Car Salesmen - Dealership owner

[Jade Green]

Being a provider, it can often be difficult to have a legitimate proof of income. I need help obtaining the car I desire, not necessarily financially, but credibility wise. I have the down payment, but I have little to no credit, and no pay stubs of course. I am looking to sign and drive in the greater Houston area and I am trying to get a 2009 Dodge Challenger.

[Happy247]

Yeah they generally need check stubs. Perhaps try an "In House Finance" dealer. Can you get anyone to co-sign with you? that would help solve your problem.

[Chica Chaser]

You should be able to use the Schedule C from your taxes as proof of income.
Any bank will accept that and be used as proof of income for a loan. Apartment complexes too.

[haya1300]

If you are able to put close to 50% down on the car....NOT to exceed $10,000 cash, you will be in a much better position of getting financed....this puts a lot of the equity of the cars value in your hands, minimal risk to a lender.

I have worked in the auto industry for 18 years, so this is first hand knowledge....

[atlcomedy]

Originally Posted by Chica Chaser

You should be able to use the Schedule C from your taxes as proof of income.
Any bank will accept that and be used as proof of income for a loan. Apartment complexes too.

That would of course involve reporting and paying taxes on said income

[one1one]

i personally know of a place that might be able to help you out. its a dealership on the northside of town. PM if youre still interested.

[smokeybear79]

Originally Posted by haya1300

If you are able to put close to 50% down on the car....NOT to exceed $10,000 cash, you will be in a much better position of getting financed....this puts a lot of the equity of the cars value in your hands, minimal risk to a lender.

I have worked in the auto industry for 18 years, so this is first hand knowledge....

Why not exceed $10,000?

[wreckshop]

As long as you're depositing your earnings consistently into a bank account for a good 3 month time period, you're fairly in the market to obtain a car w/o tax paper work or check stubs.. and of course have a down payment at minimum near 25% of the vehicle's value.

Like I told another provider, make up some random business that you do. Claim you have a beauty boutique. Claim you have a private hair salon in your home. Open up a business checking dba account at the bank it costs you little to nothing.

Let that be the account where you deposit your thousands of dollars at once. Let it show on bank statements. Bank Statements can earn you a car w/o needing check stubs.

Also, if you search hard enough on craigslist you may find someone who's good at creating check stubs and tax papers.

[Yoda99]

Wreckshop is correct.... If you are running your money thru a bank account, that's all you need.... If not, open a bank account and deposit everything for the next 90 days. You can pull the money right back out if you wish... This simply creates a track record and all loan companies will accept that as proof of income. They typically total the deposits for the 90 days and divide by 3, to determine a monthly income. That's why it's important to deposit as much as possible.

[haya1300]

Originally Posted by smokeybear79

Why not exceed $10,000?

Anything above $10,000 cash down payment requires a dealership to fill out specific paperwork for the IRS. Now if a check is written, you can write it for whatever amount you want since there is a paper trail of deposits to account for the money....My comment is STRICTLY referring to cash exceeding 10K

[nuemale]

I recommend you to visit your bank or credit union first. See what they are willing to finance. Credit unions usually have the best finance rates.

If you don't have an account with a credit union, get one. It should be fairly easy.

Coming with a large sum of cash and letting the dealership know that you have "difficult" access to credit will mean that you will drive off in an overpriced vehicle.

Check nadaguides for fair pricing of a vehicle in your area. Just search for "nadaguides" in google. Kbb prices are usually overpriced versus what the bank is actually willing to finance.

Good luck

[Amy Shae]

you can even open a bluebird account wal mart that you can deposit up to 999 a day into and up to 100k a year and it has checks.

[Gotyour6]

Well,
You could file a return and pay taxes like everyone else.

Then you can show proof of income.

Amazing how you life the life till you want to live the life.

[JRLawrence]

Originally Posted by atlcomedy

That would of course involve reporting and paying taxes on said income

On the positive side: if you are filing a schedule C, you may also subtract your expenses from your income. This includes auto expenses, or mileage. If you take the mileage root you must keep a log book showing what expenses are personal vs. business. A log of all your income and expenses is recommended. You may list hotel charges, but entertainment expenses, such as meals, are only deductible at 50% of the cost.

Don't worry about listing an occupation, entertainer will do, because Uncle Sam just wants his money.

Be sure to make it believable by matching acceptable expenses against income. Too many expenses against income raises a red flag.

The IRS assumes that cash business, such as a barber shop, will try to hide a certain amount of income. So be reasonable because no declaration of income is a big red flag.

JR

[JRLawrence]

Originally Posted by wreckshop

....... Open up a business checking dba account at the bank it costs you little to nothing.
......

Register the DBA with the Secretary of State. This is usually called a fictions name. It cost little to do this, you can do it yourself on line in most states.

Use the DBA name on the bank account, credit cards you pay with the DBA account, and on your tax return schedule C showing all of your income and expenses.

You are in business. Print up come business cards. If you come to Kansas City, I will be your first customer.

JR