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If you are paying cash what does it matter. The only thing you might have to explain(to the government, i.e taxes) is where you got the money from. As anything over $10,000 in cash needs to be reported.
I had no income verification requirement from the dealership since I had my own financing secured. If you are paying all in cash, I couldn't see why you would need to prove income or verification of employment.
It is so odd to me, I recently bought a car from a dealership for the first time. I made copies of my job offer letter with my annual pay, pay stubs, w-2 forms, signed forms from references, etc just like online guides said I would need.
I didn't need any of that. I financed through the dealership too. My parents attribute it to established credit history. Like they asked me my gross monthly pay before taxes and the name of my employer, but I didn't need to "prove" anything. I negotiated, completed the sale, and drove the car home all within a few hours. Anyone know what's up?
Last edited by Mighty_Pelican; 06-18-2015 at 10:38 AM..
I didn't need any of that. I financed through the dealership too. My parents attribute it to established credit history. Like they asked me my gross monthly pay before taxes and the name of my employer, but I didn't need to "prove" anything. I negotiated, completed the sale, and drove the car home all within a few hours. Anyone know what's up?
That's just how it is. They will finance anyone. Your credit score is really all you need. They judge the risk to them based on that. Other than that, they will finance basically anyone as it's not their concern who agrees to 20%+ interest and 84-month terms.
It is so odd to me, I recently bought a car from a dealership for the first time. I made copies of my job offer letter with my annual pay, pay stubs, w-2 forms, signed forms from references, etc just like online guides said I would need.
I didn't need any of that. I financed through the dealership too. My parents attribute it to established credit history. Like they asked me my gross monthly pay before taxes and the name of my employer, but I didn't need to "prove" anything. I negotiated, completed the sale, and drove the car home all within a few hours. Anyone know what's up?
the dealer passed on the information to the lender that you gave them.
the numbers were apparently satisfactory to the lender.
understand that those representations would have been checked out to some extent by the lender.
If they didn't satisfy the lender, then they'd have asked for more information.
Be aware that if you've made a material misrepresentation in the information provided and the lender made the loan in good faith based upon your representations, they could come back on the deal and request more money/downpayment/increased interest rate, etc.
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