Technically, you can with 800+ score and lessor is not going to ask you for proof of income and proof of residency, but I wouldn’t do it. They might hit you with something later, if they found out that you are committing a fraud.
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I guess as self employed/1099 he can show estimated 2020 income on his application.
When you fill out the credit app, they will ask for income and current job status. If you have investments making money for you, you can always fill that in under “other” income.
You have a good chance of just being auto approved with your credit score, but do not lie. If they need proof of your job status or income and you can’t provide it or it is way off, the bank will not accept the loan and you can’t fix that mistake. I would talk to the finance manager about this first but the most likely response will be to just run your credit and see what the bank says.
Given the position you’re in, is getting a co-signer with verifiable income an option?
Honestly I wouldn’t overthink this, when you apply just state “self-employed” as occupation and list your expected 2020 income or 2019 W2 income. With a 800+ credit score you shouldn’t have any problem getting approved. If they were to ask for income verification (highly unlikely) just give them your 2019 tax return.
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I’ll start by saying you’re in a grey area.
It depends on how the credit app asks the questions, whether or not it’s fraud, as discussed here
If it asks for your 2019 income, or your prior year income, you can put that.
If it asks your 2020 income or what your expected income is this year, anything other than the truth is potentially fraud.
If you’ve had prior leases and your score is that good, that part of the credit app is more of a formality.
Putting into your business instead is a bad idea: harder to get credit, likely needs you as a guarantor, and both MF and insurance will likely be higher than in your name.
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Do you have an option to extend your current lease? Most companies allow this and many will include additional mileage. If you are in a current lease, you should call and ask to see what’s available. This way might buy yourself 6-12mos, and hopefully by that time have income to prove.
At the end of the day, how comfortable are you with committing fraud? I advise you to buy a used car with cash and not worry about making the next payment or going to jail.
Do you have any income from investments, etc? Potentially that can be used if dealer willing to accept?
One-pay lease is the way to go here.
Regarding BMW I have always (3 different dealers) been asked for the latest two paystubs, no matter my score being 780+
I’m not sure if it was just due to age or another factor.
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I don’t remember doing that with BMW or any other car, the last one I leased was a few months ago, BMW. I am self employed too (been 1 year or little more) and gave estimated income (I forgot but I gave a low income number i think) on application just to be safe. No questions asked. I have excellent credit score, and make more money that the estimated income.
Yeah I was surprised too, but it happened all three times for some reason, might have been my age
Edit: not self employed so I guess that is also the difference
I think estimated income on application might do the trick. A dealer might be able to answer this question easily here.
Mortgage is not easy for sure without proper income verification, but auto lease could be just about estimated income and good score from what I understand.
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You can’t.
Whenever College Grad is used you need to provide proof of employment. I assume that is why you needed to provide pay-stubs.
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Thanks. This is what I think is the most likely scenario…but I don’t want to be caught off guard. My worry also stems from the timing of this “revelation.” In my experience, I have always negotiated numbers first and then finalized application. So I’d like to keep my cards close to my chest and not reveal the financial situation first in order to have the most leverage.
Thank you very good to know!
Unfortunately not in the amounts necessary to float a lease payment regularly…
Over the past 8 years I’ve leased/financed through BMW, Porsche, VW, and Audi and refinanced one through a local credit union and not once has there ever been any sort of income verification.
With an 800+ score you will have zero issues, assuming there’s nothing unusual with your credit profile or you’re not 20 years old and trying to lease a $150k car, etc.
Worst case scenario and they do ask for current income verification, just be honest and say you just started your company, haven’t paid yourself yet, etc. Ask if a 2019 tax return will work. Again the absolute worst thing that could happen is you just get declined, you’re not going to be charged with fraud or go to jail or any of the other nonsense being suggested above.