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04-28-2010, 02:21 PM
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#1 | | I answer every Emotion with an emoticon
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| Do dealerships check your salary if you apply for financing of a car?
My mom is in the market for a used MB SLK (midlife crisis i think  ) and I got a few questions.
The car she's looking at is ~ 40k, planning to put down ~ 20k and finance the rest. The thing is, she has a business and she doesnt pay herself regular salary. She pays herself dividend as needed at the end of the year. As a result, she has minimal employment income. I'm just thinking, if she applies for a loan, what should she put in the income section? Can she just put something like 50k/yr and will they check her T4? We pay everything on time so she has very good credit rating. Any thoughts please.
Thanks
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04-28-2010, 02:28 PM
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#2 | | y'all better put some respeck on my name
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Depends, they might ask for additional information to verify your income but I don't think they will over $20,000.
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04-28-2010, 02:40 PM
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#3 | | Hyde's Understudy
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with such a large downpayment, they shouldnt need to verify the income...unless she has credit issues, (which she doesnt)
this is coming from a car sales (me  )
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04-29-2010, 09:50 PM
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#4 | | My homepage has been set to RS
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The short answer is yes.
If you want to finance a car be prepared to have papers stating your income.
They may or may not need it, depending on how your report comes back. And it's not up to the dealership either, it's the lender that wants the information.
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04-29-2010, 09:52 PM
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#5 | | My homepage has been set to RS
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I run into the "self employed" thing all the time at work (sell motocycles) and the financing can sometimes be frustrating to do. A lot of self employed people don't really put the "real" numbers they make on paper. It's usually like you said, in other things.
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04-29-2010, 10:06 PM
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#6 | | RS.net, where our google ads make absolutely no sense!
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the dealership will check on your mom's business. they will look at the turnover, credit issues, etc
Last edited by rawr; 04-29-2010 at 10:14 PM.
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04-29-2010, 10:23 PM
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#7 | | NEWBIE ACCOUNT!
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You do not need to provide your pay stuffs to Mercedes *If you are financing directly with them. They will looking into your credit score. Some tips to help getting it approve.
- A "clear title" property document if your mom have one.
- High down payment
- Co-signer
- Simply lease / finance under company name and your mom co-sign for it.
(But need to do a log book for how much business vs personal usage on the mileage)
hope that it helps
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04-30-2010, 09:36 AM
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#8 | | Revscene.net has a homepage?!
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just put your home motrgage as a colleteral
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04-30-2010, 12:08 PM
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#9 | | I answer every Emotion with an emoticon
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| Quote:
Originally Posted by falcon  The short answer is yes.
If you want to finance a car be prepared to have papers stating your income.
They may or may not need it, depending on how your report comes back. And it's not up to the dealership either, it's the lender that wants the information.
I run into the "self employed" thing all the time at work (sell motocycles) and the financing can sometimes be frustrating to do. A lot of self employed people don't really put the "real" numbers they make on paper. It's usually like you said, in other things. | Yea, the problem is that there's no "real" number to begin with because it varies greatly from year to year depending on circumstances.
So it seems that in my case, big down + a cosigner + good credit score should do it.
Thanks for the tips guys
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04-30-2010, 01:12 PM
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#10 | | MiX iT Up!
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OT: why is she financing the MB , when she can lease it through the business?
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
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04-30-2010, 01:16 PM
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#11 | | 2x Variable Nockenwellen Steuerung
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Because it is typically PITA to justify a sports car as a lease vehicle to CRA. Especially if it is home based business, you have to keep a pretty detailed log. Quote:
Originally Posted by tiger_handheld OT: why is she financing the MB , when she can lease it through the business? | | |
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04-30-2010, 01:21 PM
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#12 | | Prince of the Apes
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Credit Check and if its a big purchase, for a car, they might, but 20k D/P I really doubt it..
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04-30-2010, 01:23 PM
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#13 | | MiX iT Up!
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| Quote:
Originally Posted by godwin Because it is typically PITA to justify a sports car as a lease vehicle to CRA. Especially if it is home based business, you have to keep a pretty detailed log. | just realized it was MB SLK.
agreeed.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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04-30-2010, 10:42 PM
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#14 | | I *heart* Revscene.net very Muchie
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| Quote: |
Originally Posted by q0192837465 Do dealerships check your salary if you apply for financing of a car? | No, they just give cars away to whoever walks up... just like the US mortgage market! 
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05-01-2010, 09:40 AM
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#15 | | Hyde's Understudy
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Originally Posted by jlenko No, they just give cars away to whoever walks up... just like the US mortgage market! | you are actually quite wrong, many times based on credit rating, they dont care whats put in the income and source of income column...
before u at someone , make sure you know what you are talking about | |
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05-01-2010, 11:46 AM
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#16 | | I *heart* Revscene.net very Muchie
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Yeah... so they do check something. Not just give the car away...
On the other hand... if you've got shitty credit, but make tons of cash... they may actually turn you down.
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05-01-2010, 12:24 PM
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#17 | | Hyde's Understudy
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| Quote:
Originally Posted by jlenko Yeah... so they do check something. Not just give the car away...
On the other hand... if you've got shitty credit, but make tons of cash... they may actually turn you down. | the guy asked if they check the salary, and you made a comment about that specific question...
then you try to save yourself by saying "yeah..... so they do check something"
Everyone with half a brain knows they check "something"
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05-01-2010, 01:03 PM
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#18 | | I *heart* Revscene.net very Muchie
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Better learn to read there, guy... or look for that other half brain you're missing.
I make no specific anything around here anymore. It helps to weed out those with only half...
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05-01-2010, 01:34 PM
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#19 | | Hyde's Understudy
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Originally Posted by jlenko Better learn to read there, guy... or look for that other half brain you're missing.
I make no specific anything around here anymore. It helps to weed out those with only half... | quit owning yourself, go and re-read what that guy was asking and how you responded.
he was asking specifically if they check income, and your response was more on the lines of "of course they do"
have fun modding your car!
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05-03-2010, 12:08 AM
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#20 | | I *heart* Revscene.net very Muchie
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Originally Posted by BlackZRoadster your response was more on the lines of "of course they do" | My response was facetious. You know... sarcasm? Or is the art of the English language lost on you? 
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05-03-2010, 01:35 AM
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#21 | | Banned (ABWS)
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your mom wants an SLK eh
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05-03-2010, 09:53 AM
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#22 | | Hyde's Understudy
Join Date: May 2001 Location: Vancouver
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Originally Posted by jlenko My response was facetious. You know... sarcasm? Or is the art of the English language lost on you? | Being sarcastic when you thought u were right about dealerships having to check your income when in fact they dont is not a really good sarcastic or funny comment.
anyways forget about it
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05-03-2010, 10:33 AM
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#23 | | Banned (BBM)
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Originally Posted by fishing666 your mom wants an SLK eh | SLK is gay, get a CLK or sth
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05-03-2010, 11:50 AM
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#24 | | I answer every Emotion with an emoticon
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lol, guess I opened a can of worms here.
Being a Honger, there's always something about owning a Benz. Like those TVB drama brainwashed you into believing that you must get a Benz in your life.
Thanks BlackZRoadster for clarifying the process. Quote: |
Originally Posted by fishing666 your mom wants an SLK eh | LoL, no, I want the SLK  Quote: |
Originally Posted by Mugen EvOlutioN SLK is gay, get a CLK or sth | With AMG bodykit, it's pretty manly. But yea, stock is a chick car.
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Last edited by q0192837465; 05-03-2010 at 11:55 AM.
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05-03-2010, 12:16 PM
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#25 | | 14 dolla balla aint got nothing on me!
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With 50% down-payment, with any auto finance companies, they'll be waiving income verification. That plus a decent credit score, she's got nothing to worry about. Might not even need a co-signer. But if the finance company asks for it, just tell the business manager to give them a hard time....they'll give in and waive the income verification requirement.....they always do.
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