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UPDATED Kia lease

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UPDATED Kia lease

I currently have a kia on a lease that is up in the middle of June. My intention is to go in before my lease is up and either buy out my current car (which I don't like, but, if they can't give me what I want for a payment I can handle on something new, I will live with) or lease or buy new.
I have a few questions.
My income changes quite a bit if I estimate what I will make this year with overtime and bonus. I mean, if I stay on the current pace (which isn't entirely unlikely), I could make 10k more in overtime and bonuses than I did last year. So, do I tell them what I *think* I'm going to make, or what my base salary is this year? Also, for a bunch of reasons, my family has been giving me their tithe for a couple years, which goes directly to my rent. Would you include that amount in my income?
My concern is, if you look at it on paper based on what I make and my current debt and rent my DTI doesn't look very good, 38something percent, but, if I use my projected income based on overtime/bonus and what my family contributes, it is somewhat better, somehwere in the 33-34% range.
So, I guess my question is, what, technically, can I say my income is? and anyone have issues with Kia with DTI? my current FICO8's are not bad, 741 experian, 746 Equifax, and 751 Transunion, (and I expect them to go up a bit more this month) and I believe Kia pulls experian and Transunion, if memory serves, so how much are they going to care about my DTI?
Also, I have been with Kia for 7 years, so I'm confident I will be able to lease again if I want, I am just looking for the ingredients to get the best deal I can.
Message 1 of 5
4 REPLIES 4
Contributor

Re: Kia lease

Do you have several months in a row showing overtime hours? The only time a lender verified my income was when they asked for several months of pay stubs. I would find the average of your last 3 months then x12 and put that as your income. I would not include a Bonus as part of the income. 

 

Just an FYI, the lender that did verify ended up NOT including my overtime hours. I still got the loan and it wasn't like I was trying to do anything illegal on the loan application. I would still give the best estimate of your actual income and go from there. 

Message 2 of 5
Established Member

Re: Kia lease

Oh yes, I've had overtime, or "extra" (which is what we get when you have more than 40 hours on a week, but also vacation or holiday pay) every single pay since last August.

Message 3 of 5
Established Member

UPDATE Re: Kia lease

So, I bought a new 2019 sportage yesterday. Went back and forth several times on pricing/financing. Finally settled on 3.65% through Capital One Auto Loans. However, one of the papers they had me sign was a conditional delivery agreement. How much worrying do I need to do regarding this? It was very late Saturday when we finally came to a deal, like 455 and they closed at 5 so part of it might be the banks were closed by then? And it was a weekend?
I'm trying not to worry too much, but, not doing a great job of it.
Message 4 of 5
Established Member

Re: UPDATE Re: Kia lease

Well now that I have freaked myself out all day, I reread the paper again, and while it does say it is a conditional delivery agreement, under the very first section that says the financing agreement has not be finalized and I understand it is a conditional delivery, there is an N/A, so, I guess I'm going to take that as they are using it as a 5 day return policy agreement, as that is what he said when he gave it to me to sign. "This is says you can bring it back for 5 days for an EXCHANGE, not a refund".
Message 5 of 5
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