How To Lease Without Proof Of Income?

Ask the Hackrs
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33

They definitely require POI

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34

Iā€™ve never EVER been asked to show bank statements or any kind of proof of income other than just stating it. Of course I have a high credit score and decent loan to debt ratio so this may vary based on your specific factors and how much income you claim to have.

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35

Thereā€™s a thread on this on off ramp. Many lenders donā€™t verify income for the majority of apps (NISSAN checks none!), but that doesnā€™t mean that having no verifiable income, falsifying it or lying about it is okay :facepunch: if you put $0 income on a lease app you will be rejected PERIOD unless itā€™s through some sh*t subprime lender like credit acceptance Corp. Then youā€™re the 18 year old kid with the bad ass car pissing away hundreds of dollars a month to said subprime lenders on finance chargesā€¦

36

The lighter credit profile you have the more they stip for it. Iā€™m assuming you have tier one credit and a solid history which is presumably why you havenā€™t been stipped for it.

It also varies by bank, Chase sucks. I had a client that stated $375k a month in income and had a $12M mortgage get stipped for POI by Chase. He was tier one as far as score and credit profile goes.

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37

Whatā€™s POI?

38

Proof of Income I believe

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39

Proof of Income

10,000,000% true

40

Toooooo obvious thanks!

When we leased a Terrain last year GMF didnā€™t ask for POI (using it!). However the sales manager asked me 8-10mos later for POI because they were being audited by GMF. I happily obliged :slight_smile:

Hereā€™s the Nissan thread: Dealers falsify incomes

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41

I had the same thing happen with my volvo

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42

Lease assumptions are almost always more difficult to qualify for than one at inception, BMW included.

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43

Same, never have I been asked to verify income. The banks are not asking for stubs or calling HR.

I do have 800+ score tho. Simply state your income and I pretty sure itā€™s off your score once they pull it.

44

You missed itā€¦no proof of income. So how good that source be.

51

They wonā€™t lease without proof of income. I bought my first car on my own at 20, and I also had over 700 credit score. Since I had no auto history, they needed to bump the MF and also need proof of income. That was at VW. I was also looking into a new BMW and it was similar requirements.

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72

Iā€™ve only ever needed proof of income on my first finance, which was a F150 in my companies name, because the company had no credit history, they needed me as a PG with POI.

The truck was paid off and never went on my credit as it was in my companies name.

When I got my first lease in my name (BMW), they didnā€™t ask for POI. Stated POI was good enough for them, despite the fact that I was in my early 20ā€™s and had no auto or property trade lines on my credit at the time. I did have some decently high limits on my credit cards and average age of accounts was something like 2-1/2 to 3 years though.

Itā€™s pretty rare that banks ask for POI nowadays unless credit is trash or completely no history. Iā€™ve known many people that lie or inflate their income (even if they donā€™t need to) - I do not condone this. However, an interesting thing I learned working at a few dealerships is that some banks ask for household income, not individual income. If someone has good enough credit and their spouse/parents/whatever have good income, they can get auto approved without stips.

73

You hardly ever have to show proof of income if you are tier 1 no matter what car brand it is. You can still get approved by bmwfs at your age.

74

I just applied to Jaguar FS for a $143k MSRP car, and because Iā€™m 21 and this is my first auto loan they did want POI. I do have tier 1 credit, maybe if it was for a cheaper car they wouldnā€™t have asked for POI.

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75

I never had to show POI with BMW, Lexus/Toyota, or Infiniti. I figure they run some type of credit report that also shows employer history.

I also leased a BMW for my business and only provided an EIN.

76

Is it more expensive to lease using an ein/business?

77

One thing it could do is change what offers you may be eligible for as well as limit the banks that will underwrite the lease. Usually itā€™s all doable if you personally co-sign (thus making you personally responsible).

Those in F&I can confirm.

78

Youā€™re probably not 19 and have good credit depth. Iā€™ve done two leases with BMW FS, no proof of income or employment was provided for either.

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