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How important is a computer generated pay stub?


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I've read some threads of people not needing to prove income. Under what circumstances do dealers do this? Do you have to have really good credit and a large down pmt, or what? Why do dealers want a computer generated pay stub above all and anything else? Can't a sched. C be a substitute??

 

We'd like to get an '06 suburban. Currently self employed w/ no paystub, but will probably start using a payroll service to avoid these types of problems. We can show high income on a sched. c, but this has been a problem at the dealer, and don't know if we should go elsewhere or just make the changes to conform to their requirements?? Help!

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I will defer to the experts on this one, but I can't see why an income tax statement couldn't suffice in lieu of a pay stub. :D

 

 

 

proof of income requires either paystubs not handwritten or bank statements. with bank statements generally a previous years tax return or current year will be requested

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Not all lenders require proof of income. I know I didn't need it when I financed either of my last two vehicles. I don't remember needing it on vehicle loans three and four ago either, although I may have had to provide it when I financed the Supra in '88.

 

POI is always troublesome for me simply because I don't get check stubs...the firm handwrites my check and I go to the bank.

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Line 31 of Schedule C is your income. Make sure you do not overstate it.

 

Right, but for some reason this dealership didn't want to hear about it. They wanted a computer generated pay stub. Are they crazy or is it me? I have the '05 sched C prepared and signed by a professional accounting firm. :P

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