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.”
If the job application asks for your place of employment and you got fired the day before and you fill out your previous employers information (the application dated and would show being filled out after employment was terminated unless you lie about that, as well) then it is fraud.
I don’t understand what’s so hard to understand about this concept.
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Estimates are just that…an estimate (projection). That is not lying. It’s an expectation. Now, if you have a bi weekly paycheck of 5,000 and you say you make 350,000 annually, with no other source of income, that would be lying.
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The matter at hand isn’t how retired or rich people get leases approved (hint: they have income from investments, social security, etc., which would be listed as “other,” and not employment income).
Which captives don’t ask if you’re employed or if you have any income before they approve a lease?
It just isn’t. Listing an employer that does not employ you is lying. That was not suggested. Listing last year’s income in a yearly income field on a credit app is what you are supposed to do. Period.
Hey op. Are you getting all this fine financial and employment advice. Oh yeah you haven’t responded once…
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I think this has been derailed enough.