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Mortgage loans and car loans in America also ask for your W-2 or proof of that said income. Can't prove it, they won't let you use your claimed income as basis

Mortgage loans and car loans in America also ask for your W-2 or proof of that said income. Can't prove it, they won't let you use your claimed income as basis for loan approvals.

bitexploder 5mo ago
I never had to supply a W-2 for a vehicle loan. Just my SSN. I almost always get unsecured loans too. They just dump money into your bank account and say "please buy a car with this" and you keep the title. For a mortgage you do have to validate your income. The work around is to just buy your house in cash, I guess (sigh). So I guess mortgage loans leave you open there, but those happen less frequently and may not be good map of income level on a shorter period. Once in a while they want to see a bank statement or two showing actually paycheck deposits, but I only ever saw that on a mortgage. Once for the car loan they asked to see a balance or two via bank statement. So I showed them a bank account sitting around the $$ for the vehicle loan. I tend to just avoid loans if at all possible now though.
- jjtheblunt 5mo ago
  > They just dump money into your bank account and say "please buy a car with this" and you keep the title. where is this? you don't have or keep the title until the bank sees you paid off the loan, in every instance i've seen.
  - elephanlemon 5mo ago
    An unsecured loan just a straight cash loan. In my experience the interest rates are usually a fair bit higher than a vehicle loan, and I would assume the maximum amount is generally quite a bit lower.
    - jjtheblunt 5mo ago
      Ahhh, like if you were to put your new VW on your Visa card entirely. That might work: you'd have bought the car, from the point of view of VW and your DMV, so the DMV sends you the title, not Visa.
    - bitexploder 5mo ago
      In my experience it really depends. You are still contractually and legally obligated to purchase a vehicle in many of these setups, they just don't follow up or enforce it directly in most cases. Loan rates are nothing like unsecured personal loan rates. Probably higher than best auto loan rates. With rates being what they are it may not make as much sense to use an unsecured loan at this point, but when rates are low the cost was negligible and the convenience worth it.
  - AndroidKitKat 5mo ago
    In Maryland I received my car's title, but it just shows the lien holder's information on it. I've never bought a car in any other state so my information is limited. Is this different from what you mean?
    - jjtheblunt 5mo ago
      i'm pretty sure that in Arizona, and i think in California, they DMV sends the title updated to show the original holder (like BMW Financial Services, Subaru Financial Services, or whatever) has been payed completely, and the person is then shown as the title holder.
thayne 5mo ago
I've even had to prove my salary when applying for apartments. No loan involved. The first time that happened I didn't have a w-2 yet, so they called my employer to check.

Mortgage loans and car loans in America also ask for your W-2 or proof of that said income. Can't prove it, they won't let you use your claimed income as basis for loan approvals.

bitexploder 5mo ago

I never had to supply a W-2 for a vehicle loan. Just my SSN. I almost always get unsecured loans too. They just dump money into your bank account and say "please buy a car with this" and you keep the title. For a mortgage you do have to validate your income. The work around is to just buy your house in cash, I guess (sigh). So I guess mortgage loans leave you open there, but those happen less frequently and may not be good map of income level on a shorter period. Once in a while they want to see a bank statement or two showing actually paycheck deposits, but I only ever saw that on a mortgage. Once for the car loan they asked to see a balance or two via bank statement. So I showed them a bank account sitting around the $$ for the vehicle loan. I tend to just avoid loans if at all possible now though.

jjtheblunt 5mo ago
> They just dump money into your bank account and say "please buy a car with this" and you keep the title. where is this? you don't have or keep the title until the bank sees you paid off the loan, in every instance i've seen.
- elephanlemon 5mo ago
  An unsecured loan just a straight cash loan. In my experience the interest rates are usually a fair bit higher than a vehicle loan, and I would assume the maximum amount is generally quite a bit lower.
  - jjtheblunt 5mo ago
    Ahhh, like if you were to put your new VW on your Visa card entirely. That might work: you'd have bought the car, from the point of view of VW and your DMV, so the DMV sends you the title, not Visa.
  - bitexploder 5mo ago
    In my experience it really depends. You are still contractually and legally obligated to purchase a vehicle in many of these setups, they just don't follow up or enforce it directly in most cases. Loan rates are nothing like unsecured personal loan rates. Probably higher than best auto loan rates. With rates being what they are it may not make as much sense to use an unsecured loan at this point, but when rates are low the cost was negligible and the convenience worth it.
- AndroidKitKat 5mo ago
  In Maryland I received my car's title, but it just shows the lien holder's information on it. I've never bought a car in any other state so my information is limited. Is this different from what you mean?
  - jjtheblunt 5mo ago
    i'm pretty sure that in Arizona, and i think in California, they DMV sends the title updated to show the original holder (like BMW Financial Services, Subaru Financial Services, or whatever) has been payed completely, and the person is then shown as the title holder.

thayne 5mo ago

I've even had to prove my salary when applying for apartments. No loan involved. The first time that happened I didn't have a w-2 yet, so they called my employer to check.