Proof of Income

shadyx1 · 08-27-2009, 06:44 PM

When BMW Financial asks for proof of income, what exactly is there process?
I have been told they just ask for a pay stub, but I have also been told they actually call the company and verify (which i thought companies arent allowed to release that information), and lastly, I have also been told they dont do either. Don't know what to believe. Anyone have any answers for me either based on previous (recent) experience? Thanks in advance.

rambalu80 · 08-27-2009, 07:17 PM

Quote:

Originally Posted by shadyx1

When BMW Financial asks for proof of income, what exactly is there process?
I have been told they just ask for a pay stub, but I have also been told they actually call the company and verify (which i thought companies arent allowed to release that information), and lastly, I have also been told they dont do either. Don't know what to believe. Anyone have any answers for me either based on previous (recent) experience? Thanks in advance.

I don't have any experience dealing with BMWFS for a loan. From my experience with car loans, I've been asked for at least 3 recent pay stubs and/or an employment verification letter. If you have a job and are receiving pay stubs, whats the problem?

335fourdoor · 08-27-2009, 07:22 PM

Quote:

Originally Posted by shadyx1

When BMW Financial asks for proof of income, what exactly is there process?
I have been told they just ask for a pay stub, but I have also been told they actually call the company and verify (which i thought companies arent allowed to release that information), and lastly, I have also been told they dont do either. Don't know what to believe. Anyone have any answers for me either based on previous (recent) experience? Thanks in advance.

if and when they call your employer,the only thing they'll be able to get is your current status with the company(employed now and how long).on paystub they need your most recent as it'll have year-to-date figures.GL

lawwailok · 08-27-2009, 07:39 PM

um..... its interesting, from my car purchasing experiences, no dealers asked for my prove of income or paystud.

335fourdoor · 08-27-2009, 08:10 PM

Quote:

Originally Posted by lawwailok

um..... its interesting, from my car purchasing experiences, no dealers asked for my prove of income or paystud.

all depends on your credit profile.

jcarlucci1 · 08-27-2009, 10:22 PM

bmw did not ask for paystubs or any proof that I was even employed

yoiko · 08-27-2009, 10:33 PM

They just did a credit check. No other verification was needed. But that was in July 2008. If your credit is good, they usually don't ask for proof of income. That's what the finance guy told me.

khaye1 · 08-28-2009, 12:13 AM

Quote:

Originally Posted by 335fourdoor

all depends on your credit profile.

exactly right...if your credit is questionable then they ask for paystubs and verify employment, especially now. the reason for this is some people apply for credit knowing that they are gonna get canned within the next couple of weeks or so.

Perfectus · 08-28-2009, 06:03 PM

Quote:

Originally Posted by 335fourdoor

all depends on your credit profile.

+1

Jam BMW · 08-29-2009, 05:13 PM

Depends on your lease / credit history as well, not just the score. My credit score is excellent and I have a nice salary history, but because I didn't have a mortgage or car lease history, they wanted a cosigner (who makes less and has a lower credit score than me) when I leased.

2kaccordocoupe · 08-29-2009, 05:58 PM

Odd... I never presented a pay stub or employment letter. Just a credit check and I was good to go.

caradd · 08-29-2009, 06:03 PM

I've purchased about 6 cars in the last 3 years or so and never had to show proof of income. I do recall their being a spot in the credit application for either rent/mortgage amount.

Sara · 08-29-2009, 06:14 PM

When I purchased my BMW they never asked for proof of income.

I assume they would just need the last 3 recent pay stubs

IrvRobinson · 09-04-2009, 10:48 AM

The reason proof of income is asked for is because the person doesn't have high car credit or doesn't have a mortage.They might also ask for a larger down payment.I had a customer put down 50K on a 63K purchase and they still asked for a job letter since they were a ghost ( very little credit history ).

200Duece · 09-04-2009, 12:02 PM

those aren't the only reasons for POI

kgb1637 · 09-04-2009, 12:40 PM

I never presented a pay stub or proof of employment. I told them where i worked and how much I made, nothing else.

froalskiner · 09-05-2009, 12:04 AM

all depends on your credit check.

mrj1221 · 12-01-2021, 11:12 AM

Hello All, I have been turned away from many banks to obtain home equity loans. Can someone help me find the financing I need?

08-27-2009, 06:44 PM	#1
shadyx1 Registered 8 Rep 3 Posts Drives: hopefully 328 Join Date: Apr 2009 Location: Los Angeles iTrader: (0)	Proof of Income When BMW Financial asks for proof of income, what exactly is there process? I have been told they just ask for a pay stub, but I have also been told they actually call the company and verify (which i thought companies arent allowed to release that information), and lastly, I have also been told they dont do either. Don't know what to believe. Anyone have any answers for me either based on previous (recent) experience? Thanks in advance.
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08-27-2009, 07:39 PM	#4
lawwailok Lieutenant Colonel 151 Rep 1,922 Posts Drives: E90 335i, E70 X5 Join Date: Aug 2009 Location: Sacramento, CA iTrader: (18) Garage List 2007 E90 335i [8.00] 2009 E70 xDrive30i [0.00]	um..... its interesting, from my car purchasing experiences, no dealers asked for my prove of income or paystud. __________________ -eric E90 335i TiAg STOCK see my garage for mod list.. E70 X5 SGM try to stay stock :/
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08-27-2009, 10:22 PM	#6
jcarlucci1 Lieutenant Colonel 68 Rep 1,642 Posts Drives: Jet Black 335i Join Date: Mar 2007 Location: Tampa iTrader: (10)	bmw did not ask for paystubs or any proof that I was even employed
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08-27-2009, 10:33 PM	#7
yoiko First Class 30 Rep 259 Posts Drives: M3 GTS Join Date: Jul 2008 Location: Here iTrader: (0)	They just did a credit check. No other verification was needed. But that was in July 2008. If your credit is good, they usually don't ask for proof of income. That's what the finance guy told me.
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08-29-2009, 05:13 PM	#10
Jam BMW New Member 2 Rep 8 Posts Drives: 09 E92 Le Mans M Sport Join Date: Jun 2009 Location: SoCal iTrader: (0)	Depends on your lease / credit history as well, not just the score. My credit score is excellent and I have a nice salary history, but because I didn't have a mortgage or car lease history, they wanted a cosigner (who makes less and has a lower credit score than me) when I leased.
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08-29-2009, 05:58 PM	#11
2kaccordocoupe Brigadier General 1286 Rep 4,703 Posts Drives: Former ///M Driver Join Date: Nov 2008 Location: The 6ix iTrader: (2)	Odd... I never presented a pay stub or employment letter. Just a credit check and I was good to go.
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08-29-2009, 06:03 PM	#12
caradd () () 10 Rep 436 Posts Drives: 2007 e92 335i 6mt Join Date: Jun 2009 Location: Here iTrader: (3)	I've purchased about 6 cars in the last 3 years or so and never had to show proof of income. I do recall their being a spot in the credit application for either rent/mortgage amount.
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08-29-2009, 06:14 PM	#13
Sara Lieutenant General 5864 Rep 17,879 Posts Drives: A car Join Date: Aug 2007 Location: Nola iTrader: (6)	When I purchased my BMW they never asked for proof of income. I assume they would just need the last 3 recent pay stubs
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09-04-2009, 10:48 AM	#14
IrvRobinson Banned 39 Rep 731 Posts Drives: X3 Join Date: Jul 2006 Location: Chicago iTrader: (0)	The reason proof of income is asked for is because the person doesn't have high car credit or doesn't have a mortage.They might also ask for a larger down payment.I had a customer put down 50K on a 63K purchase and they still asked for a job letter since they were a ghost ( very little credit history ).
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09-04-2009, 12:02 PM	#15
200Duece Colonel 45 Rep 2,575 Posts Drives: '73 2002,'18 X5 35d,'17 328d T Join Date: Jan 2007 Location: A Whale's Vagina, Ca iTrader: (5)	those aren't the only reasons for POI __________________ 1988 E28 535is Euro Conversion --- sold 2009 E90 335 6MT --- sold 2003 E39 540iT Msport --- sold
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09-04-2009, 12:40 PM	#16
kgb1637 Lieutenant Colonel 21 Rep 1,519 Posts Drives: RS5 Join Date: Sep 2008 Location: Baltimore, MD iTrader: (0)	I never presented a pay stub or proof of employment. I told them where i worked and how much I made, nothing else. __________________ Retired - '08 E90 335i Sparkling Graphite/Gray Dakota Leather, ZSP, ZCW, ZPP, Navi, ipod, Sat
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09-05-2009, 12:04 AM	#17
froalskiner Private 1 Rep 81 Posts Drives: 06 330i Join Date: Aug 2009 Location: Camarillo, CA iTrader: (0)	all depends on your credit check.
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12-01-2021, 11:12 AM	#18
mrj1221 Registered 0 Rep 1 Posts Drives: BMW Join Date: Oct 2021 Location: usa iTrader: (0)	the way you can get home loan Hello All, I have been turned away from many banks to obtain home equity loans. Can someone help me find the financing I need?
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