratio would be about 35%.

 

Fico 8:

Ex 693

Eq 682

Tu 697

 

Auto 8 

Ex 677

 

Those scores havent updated since lowering my util from 30% to 25% so hopefully they will get a little bump. I also plan to lower my util to 10% before applying for financing. 

 

If anyone in the east Texas area happens to know which bureau/score TFS is pulling that would be a tremendous help.

 

I'm not too concerned with my APR as I plan to refinance at the end of the year after filing my back taxes and being able to show income on paper. My question is whether or not you guys think I will get approved with TFS for a 36k loan without having to show income verification

 

Thanks

 

 

14 REPLIES 14
disdreamin
Valued Contributor

Re: Toyota Financial without Income Verification

Following to see what others say.

 

Personally, I've never been asked for income verification when financing through a dealership. The only time it was required was when I went through a CU since I only had about $1k a month direct-deposited into that institution. Honda, Mazda, and Subaru I went through the dealership for captive financing at promotional rates and was never asked for IV - never done Toyota but guessing it might not be much different. My being W-2 might make a difference though, which is why I'm following to see what advice you receive.

Message 2 of 15
zepperhead89
Member

Re: Toyota Financial without Income Verification


@disdreamin wrote:

Following to see what others say.

 

Personally, I've never been asked for income verification when financing through a dealership. The only time it was required was when I went through a CU since I only had about $1k a month direct-deposited into that institution. Honda, Mazda, and Subaru I went through the dealership for captive financing at promotional rates and was never asked for IV - never done Toyota but guessing it might not be much different. My being W-2 might make a difference though, which is why I'm following to see what advice you receive.



Yeah, from what I've read credit score seems to be king with captive lenders. I'm hoping thats the case with me. Did you need IV on your first auto loan? 

Message 3 of 15
TattnallTrio
Frequent Contributor

Re: Toyota Financial without Income Verification

I purchased a car from Carmax immediately after my Ch 7 discharged and Capital One required POI. I purchased a second vehicle before the first was paid off and Capital One required it again. 
My last new car purchase was for a new Toyota and they didn't require POI. The dealer told me my Equifax score was the highest at 695 so they used that one. 

As a side note, a few years back when I was trying to buy a second car, I looked at a New Ford Fusion with some hefty rebates. They wanted me to trade car#1 in for it and I didn't want to. So we didn't have a deal. I'm mentioning this because on the letter they mail me for turning me down for credit it listed the credit bureaus they pulled (it could have been all 3) but they also listed The Work Number as a bureau. With that being said, The Work Number keeps track of payroll data. Perhaps the dealers that don't require us to show POI see through The Work Number that were employed and doing our thing. 
I've noticed BECU (Boeing Employees Credit Union) doesn't require POI. 
There's only one way to find out, try it and see. You can always say you need to go home and get it & then you changed your mind lol 

Message 4 of 15
zepperhead89
Member

Re: Toyota Financial without Income Verification


@TattnallTrio wrote:

I purchased a car from Carmax immediately after my Ch 7 discharged and Capital One required POI. I purchased a second vehicle before the first was paid off and Capital One required it again. 
My last new car purchase was for a new Toyota and they didn't require POI. The dealer told me my Equifax score was the highest at 695 so they used that one. 

As a side note, a few years back when I was trying to buy a second car, I looked at a New Ford Fusion with some hefty rebates. They wanted me to trade car#1 in for it and I didn't want to. So we didn't have a deal. I'm mentioning this because on the letter they mail me for turning me down for credit it listed the credit bureaus they pulled (it could have been all 3) but they also listed The Work Number as a bureau. With that being said, The Work Number keeps track of payroll data. Perhaps the dealers that don't require us to show POI see through The Work Number that were employed and doing our thing. 
I've noticed BECU (Boeing Employees Credit Union) doesn't require POI. 
There's only one way to find out, try it and see. You can always say you need to go home and get it & then you changed your mind lol 


Yeah, I've seen mentions of TheWorkNumber for IV. I guess if worst comes to worst I will just show up with 6 months of bank statements showing regular deposits. This truck is a bit of a unicorn so I would rather not walk. 

Message 5 of 15
disdreamin
Valued Contributor

Re: Toyota Financial without Income Verification


@zepperhead89 wrote:


Yeah, from what I've read credit score seems to be king with captive lenders. I'm hoping thats the case with me. Did you need IV on your first auto loan? 


I didn't provide IV for my first two auto loans. The third was the CU one where it was requried, and my most recent two didn't ask for anything related to POI either. I'm curious how TheWorkNumber mentioned upthread works and whether that might be why verification wasn't required. It's not something I'd heard of before and I'd like to learn more.

Message 6 of 15
zepperhead89
Member

Re: Toyota Financial without Income Verification


@disdreamin wrote:

@zepperhead89 wrote:


Yeah, from what I've read credit score seems to be king with captive lenders. I'm hoping thats the case with me. Did you need IV on your first auto loan? 


I didn't provide IV for my first two auto loans. The third was the CU one where it was requried, and my most recent two didn't ask for anything related to POI either. I'm curious how TheWorkNumber mentioned upthread works and whether that might be why verification wasn't required. It's not something I'd heard of before and I'd like to learn more.


Same here. I did some searching on the forum and didn't find too much about it. I would love to hear from someone who knows how this service is used for IV at the dealer

Message 7 of 15
BillSmiff
Established Member

Re: Toyota Financial without Income Verification

I am self employed (thus have various legal deductions that make my "take home" pay quite a bit lower than actual) and Toyota did not require POI when I took advantage of dealer incentives. It was the 3rd new car (Chrysler, Nissan) I have purchased in my life and neither dealership asked for any POI...I got the impression that the credit check was the end all be all for them...and me! 

 

Just my 2 cents to give you peace of mind. 

 

 

Message 8 of 15
TattnallTrio
Frequent Contributor

Re: Toyota Financial without Income Verification

I don't know how The Work Number really works but a few years ago I was down on my luck (Medical) and applied for Food Stamps. The case worker magically knew my last pay checks (both date and dollar amounts) and saw that I didn't get one after (whatever date the last pay check was) I didn't ask what service they used but it was interesting to me. 
Whether it was The Work Number or somewhere else there seems to be a database of payroll data. I was surprised to see it listed on the Ford Motor Credit's denial letter. 
I wonder if anyone on here works in Underwriting for an auto loan company and can explain if they use it and how it works? 

Message 9 of 15
Brian_Earl_Spilner
Credit Mentor

Re: Toyota Financial without Income Verification

The Work Number is owned by Equifax and is used for income and identity verification. I believe they also offer payroll services iirc. Toyota pulls all 3 auto8 along with CoreLogic and uses the highest one. IV isn't a problem if you can be verified. Being self employed may require it.

    
Message 10 of 15
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