Car dealership wants my Tax Returns... why?

Recently I financed a vehicle, they said the bank approved the deal... now the dealership is calling me up asking me for even more pay stubs and tax returns... why would they need this if I had already been approved?

Car dealership wants my Tax Returns... why?

Maybe they just TOLD you the loan was approved. Sounds sorta fishy to me. If you already signed the paperwork re:the loan and repayment, then screw em! Or better yet, if its been 3 days or less, renig on the deal...they sound sorta shady to me. Word of advice: Check out the interest rate and repayment penalties - sounds like theyre trying to get over. They already know your income, so theres no reason to want to see more pay stubs. And they definitely dont need to see your confidential tax returns. All they need to know is your monthly income, and thats what the LATEST pay stub is for. They can verify your length of employment via your workplace. Its none of their business to see any more than your last stub. And one last thing: The car dealer doesnt need to see any of your info anyway. Your loan is with the finance company, not the dealership!

Car dealership wants my Tax Returns... why?

Sounds like your loan wasn%26#039;t approved. They are struggling to get someone to fund your loan. Go to a credit union and see if you can refi through them. Dealerships always use shady banks.

Car dealership wants my Tax Returns... why?

I%26#039;ve never been asked for paystubs or tax returns. The credit report should be sufficient. I would not do business with them.

Car dealership wants my Tax Returns... why?

because they%26#039;re sheisty ...go to another car dealership.

Car dealership wants my Tax Returns... why?

They don%26#039;t they are being nosey, it%26#039;s between you and the finance company now,not you and the dealer.

Car dealership wants my Tax Returns... why?

Haha no clue dude but ive neva heard of sutch a thing

Car dealership wants my Tax Returns... why?

Probably to find out how much you make in a year to determine if they giev you a deal, how much to finance your car reasons along that line.But if I were you use a permanent marker and mark out your social security number until they approve you or you actuall go to buy the car.

Car dealership wants my Tax Returns... why?

Say screw them... My friend played this game... She had the car for a few months and they were asking for more stuff... her husband was in iraq and he couldn%26#039;t sign any more paperwork and they tried to take her car!!!!!

They will do ANYTHING to get you into a car... 99% of the time they lie and screw up your credit, check it in a month or so at free credit report.com. Tell them if they want more paperwork come get the car and you want all your $$ back... You can buy a car at (competive dealership) for less hastle. Tell them they can wait to hear from your lawyer about paper forgerary and fraud!

Car dealership wants my Tax Returns... why?

What they want to do is see what your actual to date %26#039;%26#039;debt to income%26#039;%26#039; ratio is and to do that they need to see your last tax returns and more pay stubs.not to worry, thats nothing out of the usual.

Car dealership wants my Tax Returns... why?

What that phrase probably means is that the bank has agreed to finance the amount you asked for on that particular car, not that they approved you as the borrower. So now, they need your financial information to assess you as a borrower. Maybe you had several jobs over a short period of time so they want to assure themselves that you have a relatively steady income.

Car dealership wants my Tax Returns... why?

I see there is a lot of guess work going on here. The correct answer is that you were approved pending final verification from the lender. If I were to guess, I am assuming you do not receive a W2 and in a field that is considered self employed, and the dealership had to use a lender that required proof of income. The lender has received the contract and is now requiring further verification. If you are self employed or in a field where you do not receive a W2 or possibly even commissioned, the lender is attempting to put together a pattern over the last year or two to determine your average monthly income. Most of these lenders will only allow 20% payment to income at best, and if you are pushing the payment, they can decline or condition the deal after you have signed the contract. The dealer is merely doing what is requested of them to get the deal funded. Other than that, the dealer could care less what you make or what you have as long as the deal funds. Email me if you have further questions or specifics I can help.

Car dealership wants my Tax Returns... why?

Sounds like your were approved subject to verification of income. The lender just wants to make sure that you can afford the payment offered.

For people with less then perfect credit or little to no-credit, lenders will often ask for proof of income (including tax returns for previous year), six-ten references, proof of residence (I.E; a utility bill or land-line phone bill) and in some cases, proof of a bank account.

Dont be offended. The lender is just watching out for your budget and their investment in you. And just so you know, the dealer is trying to pull a fast on on you. All they are doing is asking you for the final bits of information to fund your contract. The dealer is still paying interest on your car until the lender funds the contract. The dealer wants to be paid for the car as much as you want to secure the loan. They dont get paid until the check is in the bank.

Car dealership wants my Tax Returns... why?

Are you sure you were approved?? if you have paper work from the loan call up your bank to make sure nothing has happened also call the dealership and ask them why they need more stuff from you... it seems a little fishy