Drug dealer!!!
Edit: Or pimp.
Why would you (or anyone) want to do a one pay lease without a job and no idea when they will get their next one? That 10k should be taking care of basic needs (COBRA insurance payments, rent/mortgage, food, etc…) until some income is coming in (Temp job, unemployment, selling blood/plasma, new permanent job, etc…).
What is OP going to do when there’s no money coming in to handle basic living expense but has a 1 pay car paid off in the driveway? Uber/Lyft/Taxi, friend’s car, family’s car…something else in the interim.
Insurance totaled the car because the engine would take 4 months to arrive? If insurance is covering the car, she should have some temporary use of a rental covered by insurance to buy her some time before Uber/Lyft/Family car comes into play.
I wish it was that exciting. Actually, I sold quality Pre-Owned Newborn Breast Pumps on the internet and local clinic groups. Was a huge market for them before the Insurance companies started actually providing coverage on those items (Affordable Health Care Act/market dried up overnight). But I made enough to make it through If that’s what I choose.
The best answer for “yearly income” is always what you earned the previous year which can be verified by tax returns.
It is in no way fraud to list your total income from the previous year as “yearly income” on an application.
Some people here just like to argue with everything.
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In fact… it’s not only not fraud, it’s preferred to use whatever is on your last tax return as your income on any credit app - “current year” income is often a fluid guesstimate especially for people who are self employed, business owners, in sales or other commission based businesses, etc etc etc.
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I understand one pay is not for everyone and One pay has its pros and cons.
But one can take calculated risk and save some $$$.
GM Financial one pay for example offers better rewards —
I’m usually the fraud police, but
I’ve seen credit apps worded “what is your annual income” (usually higher-end brands/stores) and I’ve seen “how much is your current monthy/biweekly/weekly income”. If it’s the latter, and you aren’t on an extended severance, I’d say fraud. The former? Where people who are self employed and commission based are encouraged to be optimistically honest? (Eg what mortgage broker can predict, no matter how good/established they are?)
That doesn’t mean “cheat the cheaters”, but answer the questions given honestly.
And I agree a used car is a smarter move, but if financing that in same boat.
One pays are great for many people in many situations. And a One Pay could not be less appropriate for the subject of this thread. Complete mismatch of product and situation.
Was he at least partially correct and you made a typo above?
[quote=“trism, post:23, topic:238913”]
The image I posted is from a blank BMWFS credit application.
It doesn’t ask where you worked last year. It asks for the name of our employer. And then it asks for employment income.
If you claim to be employed and you are not, you’re lying. If you list your employer as “None” and have no other income, you’re going to get declined.
If you are self employed you would list your employer as “Self.”
If you are a business owner and not a sole proprietor you would list your company name as the employer.
If you are neither but in commissioned sales, you’d list the name of the company you work for.
But none of these are what we’re talking about.
If you are unemployed you have no employment income, and no employer.
And if you have a million in the bank and are unemployed you leave it blank and let them run your credit and offer to pay the lease upfront. As the op wanted to do. Not answering a question isn’t fraud. Lying is. Leaving it blank isn’t lying.
This is not what you suggested, though
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Because this year isn’t done yet. Yearly income is from the previous year. This year is an estimate, which could be construed as lying or negligent.
I disagree…yearly income is your projected salary this year based on your pay statements.
Again - you suggested that " they usually don’t check employment or at least confirm it.". How else can this be interpreted, other than suggesting a fraud?
Stating last year’s income for self employed is fine IF you still have some type of employment
Lying is filling in last year’s income.
That was your advice.
I’ve gotten approved without an app. Based on credit. All apps are different and so is the approval process
I guess bmwfs doesn’t lease to independently wealthy or retired or anything else. And I doubt she’s going to be leasing a bmw anyway. Plenty of captives do not ask for any employment or income info at all.
Your question was how would someone put their income down without committing fraud. The answer is they would write their previous years yearly income in the income box as others have suggested. Leave the rest blank or write “none” for employer and answer any follow up questions the lender may have when or if they ask them.
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“…Go ahead and write in One Hundred Million Dollars. They won’t check.”