2007-03-18 09:25:11 · 11 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Yes, it proves your income and place of residence.
Be careful with the interest rate that they offer you, though. Some companies will finance ANYONE but they will charge so much interest that you will end up paying for the car three or four times over. Read everything that they give you, and ask questions before signing anything!
2007-03-18 09:32:27 · answer #1 · answered by Anonymous · 2⤊ 2⤋
No. I've never once had a customer provide copies of pay stubs or bills. All you need to purchase or finance a car - copy of driver's license, proof of insurance, credit application (asks monthly income, not provide supporting documents), purchase and sales agreement (form that details cost of the car, as well as any info on a car you may be trading in), and that's about it. There are more forms once you go into the finance office, but everything has been approved by that point, and those forms are to finalize the transactions.
Even if you have bad credit, you shouldn't be asked to provide pay stubs and all of that. The most intrusive part of the process is filling out a credit application, which should be done in a secure area anyway, and mostly serves the purpose of providing an approval for the dealership to run your credit to see how you qualify.
2007-03-18 09:47:05 · answer #2 · answered by Ryan K 2 · 1⤊ 3⤋
Ryan K: Are you sure that you are a manager at a CAR dealership ? Anyone that has to be financed through a sub prime bank because of bad credit or no credit is required to produce proof of income and proof of residence. It is the bank's policy and not the dealerships.
2007-03-19 12:31:03 · answer #3 · answered by rp 4 · 1⤊ 0⤋
Usually when you have bad credit, no credit or you are approaching the limit of where they can finance you, I find they ask for these things... Usually the lenders want proof of residency and proof of employment to make sure you are working and not a scammer whos looking to pick up a car and leave them red handed...
2007-03-18 15:08:48 · answer #4 · answered by gearbox 7 · 0⤊ 1⤋
It is if the bank requires it. Sounds to me that the bank financing your vehicle has requested proof of income, and proof of residence. Most subprime banks do require that along with a min. of 5 references. So the answer to your question is YES that's normal.
2007-03-19 11:54:44 · answer #5 · answered by Rhettski 4 · 1⤊ 0⤋
Usually when the buyer has a lower credit score, the bank needs proof of residence and proof of income, so yes it's legit.
2007-03-18 16:19:59 · answer #6 · answered by justcurious 6 · 1⤊ 1⤋
Sounds like you are at one of the sleazy "buy here pay here" lots that doesn't run a credit check, and they are looking for proof of employment and residency.
2007-03-18 09:59:27 · answer #7 · answered by oklatom 7 · 0⤊ 2⤋
um im not realy to sure because i dont have a car yet just a motercycle permit but i havent bought any bike yet, but i doubt it is normal for him to ask those questions. not to sure what thats gota do with carbuying though.
2007-03-18 11:42:14 · answer #8 · answered by Brittany J 1 · 0⤊ 1⤋
I see a lot of red flags here. My experience with car salesmen have always been negative. I only buy used cars form individuals.
2007-03-18 09:30:23 · answer #9 · answered by Anonymous · 0⤊ 3⤋
only if you're looking to get approved...and they think you have shaky credit.
2007-03-18 12:52:54 · answer #10 · answered by Melissa T 3 · 0⤊ 1⤋