This is very weird! Capital one sent me a “pre-qualify offer” for car financing. I clicked the link to see what it was, and once I did that, it took me to see the auto navigator…and I could see cars within 50-70k range with the option of structuring the deal. They never mentioned the amount I was pre-qualified for at all.
Funny enough, they have a “required proof of income” document to be uploaded…given my scores are in the mid 700s.
Usually they don’t ask for POI for people with such scores and prior history?
I get 1 or 2 almost weekly it seems between snail mail and email. It just goes straight into the recycle bin at this point.
If they suspect you inflated your income based on what they saw on your soft pull and your age, it wouldn’t be surprising at all for them to request this. Just having a high score doesn’t mean squat if there are question marks elsewhere.
I am talking about stable car payment history, many decent limit credit cards, student loans, etc…not just a $300 secured card lol. And discrimination by age is stupid…because whether you are 24 or 47, does not change much if you pay your bills. They cannot discriminate you based on age. Plus many people use different checking accounts through other banks so they cannot see it lol.
lol, so if you say you make 100,00, and have a 750 score, but only really make 50k, they’ll use your 100,000 stated income figure because you have a 750 score and they just believe you?
Interested in a bridge I have for sale?
I mean, why do I even bother arguing with a 20 year old? I’ve been buying cars since you were in diapers, but you’re obviously way smarter than me in this regard.
I actually worked in the finance field for a while…Seen at least 30 people who “worked” for non existent companies, with made up incomes, and those who were asked for paystubs (which was a small number) slided by with an email from the “boss”. Many were approved without a question. You seriously think every company in America will report its employees to Equifax? That is actually privacy first off, and tons of people work for small companies and businesses, are not even in that system. If they have good scores, and pay for their loans (car, credit card, student loans), why would they not be trusted with a car even going off by stated income? Unlike student loans, cars can be repo’d
…so the risk aint too high. Not like every person puts 3-5k each month on credit spending or a cap one bank account for them to see. They can’t check that…and tax returns are for the previous year…so the person can actually be out of a job entirely.
Yes, I had a friend buy 2 cars under 100k stated income. I was there, when my friend bought them! Friend’s actual income was half of it. Friend pays for these cars, and no one has an issue. Score is 700.
Auto loans do not generally require underwriting much in the way as a mortgage would.
Your “friends” would run into issues if they ever decided to buy a house and a bank saw that they were inflating their income by 50 to 100 percent to qualify for auto loans. If they lived with their parents and only wanted to drive 750Li and M3’s, they should be good to go, though.
Regardless, any type of lying to an institution to gain greater benefit than others, even if the bank wouldn’t check to verify is still fraud. That’s just an integrity thing.
Why are even bring this topic to us? Were you not aware that banking institutions had “pre-approval” mailers? I feel as if this is a fact of life nowadays. Everyone gets them.
We aren’t talking about house loans…we were discussing cars.
So if per say a person puts $150k down on a 250k condo, do you think the bank will be so strict about stated income? Vs a buyer putting down 50k on a 600k house?))
Wow. You really don’t understand the concept of fraud, do you? You sincerely do not see the problem with lying to a bank about anything for any reason, regardless of whether or not they make the payments.
An escaped convict that spends 40 years of his post-escape life being an upstanding citizen in society would still be arrested and sent to prison because he’s an escaped convict.
I know, I know. We’re talking about bank fraud, not escaped convicts.
