2014 Audi A6 Lease - Will I be approved?

[ficomaestro]

Hey Guys, first off love this forum. This has the best info regarding Credit and Loans on the internet. You guys are just great in helping each other out and giving suggestions and tips.

So, I just wanted to get your opinion on my situation. I'm looking to lease a 2014 Audi A6 3.0T. My credit scores are around 750 in TU and EX. This will be my fist auto loan for lease/finance. I currently have no mortgage history or auto loan history. But, I do have a revolving credit of around $50k (all credit cards combined). Further info - 3 years credit history, AAoA is 2 years. No negatives or late payments and pay in full for all my cards before the statement closes.

What do you guys think my chances are in getting approved for the lease through AFS. Any previous first time leasees or experienced leasees or buyers here that can help me out. I would really appreciate your advice/opinions. Thanks in advance...  

[Remember0]

Depends. What is your monthly gross income? And what is the aggregate monthly minimum payments on your card debt? What is your mortgage/rent? Finally, any down payment available?

[ficomaestro]

Gross income is $6k, Avg credit to debt/utilization is currently 1%. Minimum payments on cards aggregate is $245 approx.. Apartment rent is around $740... Since I'm looking for leasing, am willing to put down the payment required for tax and registration that would be around $2k. I've learnt that it's not a good idea to put a big down payment while leasing... Does AFS look at how much credit I currently have to give credit or previous auto loan is imperative? 

[Remember0]

I'll impute a 1k lease payment, making your DTI ~ 33% (740+245+1000)/6k, that's well within specifications.

You're right, a big dp is a bad idea on a lease. I'd only put down 1st month pmt+fees. If there's any issue with approval, let the dealer know you can put down a 1-2k additional "security deposit" NOT down payment to help with approval. In most states, sales taxes are not paid upfront on leases.

But I think you're good to go with your 750s. I personally don't think you'll have trouble being approved. Just negotiate well! I have some pointers here if you care to read (but it can be a longer read):

http://ficoforums.myfico.com/t5/Auto-Loans/The-Definitive-Guide-to-Financing-or-Leasing-a-Car/td-p/2...

Also some more tips on negotiating price can be found here:

http://ficoforums.myfico.com/t5/Auto-Loans/How-to-buy-a-car-for-the-first-time-buyer/td-p/1923289

[ficomaestro]

Thank you very much for your advice!! I'm currently going through your posts... Very informative.

[14IS4]

I just verified on Friday night that Audi Financial pulls TU Auto Enhanced for leases and 720 is the minimum for Tier A credit. You can get approved down to a 620 credit score with enough income.

[coterotie]

Nice lease special ad on the A6 in the paper this weekend. ($365/month)  Really tempts me whenever I see it.  (getting tired of driving my wife's minivan, no one can look cool driving a minivan).

[makeupho]

Audi Financial approved us 1 week post ch13 discharge with (loan, not lease) 4.9% and 66 months. our downpayment was 18%, and our TU scores were 702 (him) and 631 (me) on the reports they showed us (which said the range was 350-822 or something like that). our myfico TUs were 739 and 702 at the time. i think you'll be ok since you're in the 750s.  just curious, which 3.0T are you thinking of, Premium+, or Prestige?