So before a credit app is ever submitted, no matter the dealer, the finance manager is always asking you for paystubs? I’ve never heard of that happening before the app is submitted and certainly not across multiple dealerships with difference F&I managers.
1 Like
First time I run into this. In the past, they usually asked me for paystubs when they submitted everything (but the very first time my score was 609). When my father cosigned (he has stellar credit), they still wanted to see my paystubs, but not his.
22 posts were merged into an existing topic: Off Topic Landfill
AutoFICO and regular FICO can be very different, two years ago when I got my first lease, my dealer told me I have 700 autoFICO but my FICO was about 780 that time.
Sometimes banks stipulate a loan to value ratio to offset the risk of the loan.
They want to see if you are able to come up with funds to support the payment, given that you have no history. I do find $1000 to be rather ridiculous especially given the low MSRP of Hondas and typically low payments. I usually see this when “Bob” is trying to buy a $120,000 7 series with reported annual income of $70,000, then the bank may ask for a large down payment like $7000-$8000 down.
They should be able to show you the stip through the bank. If your payment is like $275 x 36 = $9900 for the entire lease. 10% down is not unheard of. In my honest opinion if you can do the $1000 down, and it’s obviously being applied correctly then it does not seem like too big of a deal.
3 Likes
Samson laying down the knowledge!
1 Like
Same here, I don’t have loans (or loan history).
2 posts were merged into an existing topic: Off Topic Landfill
Haven’t reached the final boss fight yet, just talked with the regular sale guy. I’m still researching various places to get a base better than 8.4% off msrp. I left the dealer but got a pretty good idea of their most used words.I liked the experience also never knew I had so many friends and family at a dealer, or so they said lmao.