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Hello Buds,
I am trying to figure out the following:
I do not have a job, but I do have some income from a property that I rent out. Lets say the rent is $3500 a month. And in the theory that I do not pay for anything at where I live, food, anything etc. Will this $3500 monthly rent income work as DTI on a car finance/lease scenario? If it does, will it work out like 1099s or regular W2?
Tried calling two of the finance managers i bought cars from back when i still had a job, but they were blurry at “need to run current credit first, will depends”. any insights?
Yes, you can include whatever income you want on your credit app.
Rental income is pretty common, so as long as your credit is decent and there’s nothing irregular about your credit profile you’ll probably get approved and no one will think anything about it.
Not legal advice !! but i realize after working for a dealer, that on a good credit with history, they will 99% of the time to not ask for proof of income, and will go based on what you told them …
yes sir, but this is my first year renting it out, i havent filed tax along with it, just curious if they request for a proof of income, what would i do in that case.
You are what’s considered self-employed. You might need copies of your bank statements and your rental contract. But this is all dependent on your credit score, history, etc.
trying to swing a macan, and porsche dude told me it might be a little tough since i dont have history with them, and the closest LUX i’ve had is just a mb E53.
not as good of a drive as the other dudes here claim it drives? I was actually convinced that it would drive real nice comparing to a like lets say a regular mb. I actually wouldnt know, i’ve always been a non-performance SUV dude, and in 2019 i finally pulled a mb E53, then covid hit and i sold it when the used car market was crazy.