Lease approval - self employed
01-18-2016, 02:14 PM
#1
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Prospective GLC purchaser
Lease approval - self employed
Hi guys,
I know you must get a million of these threads so let's add mine to the pile.
I'm interested in leasing the 2016 GLC - MSRP of about 55k here in Canada.
Here's the part I'm a bit nervous about while I'm preparing to get the process started: I'm newly self-employed and my income can vary monthly. Since I only have about 6 months of earnings at this level I don't have an income tax return that will represent my income accurately.
How does MB verify income (if they do at all)? Will this be a big hiccup in my approval? Do they accept bank statements or letters from the companies I contract for?
Based on my lowest months income and highest my annual salary is somewhere in the range of $72,000-$96,000.
Credit info:
Credit score: 781 - no auto financing history so not sure what it will adjust down to when they pull it.
Revolving credit utilization: 13%
No delinquencies, late payments, etc. in the 9 years I've had credit.
I do have about 30k in student loans with a monthly payment of $305 that I have just begun paying back.
Am I working myself up over nothing? I know MB is a luxury company so I'm assuming they will be more stringent in their assessment, especially considering I want to lease which I know is a bit tougher.
Thanks for any insight!
I know you must get a million of these threads so let's add mine to the pile.
I'm interested in leasing the 2016 GLC - MSRP of about 55k here in Canada.
Here's the part I'm a bit nervous about while I'm preparing to get the process started: I'm newly self-employed and my income can vary monthly. Since I only have about 6 months of earnings at this level I don't have an income tax return that will represent my income accurately.
How does MB verify income (if they do at all)? Will this be a big hiccup in my approval? Do they accept bank statements or letters from the companies I contract for?
Based on my lowest months income and highest my annual salary is somewhere in the range of $72,000-$96,000.
Credit info:
Credit score: 781 - no auto financing history so not sure what it will adjust down to when they pull it.
Revolving credit utilization: 13%
No delinquencies, late payments, etc. in the 9 years I've had credit.
I do have about 30k in student loans with a monthly payment of $305 that I have just begun paying back.
Am I working myself up over nothing? I know MB is a luxury company so I'm assuming they will be more stringent in their assessment, especially considering I want to lease which I know is a bit tougher.
Thanks for any insight!
03-11-2016, 01:36 AM
#2
What type of business usage ?? (legitimacy factor)
Your accountant can give good advice also on this. Not so much for your quesiton about the dealer but not raising flags with it come tax time. BTDT
Your accountant can give good advice also on this. Not so much for your quesiton about the dealer but not raising flags with it come tax time. BTDT
04-16-2016, 01:43 PM
#3
Super Member
with a 781 i doubt they would verify.
if you need to its usually check stub or income tax return.
when we got my wife her first car, she had good credit but nothing large like a car. We wanted to put it in her name for her credit. We bs'd some on the application, and they wanted paycheck stubs, we Photoshoped them and all was approved.
if you need to its usually check stub or income tax return.
when we got my wife her first car, she had good credit but nothing large like a car. We wanted to put it in her name for her credit. We bs'd some on the application, and they wanted paycheck stubs, we Photoshoped them and all was approved.
05-12-2016, 10:52 PM
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2016 G63 AMG
whatever you do, dont put self employed on the app, put your business name and your title as whatever your title is. Your high score should avoid having to prove income, but the lack of auto credit they may ask, especially if you put self employed on the app
