BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Go Back   7Post - 7 Series Forum > BIMMERPOST Universal Forums > General Automotive (non-BMW) Talk + Photos/Videos

Post Reply
 
Thread Tools Search this Thread
      11-20-2023, 04:40 PM   #23
dgoldenz
Lieutenant Colonel
1879
Rep
1,766
Posts

Drives: Vanquish, FF, 392 Wrangler
Join Date: Apr 2010
Location: Las Vegas

iTrader: (1)

Quote:
Originally Posted by x622 View Post
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. .
Appreciate 3
RM72889.50
chris7197331.50
Donatello.1074.00
      11-20-2023, 08:38 PM   #24
Donatello.
How's My Driving?
Donatello.'s Avatar
1074
Rep
983
Posts

Drives: Hellcat & Miata
Join Date: Apr 2020
Location: US

iTrader: (0)

Quote:
Originally Posted by x622 View Post
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.
Wow, really? They clearly don't want to sell cars, damn.
__________________
2018 Charger Hellcat
2019 Miata 30th Anniversary
2021 CX-5 Signature
2009 Mazda6
Appreciate 0
      11-20-2023, 11:14 PM   #25
x622
Forced Induction Connoisseur
x622's Avatar
950
Rep
728
Posts

Drives: 23 X5MC / 23 720s
Join Date: Aug 2020
Location: AZ

iTrader: (0)

Garage List
2024 G87 M2  [0.00]
2023 Mclaren 720s  [0.00]
2005 Honda S2000  [0.00]
2008 BMW M3  [0.00]
2023 BMW X5MC  [0.00]
1964 Ford Mustang  [0.00]
1968 Pontiac GTO  [0.00]
Quote:
Originally Posted by dgoldenz View Post
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. .
No sir, it's my business and the documentation shows that. The business I wanted to attach this car has been established for 20 years, has spotless payment history on tradelines up to and including a BMWFS tradeline that was 5x this PFS amount. In addition, I already provided via 3rd party CPA my PNL as well as a 90 balance sheet. I've purchased and paid off other Porsche vehicles. My personal credit is spotless, my DTI impeccable, and multiple equivalent or substantially higher tradelines paid in full and on time. I have and am approved for higher amounts through Lamborghini (Urus Performante S) which is also VAG/PFS.


Honestly, I don't even think it's PFS, I think it's that the finance manager doesn't do his job to make sure things just go smoothly.
__________________
Oy vey, look at all these shekels
Appreciate 0
      11-21-2023, 12:46 AM   #26
G35POPPEDMYCHERRY
Banned
G35POPPEDMYCHERRY's Avatar
No_Country
4995
Rep
4,139
Posts

Drives: F80
Join Date: Dec 2015
Location: Philadelphia

iTrader: (1)

i mean honestly, you will provide whatever they ask for...It is in the dealerships best interest to finance in house....likely best overall compensation for manufacture financing save a predatory auto loan, which likely isn't found at a porche dealership...

I can see plenty of BS occuring from a stealership but getting you approved is one thing they are foaming to get done, and would get done with an I.O.U if any bank would accept that in lieu of a credit check
Appreciate 0
      11-21-2023, 08:09 PM   #27
Donatello.
How's My Driving?
Donatello.'s Avatar
1074
Rep
983
Posts

Drives: Hellcat & Miata
Join Date: Apr 2020
Location: US

iTrader: (0)

Quote:
Originally Posted by x622 View Post
No sir, it's my business and the documentation shows that. The business I wanted to attach this car has been established for 20 years, has spotless payment history on tradelines up to and including a BMWFS tradeline that was 5x this PFS amount. In addition, I already provided via 3rd party CPA my PNL as well as a 90 balance sheet. I've purchased and paid off other Porsche vehicles. My personal credit is spotless, my DTI impeccable, and multiple equivalent or substantially higher tradelines paid in full and on time. I have and am approved for higher amounts through Lamborghini (Urus Performante S) which is also VAG/PFS.


Honestly, I don't even think it's PFS, I think it's that the finance manager doesn't do his job to make sure things just go smoothly.
Any business can still go under tomorrow. Does not matter how long it has been in business
__________________
2018 Charger Hellcat
2019 Miata 30th Anniversary
2021 CX-5 Signature
2009 Mazda6
Appreciate 0
      11-21-2023, 08:20 PM   #28
c1pher
Primo Generalissimo
c1pher's Avatar
United_States
4661
Rep
4,021
Posts

Drives: All of them
Join Date: Jun 2009
Location: DC area

iTrader: (0)

Garage List
I’ve had two loans with PFS and no issues. Very easy to work with. When I got my Targa, BoA wanted proof of income to include my last tax return. I was able to go with PenFed instead and they loaned me the same amount of money at a lower rate no issue.
Appreciate 0
      11-21-2023, 08:21 PM   #29
dgoldenz
Lieutenant Colonel
1879
Rep
1,766
Posts

Drives: Vanquish, FF, 392 Wrangler
Join Date: Apr 2010
Location: Las Vegas

iTrader: (1)

Quote:
Originally Posted by x622 View Post
No sir, it's my business and the documentation shows that. The business I wanted to attach this car has been established for 20 years, has spotless payment history on tradelines up to and including a BMWFS tradeline that was 5x this PFS amount. In addition, I already provided via 3rd party CPA my PNL as well as a 90 balance sheet. I've purchased and paid off other Porsche vehicles. My personal credit is spotless, my DTI impeccable, and multiple equivalent or substantially higher tradelines paid in full and on time. I have and am approved for higher amounts through Lamborghini (Urus Performante S) which is also VAG/PFS.


Honestly, I don't even think it's PFS, I think it's that the finance manager doesn't do his job to make sure things just go smoothly.
If you already have these lines of credit approved elsewhere that is probably why they want to see your income because they are concerned about debt to income ratio. I donít see why itís unusual for them to want your tax returns when youíre asking for a large loan amount. My bank put me through the wringer just to get a $25k HELOC increase when I already had an existing six figure credit line. Thatís how it goes when the lending market is bad.
Appreciate 0
      11-22-2023, 08:45 PM   #30
x622
Forced Induction Connoisseur
x622's Avatar
950
Rep
728
Posts

Drives: 23 X5MC / 23 720s
Join Date: Aug 2020
Location: AZ

iTrader: (0)

Garage List
2024 G87 M2  [0.00]
2023 Mclaren 720s  [0.00]
2005 Honda S2000  [0.00]
2008 BMW M3  [0.00]
2023 BMW X5MC  [0.00]
1964 Ford Mustang  [0.00]
1968 Pontiac GTO  [0.00]
Quote:
Originally Posted by dgoldenz View Post
If you already have these lines of credit approved elsewhere that is probably why they want to see your income because they are concerned about debt to income ratio. I donít see why itís unusual for them to want your tax returns when youíre asking for a large loan amount. My bank put me through the wringer just to get a $25k HELOC increase when I already had an existing six figure credit line. Thatís how it goes when the lending market is bad.
Actually, it was so comical that even a one pay lease still requires a tax return.

A one pay is $165k up front on a 220k car.

Get real.
__________________
Oy vey, look at all these shekels
Appreciate 0
      11-22-2023, 09:16 PM   #31
dgoldenz
Lieutenant Colonel
1879
Rep
1,766
Posts

Drives: Vanquish, FF, 392 Wrangler
Join Date: Apr 2010
Location: Las Vegas

iTrader: (1)

Quote:
Originally Posted by x622 View Post
Actually, it was so comical that even a one pay lease still requires a tax return.

A one pay is $165k up front on a 220k car.

Get real.
That doesnít make sense unless youíre financing the one pay lease. Why would they need your taxes if youíre paying cash up front on the entire amount? Youíd also have to be stone cold retarded to pay $165k to lease a $220k Porsche lol
Appreciate 0
      11-22-2023, 10:31 PM   #32
x622
Forced Induction Connoisseur
x622's Avatar
950
Rep
728
Posts

Drives: 23 X5MC / 23 720s
Join Date: Aug 2020
Location: AZ

iTrader: (0)

Garage List
2024 G87 M2  [0.00]
2023 Mclaren 720s  [0.00]
2005 Honda S2000  [0.00]
2008 BMW M3  [0.00]
2023 BMW X5MC  [0.00]
1964 Ford Mustang  [0.00]
1968 Pontiac GTO  [0.00]
Quote:
Originally Posted by dgoldenz View Post
That doesnít make sense unless youíre financing the one pay lease. Why would they need your taxes if youíre paying cash up front on the entire amount? Youíd also have to be stone cold retarded to pay $165k to lease a $220k Porsche lol
Q4 tax writeoff. I have to burn cash otherwise it goes to daddy biden.
__________________
Oy vey, look at all these shekels
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 05:34 PM.




7post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST