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Lending question on paystubs

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Lending question on paystubs

When you apply for an auto loan and provide proof of income with pay stub, do lenders verify those pay stubs or what?
Message 1 of 6
5 REPLIES 5
Frequent Contributor

Re: Lending question on paystubs

Actually...

They just want you in the car and off the lot...

They can always repossess it later and then ruin your credit.

 

They almost always let us borrow more than we should...

The paystub is important but just one of many factors...


Message 2 of 6
Member

Re: Lending question on paystubs

What you mean they can repossess later? Just because or if I'm like late on a payment??
Message 3 of 6
New Contributor

Re: Lending question on paystubs

After a few payments are missed.

 

 

Message 4 of 6
Senior Contributor

Re: Lending question on paystubs


@julie5 wrote:

Actually...

They just want you in the car and off the lot...

 


The dealer and the creditor are quite often two entirely different entities.

Message 5 of 6
Moderator

Re: Lending question on paystubs


@Sharaby86 wrote:
When you apply for an auto loan and provide proof of income with pay stub, do lenders verify those pay stubs or what?

I can only provide my own experiences, but the only time I've ever been asked for POI was when I bought a car right after my bankruptcy and had to use a lender who specialized in people with 'damaged' credit, as well as the times years ago when I arranged the financing up-front via Capital One (it used to be called their 'Blank Check' program, my understanding is that it's still around but called something else now).  Capital One always required me to fax over my paystubs, which wasn't a problem (it seemed more like a 'check the box' thing with them).

 

Each and every time (other than the exceptions noted above) that I've made a purchase at a dealership my stated income was acceptable, i.e. no paystubs were required. 

 

I'll also add that with the post-BK sub-prime loan mentioned above much more information than paystubs was requested, so if I had been less than truthful they likely would have figured it out.

Message 6 of 6
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