FoieGrasIsEvil, Thank you for the response, it’s nice to see that there are still honest and forthright sales persons at car-dealer ships.
**Princhester: **I’m not actually going to blatantly falsify my income on a loan. I was just curious to find out how they verify the number you put on the documents.
by the way how do you all do that thing where you fit in the other posters text as a reference?
nm… I see the button on the right now
If you just want to quote one post, you can click the button labeled “quote” on the lower left of each post. If you want to quote several, click the button next to it, “”", on each post you want to quote. Then hit post.
To emphasize what FoieGrasIsEvil said, car dealerships are not tied to the financing arm of the car manufacturer they represent. They can shop around to many different banks and finance companies. I couldn’t tell you how many places they tried when I bought my pickup until they found one that would take the loan but they eventually found one.
Buying more car than you can afford…normally results in that car being taken away from you when you can’t make the payments. Sounds like fun.
[QUOTE=Boyo Jim]
You have any experience with Uber drivers? I have heard anecdotally that you should never even mention an intent to use your car for ride sharing. You won’t get financing and a dealer might not honor your warranty because the car is being used for commercial purposes. Is this true?
[/QUOTE]
Might vary by maker, but Kia is running a promo where Uber drivers get a $750 “incentive” towards the purchase.
Where you really need to be careful is with your insurance. Not a new concept - there are legions of pizza delivery people who discover their personal auto policy was not in force after they had a collision while delivering someone’s dinner because they didn’t have commercial coverage.
I was referencing a situation that I myself went through. I had a younger woman that wanted to buy a Porsche Boxter we had on our used side of the lot. She lived far away and brought her father, a DIV III college football coach, with her. Her credit wasn’t horrible but not great and her income was a little light. The bank asked for at least two grand down and three most recent pay stubs to verify her income and she couldn’t produce them at that time, claiming that the company she worked for, Amazon, had a “closed system” even though they were paperless and that she could only get those from a work computer. I asked her Dad to co-sign for her instead and he would not do it. At the end of the day, they left without the Porsche and I thought that was that.
Later in the week she called me telling me she had her paystubs and was going to come back up and buy the car. We didn’t catch anything amiss in finance, the stubs were bearing the Amazon company logo, all seemed well. A couple days later the lender notified us the stubs were fraudulent and that she worked half as many hours as she claimed. Apparently there’s websites out there that allow you make these things, I had no idea. Car got repossessed, she got arrested for theft by deception, and her Dad called me yelling at me because he wanted his daughter’s $2000 down payment back NOW and was threatening legal action against ME! LOL, he was likely complicit in the whole thing.
It’s funny how in the car business when you call someone out on a lie how rigorously they will defend it and proclaim innocence, and then curse at you and whatnot when you show them the door. Funny.
I have never heard of that, I don’t think the banks care how you use a car as long as you pay for it. Might affect a lease (mileage) negatively, but even then, that’s on you. Insurance is likely more problematic.
That tells me that your credit score, debt to income, time at job, residency, etc were all good to go. If you have a great credit score (that isn’t artificially inflated by having say, one very small line of rotating credit) and make good money lenders won’t ask for any of those things.
The only time this may not be true is when leasing a new car. All the manufacturers are back to propping up their own financial institutions (GM Financial, Ford Credit CO, etc) and are keeping the money (and interest earned) “in-house”. WRT your situation on your pickup truck, that usually happens when there’s something the banks don’t like to see…an additional open auto loan that’s not being traded. debt to income ratio is high, there’s negative equity in a trade that you’re asking a bank to tack onto the loan for the new car, bad to so-so credit situation, job hopping, or any combination of the above.
People live beyond their means all the time with any manner of things, cars, houses, cell phones, TV’s…that’s on them, which is another reason why lenders have lengthened terms on car loans. I’ve seen them as far out as 92 months on a brand new car if a customer’s credit supports it. The other overarching factor is that cars last longer now than they ever have.
I’m pretty sure I know what it was. I went in expecting to get more for my trade than they offered. I knew I would still be upside down on it because it wasn’t worth near as much as I owed. Nothing new, I’ve been upside down on vehicles pretty much since I started buying them back in high school. They only offered about half what I expected. At that point I tried to leave but the salesman was very insistent. Ended up spending a good part of the day there with him going back and forth to the office until they finally came up with a deal I could live with and then finding financing.
Debt to income may also have been a factor but I don’t see how as I have very minimal credit card debt and the car/pickup loan and mortgage are the only other things. But who knows how banks think.