Wife refused car lease "loan" but wasn't even asked income!

BertyJobbo

Hi All,

Hope somebody can shed some light on this. We're trying to buy (lease) a new car from Hyundai. We decided to try to put it in my wife's name for various unimportant reasons, but she's been declined credit. Which is odd firstly because she can easily afford the monthly payment.

The odd thing is this - they never even asked what her income was or monthly outgoings. They asked for id, address, employment and bank details, but nothing more. How can they possibly do a credit check??

So my questions are:

- Is this unusual or usual?
- Would the fact that we've only recently been married matter (ie most of her history is in her maiden name) make a difference
- Would the bank account matter (she gave our joint which is 18 months old, rather than her older personal account)
- Why isn't the salesman doing everything within his powers to make this happen? It's a £26k sale and he simply isn't bothered - in fact he's bordering on rude.

Help if you can!

Thanks.

Thrugelmir

BertyJobbo wrote: »

Which is odd firstly because she can easily afford the monthly payment.

That's your opinion. Lenders take a totally different perspective.

How much of the £26k is on finance?

BertyJobbo

It's not an opinion it's a fact.

Either way, how could they know though? They don't know what she earns. That's kind of the point I'm making...

It's a four year lease on £26k, so with depreciation, I guess £12-16 is financed. No idea. It's their calculation.

SuperStar

Has she ever gone into her overdraft on her bank account? I guess they can work out how much she earns via her bank, how much goes in and out. But in the world of finance, its a weird world!

But as you said the sales person was rude and not interested... id go somewhere else!!!

BertyJobbo

SuperStar wrote: »

Has she ever gone into her overdraft on her bank account? I guess they can work out how much she earns via her bank, how much goes in and out.

I guess so - it just seems so odd not to ask about earnings. I feel like I need to find out who the finance company are and speak to them before trying again.

bargainbetty

You can perform a credit check with name, address, bank and ID. You don't need income details - they will be interested in her history and current credit arrangements.

If she is seeking a credit facility, they will look at her current commitments and the credit file. It may be that they do not wish to offer her finance for any nuber of reasons - the salesman may not be trying because he is aware that a refusal is final. It is not his job to demand your wife gets finance.

Does she have other financial commitments? Do you? Do you have adverse credit as she will be financially linked to you via the joint account?

Perhaps you could look at lower cost options which may be more affordable in the eyes of the lender, which is really the only thing that matters here - they won't give you it if they think you can't afford it.

SuperStar

BertyJobbo wrote: »

I guess so - it just seems so odd not to ask about earnings. I feel like I need to find out who the finance company are and speak to them before trying again.

When i got my car, they didnt bother asking anything like that, just my name, bank and where i work, but had no problems with it. So i guess they must just look at the bank account or something smart like that. But ive just looked on Hyundai and i believe they do their own finance "Hyundai Motor Finance RH1 1SR" so the guy at the dealership should be able to look into it further for you.

meer53

BertyJobbo wrote: »

Hi All,

Hope somebody can shed some light on this. We're trying to buy (lease) a new car from Hyundai. We decided to try to put it in my wife's name for various unimportant reasons, but she's been declined credit. Which is odd firstly because she can easily afford the monthly payment.

The odd thing is this - they never even asked what her income was or monthly outgoings. They asked for id, address, employment and bank details, but nothing more. How can they possibly do a credit check??

So my questions are:

- Is this unusual or usual?
- Would the fact that we've only recently been married matter (ie most of her history is in her maiden name) make a difference
- Would the bank account matter (she gave our joint which is 18 months old, rather than her older personal account)
- Why isn't the salesman doing everything within his powers to make this happen? It's a £26k sale and he simply isn't bothered - in fact he's bordering on rude.

Help if you can!

Thanks.

If the above important reasons relate to YOUR credit history, then as you are associated with your wife, this could be why she was declined.

BertyJobbo

meer53 wrote: »

If the above important reasons relate to YOUR credit history, then as you are associated with your wife, this could be why she was declined.

UNimportant. Nothing to do with my credit history which is very good.

meer53

BertyJobbo wrote: »

UNimportant. Nothing to do with my credit history which is very good.

In that case i'd check both your credit files, having a good score doesnt mean anything to a lender, it's whats on your file that counts.

Brooker_Dave

BertyJobbo wrote: »

It's a four year lease on £26k, so with depreciation, I guess £12-16 is financed. No idea. It's their calculation.

I think they've done you a favor, £16k to rent a budget Korean car for 4 years is lunacy.

Save up and buy one.