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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Proof of Income



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      08-27-2009, 05:44 PM   #1
shadyx1
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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, 06:17 PM   #2
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Quote:
Originally Posted by shadyx1 View Post
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?
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      08-27-2009, 06:22 PM   #3
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Quote:
Originally Posted by shadyx1 View Post
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
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      08-27-2009, 06:39 PM   #4
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um..... its interesting, from my car purchasing experiences, no dealers asked for my prove of income or paystud.
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      08-27-2009, 07:10 PM   #5
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um..... its interesting, from my car purchasing experiences, no dealers asked for my prove of income or paystud.
all depends on your credit profile.
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      08-27-2009, 09:22 PM   #6
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bmw did not ask for paystubs or any proof that I was even employed
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      08-27-2009, 09:33 PM   #7
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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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      08-27-2009, 11:13 PM   #8
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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.
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      08-28-2009, 05:03 PM   #9
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Originally Posted by 335fourdoor View Post
all depends on your credit profile.
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      08-29-2009, 04:13 PM   #10
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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, 04:58 PM   #11
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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, 05:03 PM   #12
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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, 05:14 PM   #13
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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, 09:48 AM   #14
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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, 11:02 AM   #15
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those aren't the only reasons for POI
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      09-04-2009, 11:40 AM   #16
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I never presented a pay stub or proof of employment. I told them where i worked and how much I made, nothing else.
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      09-04-2009, 11:04 PM   #17
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all depends on your credit check.
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      12-01-2021, 10:12 AM   #18
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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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