W-2 Employees: Applicants must provide a copy of their most recent pay stub. The pay stub must be computer-generated, include year-to-date earnings and taxes withheld, contain no alterations, and must have been issued within 40 days of the faxed date. The applicant must have been employed for at least 90-days to include overtime, commission, and bonuses. From January 1 through April 15 each year, a W-2 or yearend pay stub from the prior year (in addition to the most recent pay stub) is necessary to include income other than base salary.
W-2 Employees with Handwritten Pay Stubs: Applicants who receive non-computer-generated pay stubs must submit a signed and dated letter from their employer on company letterhead stating the applicant's name, date of hire, year-to-date income, pay frequency, and taxes withheld. In addition, we must receive either (1) copies of their three most recent complete bank statements reflecting consistent, consecutive deposit amounts, or (2) copies of their three most recent concurrent cashed handwritten paychecks.
1099 Employees: Applicants must be employed with their current employer for at least 90 days, provide copies of their three most recent personal bank statements showing all transactions and reflecting consistent, consecutive deposits that indicate source and amounts, as well as a verifiable HR phone number. We cannot accept transfers from another bank account for income verification. We may not be able to verify full income if there are additional names listed on the bank statements who are not also included on the auto finance application. Please note: in order for 1099 income to be considered, "self-employed/1099" must have been selected as the "employment status" on the original application.
Self-Employed: Applicants must be self-employed for at least two years, and provide copies of their three most recent personal bank statements showing all transactions and reflecting consistent, consecutive deposits that indicate source and amounts. We cannot accept transfers from another bank account for income verification. We may not be able to verify full income if there are additional names listed on the bank statements who are not also included on the auto finance application. Please note: in order for self-employment income to be considered, "self-employed/1099" must have been selected as the "employment status" on the original application.
New W-2 Employment Income: Applicants who have not received their first pay stub must submit a letter of employment or offer-letter signed and dated on company letterhead stating the applicant's name, start date, base pay, and a verifiable HR phone number. The applicant must have already started their new job. We will not accept a pay stub from a previous employer.
Second Job: Income from a second job will be considered if the applicant has been employed at both jobs a minimum of six months. If not employed at both jobs for at least 6 months, than one job with the most income will be considered (see “W-2 Employees” section above).
Tip Income: In order for tip income to be considered, it must be included in the applicant's taxable earnings listed on their pay stub (see “W-2 Employees” section above).
Temporary Workers: Employees of temporary staffing agencies must be on a fulltime assignment and provide a copy of their most recent pay stub showing a minimum of 90 consecutive days of income and taxes withheld along with valid contact information for the staffing agency. We will not accept a pay stub from a previous employer.
Military Income: In order for military income to be accepted the applicant must submit a copy of a most recent Leave and Earnings Statement (LES) showing year-to-date income. A 90-day history is required to include income beyond base pay, BAH, and BAS. From January 1 through April 30, a W-2 or yearend LES from the prior year (in addition to the most recent LES) is necessary to include additional income.
Seasonal Income: Applicants must be currently and actively employed. They must be a W-2 employee with a minimum of 2 years with their seasonal employer. Applicants must provide their previous two years' W-2's, and their most recent pay stub. The pay stub must be computer-generated, include year-to-date earnings and taxes withheld, contain no alterations, and must have been issued within 40 days of the faxed date.
Child Support / Alimony / Foster Care: In order for child support/ alimony to be accepted, the applicant must either submit a ledger or payment summary from the state showing the last three months of payments or a copy of the signed and dated court order, which clearly states the dollar amount to be paid along with either the three most recent child support/alimony pay stubs, or three most recent months' bank statements showing the deposits. The most recent payment received must be no more than 40 days old. Only the pages of the court order that contain the applicant's name, amount to be paid, judge's signature and date are required.
Social Security Benefit / Permanent Disability / Pension: In order for Social Security benefits, permanent disability, or pension income to be accepted, the applicant must submit either (1) a copy of their dated benefit letter (no older than one year from the faxed date) with the applicant's name or Social Security Number, and benefit amount or (2) their most recent bank statement that shows the direct deposit(s) indicating source and amount. Applicants who receive Social Security income or other benefit compensation on behalf of another person must submit a benefit letter with the same criteria showing the amount is payable to them on behalf of that person.
Workman's Compensation: In order for Workman's Compensation to be accepted the applicant must submit a copy of their dated benefit letter (no older than one year from the faxed date) with the applicant's name or Social Security Number, and benefit amount. Disability must be permanent or partial-permanent.
IRA / 401K / Retirement: In order for IRA, 401K, or other retirement income to be accepted the applicant must submit either (1) their previous year's tax form 1099-R, (2) a copy of their dated benefit letter (no older than one year from the faxed date) with the applicant's name or Social Security Number, and benefit amount, or (3) their most recent bank statement that shows the direct deposit(s) indicating source and amount.
Annuity / Trust Fund: In order for income from an Annuity or a Trust Fund to be accepted, the applicant must submit either (1) a copy of a benefit letter (dated within one year of the faxed date) naming them as the beneficiary, and including the source, amount, and term, or (2) three most recent personal bank statements reflecting consistent, consecutive deposits that indicate source and amounts.
Union Workers: Salaried union workers who work multiple jobs during the course of the year must submit valid contact information for the union along with either (1) copies of all current-year pay stubs to establish total year-to-date earnings, (2) their most recent pay stub along with a letter from Union Local on letterhead that states the applicant's name, membership date, and year-to-date earnings, or (3) all previous year W2’s for income verification (between January 1 and April 15 only).
Income Paid in Foreign Currency: Applicant must provide their three most recent personal bank statements reflecting consistent, consecutive deposits that indicate source and amounts showing the income is being deposited into a U.S. bank and converted to U.S. dollars. A copy of the pay stub in foreign currency is not accepted.
Office of Family Assistance (OFA): In order for OFA income to be accepted the applicant must submit written documentation from the appropriate state office showing the amount and identification of the beneficiary.
Rental Income: Rental income is considered self-employed income (see above requirements). Two years worth of tax returns plus all schedules are required to verify this income.
Lottery Winnings: Lottery winnings will be considered if the applicant receives regular payments. The applicant must provide documentation from the State Lottery Board showing the applicant's name, payment amount, and pay frequency. A one-time lump sum payment will not be considered as income.
Grants & Financial Aid: Grants and/or financial aid income is not accepted.
Capital Gains and Dividends: Capital gains, dividends, and/or any other income reported on a tax form 1099-DIV at yearend is not accepted.