How do I lease with no income?

[jeisensc]

I’ll start by saying you’re in a grey area.

@strand2x

Is that even possible with no income? Are they going to ask me to verify income for 2020? (For what’s it’s worth, I can show healthy income and W2s for 2019). Will this hurt me in the negotiation process (ie, we agree on a number and then they ask for proof of income and deal is off?) Should I tell them upfront? Should the lease be in the name of my business?

It depends on how the credit app asks the questions, whether or not it’s fraud, as discussed here

Dealers falsify incomes

I have the opposite problem at my dealer. Our online credit app caps income at $999,999 per year where it is not an everyday problem but every now and then I have to tell people making more than that to “lie” on the credit app. But more to the point, is most likely the F&I manager who will inflate the income since they can see the applicant’s credit history and what will get them approved by a bank. There are a few people who lie on the credit apps by either making up income or including s…

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.