[pookiemalibu]

Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.

[Bumpinjeep]

I don't remember giving any bank statements or anything to BMWFS for approval. I can't imagine Porsche doing anything like that either.
I would imagine that dealerships that cater to more, let's say, a credit dependent target audience, like domestic dealerships or KIA/Hyundai would require statements if you're going through their financial institutions. I'm sure more people default on those loans rather than higher end dealerships.

[lowside67]

Originally Posted by pookiemalibu

Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.

Wouldn't this just be a good question to ask either the salesperson you worked with, or the rep at PFS they are going to refer you to? Just seems like a very straightforward "A or B" answer that they could answer in 10 seconds versus some speculation on the internet...

-Mark

[pookiemalibu]

Originally Posted by lowside67

Wouldn't this just be a good question to ask either the salesperson you worked with, or the rep at PFS they are going to refer you to? Just seems like a very straightforward "A or B" answer that they could answer in 10 seconds versus some speculation on the internet...

-Mark

Agreed, but I think half the reason we are on these forums is to get outside opinions. People ask for lease help (albeit for BMWFS) all the time, why rely on what a stealership tells you?

[Housekeeping]

Didn’t ask for proof here, although PNC was better

[Arcades]

They don't generally ask or try to verify it, they never did for me.

What PFS and BMWFS all care for generally is not seeing a late payment on your record and good credit rating. So long as you pay everything on time, you are fine.

[gatorfast]

PFS didn't ask for any proof for me. Just ran my credit and that was it.

[FC4]

They won't. Regardless, this can only go one of two ways:

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
*complete process*

Or...

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
"We're gonna need to verify income."
"Oh, ok. But I read on the internet that you wouldn't."
"Huh?"
"Ok, hold on. I need to call my dad."

[Foggins]

Just ran my credit like any normal credit app, smooth sailing...was a couple of years ago but assuming it is the same. Now I wasn't buying a $300k Porsche though

[Darth One]

I've always been kinda surprised that auto lenders all don't ask for income verification, since that info isn't in the credit reports and they have no other way of knowing.

OP I respect your curiosity in starting the thread, but of course all this is easily solved by bringing your W2's when you go to sign the deal

[TheBingoBalls]

Originally Posted by Darth One

I've always been kinda surprised that auto lenders all don't ask for income verification, since that info isn't in the credit reports and they have no other way of knowing.

OP I respect your curiosity in starting the thread, but of course all this is easily solved by bringing your W2's when you go to sign the deal

Is the question why doesn't BMWFS always do it just as standard procedure or to what degree do they ask for it?

BMWFS does and quite often. Not saying that majority of clients are asked for income verification, but based on your credit or lack thereof, BMWFS will request it - usually 4-6 months along with some sort of written letter.

But if you have ever leased or financed a vehicle through BMWFS prior and never missed a payment or account was in good standing, that will almost always be a system approval assuming your income has not changed.

I would say BMWFS (at least the Canadian arm) is actually pretty good with credit risk (analysis). When you see enough credit applications and see the outcome and see what FS requires, they really do analyze each client and not just passively.

[SteveinArizona]

Originally Posted by Darth One

I've always been kinda surprised that auto lenders all don't ask for income verification, since that info isn't in the credit reports and they have no other way of knowing.

OP I respect your curiosity in starting the thread, but of course all this is easily solved by bringing your W2's when you go to sign the deal

sort of what happened in the US with mortgages. When I bought my house more than 30 years ago, I had to put down 20% and prove my income. Now neither is often required.

[Flacht3]

YMMV - maybe you've got a sweet deal on the table but usually Porsche FS is not nearly as generous as BMW FS when it comes to terms and incentives. I would be sure you shop around and understand options before pulling the trigger (i.e. a car loan from the bank or CU...not saying don't buy the Porsche )

[F32Fleet]

Originally Posted by FC4

They won't. Regardless, this can only go one of two ways:

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
*complete process*

Or...

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
"We're gonna need to verify income."
"Oh, ok. But I read on the internet that you wouldn't."
"Huh?"
"Ok, hold on. I need to call my dad."

Porsche has 75 yr old salespeople?

[pookiemalibu]

So to add to this thread. Mrs. Malibu ended up going with a Porsche at MSRP about a year ago. Although she wanted a 911, the wait time was too long (especially since we wanted European Delivery) and with two kids -- we only had a 6 month old when I started the thread -- it just wasn't practical anymore. So we cross shopped the BMW X6M/BMW X3M and the Cayenne S/Macan S (weird cadre I know). She wasn't a fan of the X3M styling, and the X6M and (to nearly the same extent) the Cayenne were just as much tank and fighter jet as my X5MC. The Macan S was the sweet spot. As a side note, she had to get a tire replaced and an oil change a few weeks ago and they gave her a base Macan as a loaner...YIKES...the get-up-and-go got up and went in the base vs. the S. It's definitely more sports car than SUV.

Ended up getting an allocation from an Orlando area dealer with relative ease. Got our Order # around Labor Day and the car was on the ground at the dealer on Black Friday. No income verification. Just usual credit check. Interest rates on their leases are SKY-F*CKING-HIGH. But she loves "Porschie" and it's the perfect car for her 5'2" frame. Completely smooth sailing. Not quite a BMW experience, but not far off.

Also, I explained to the CA/SA in advance our tax situation and how income flows through our household and he worked it out in the finance office. Happy spouse, happy house and our house is happy one year in...

[chassis]

Originally Posted by pookiemalibu

Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.

Are you familiar with rennlist? Try asking there, the audience is far more qualified than on a BMW site.

[dgoldenz]

Originally Posted by pookiemalibu

So to add to this thread. Mrs. Malibu ended up going with a Porsche at MSRP about a year ago. Although she wanted a 911, the wait time was too long (especially since we wanted European Delivery) and with two kids -- we only had a 6 month old when I started the thread -- it just wasn't practical anymore. So we cross shopped the BMW X6M/BMW X3M and the Cayenne S/Macan S (weird cadre I know). She wasn't a fan of the X3M styling, and the X6M and (to nearly the same extent) the Cayenne were just as much tank and fighter jet as my X5MC. The Macan S was the sweet spot. As a side note, she had to get a tire replaced and an oil change a few weeks ago and they gave her a base Macan as a loaner...YIKES...the get-up-and-go got up and went in the base vs. the S. It's definitely more sports car than SUV.

Ended up getting an allocation from an Orlando area dealer with relative ease. Got our Order # around Labor Day and the car was on the ground at the dealer on Black Friday. No income verification. Just usual credit check. Interest rates on their leases are SKY-F*CKING-HIGH. But she loves "Porschie" and it's the perfect car for her 5'2" frame. Completely smooth sailing. Not quite a BMW experience, but not far off.

Also, I explained to the CA/SA in advance our tax situation and how income flows through our household and he worked it out in the finance office. Happy spouse, happy house and our house is happy one year in...

Porsche has some of the worst leasing programs known to mankind.

[Donatello.]

As long as you have a really good score & no late payments etc, you should be fine.

I can go out & buy a bunch of cars I cannot afford right now & the dealers would not ask for proof. It is quite puzzling at times.

[x622]

I have a really good score, excellent payment history, and a diverse portfolio. They still want to do proof of income on me even though I have massive credit lines and substantially larger loans that have been paid in full.

Last time I tried to do this on a 992 TTS, they wanted to do a colonoscopy and examine every k1, every one of my entities etc, to which I told them to piss off.

[dgoldenz]

Originally Posted by x622

I have a really good score, excellent payment history, and a diverse portfolio. They still want to do proof of income on me even though I have massive credit lines and substantially larger loans that have been paid in full.

Last time I tried to do this on a 992 TTS, they wanted to do a colonoscopy and examine every k1, every one of my entities etc, to which I told them to piss off.

Yeah they should just loan you $200k without checking your debt to income ratio.

[x622]

Originally Posted by dgoldenz

Yeah they should just loan you $200k without checking your debt to income ratio.

Yeah you don't get it. This was a company deal with corp tax returns and me as a PG.

[dgoldenz]

Originally Posted by x622

Yeah you don't get it. This was a company deal with corp tax returns and me as a PG.

What don't I get? They wanted proof of your income. Banks have become much tighter on lending and debt-to-income ratios. You are dealing with presumably a six-figure loan or close to it. Of course they are going to want documentation of your income instead of just the company. The company could dissolve tomorrow or file for bankruptcy to protect its owners and then they are stuck with nothing. .