Don't be confused with being approved for a loan and being allowed to drive off with a car.
As I read these responses, I am well aware of the disconnect between Finance Managers at Dealerships not doing a good enough job explaining the major agreement their client are about to enter into with them.
When your dealership (Finance Manager) submits a Credit Application to the Lender (or lenders) on your behalf often what comes back is an Approval (no conditions) Conditional Approval (with stipulations for funding to the Dealer - ie income proof, proof of employment for certain duration, tax status in good standing), Decline, or Missing Information.
For Prime Interest Deals, Approvals (with Exceptional - based on Lender parameters) don't require income based on Credit Analysis by the Lender( or bank). This is why Dealers send your credit deal to multiple lenders hoping to avoid the income stipulation requirement...
When Income is required, this is where Decision Logic comes into play. The Dealer can have the client come to Dealership and speak on conference call to underwriter at Bank or Lender to explain position and why Proof of Income is required.
The client can walk away and not move forward. They have the right to decide this.
The client does not have to ever do Decision Logic. They can leave the office and go to their bank and get copies of 90 or 180 days based on stipulations required.
Decision Logic never at anytime has any access to your bank account, however, the logging in triggers the clients bank to directly send unnamed but acct confirmed 90 day statements to the Dealer so that he/she can prove income to the willing lender(or bank) on the deal at hand and it is done within minutes offering convenience to the client.
Someone above unfortunately does not understand how the process works when they questioned why was credit pulled without bank statements submitted. This is completely backwards as customers and dealers wish to have no stipulations ( path of least resistance) so the Credit report is done first and then if required, proof of income or proof of employment may be required.
Lastly, Proof of Income, is not proof of employment. People do get fired and buy cars the same day.
Decision Logic is good company for stakeholders in the industry and clients can always perform the function they perform on their own accord.
***** Career with Franchise Car Sales Experience and also years of Nonprime and more recently Major Prime lending experience in Automotive *****
Hope this helps people.