Car finance requesting more info?

redlady

Some advice needed please..

A relative is taking out car finance and has placed a deposit on a vehicle and gave all information to do with finance..

However the dealership have come back asking for 3 months worth of bank statements, both parts of their drivers license and a utility bill for the finance company to give further consideration to the application.

They aren't at all keen to provide this information as they feel they gave enough information about earnings etc with the initial application..

My question is, is this normal and should they be worried? I assumed its to ensure affordability and also as they have no current credit agreements (all paid off) that they are able to establish who they are.. am i right?

Any advice would be greatly appreciated

KingElvis

Sounds like they're nervous about the applicant, if they have a job / regular income and they live where they say they live.....to facilitate snatch back of the banger if payments are not maintained.

Sounds like sub-prime finance so expect to jump through a few hoops.

Tixy

The driving licence and utility bit is standard money laundering identity checks - same as when you open a new bank account, or that have to show a solicitor etc.

The bank statements are different - they are obviously checking up to try to see whether the person can afford the loan / or that the information ties in to what they've been told. They o course don't have to provide this paperwork, but the loan company might well not provide a loan without it.