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Anyone have any experience with an Audi Financial Svc's lease?

Contributor

Anyone have any experience with an Audi Financial Svc's lease?

Does anyone have any experience with Audi Financial Services? Currently with BMW but considering an Audi when my lease is up. Curious about their underwriting as well. I have a few baddies, but my payment history with all of my Auto loans in the past is flawless and have a pretty good household income to support the vehicle I'd like to lease...just wondering what everyone else's take on them was. Thanks in advance!

Starting Scores:
EQ: 630
TU: 663
EX: 618

Goal Scores: 700 ATB
25 REPLIES
Regular Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?

If you're talking about an A4 or Q5 something like that you'll be fine. If you're talking about an S8 or R8, you may have issues. If your BMW account has been in good standing, I'd say you'll be fine with AFS

Starting Score:Low 500s in 2013
Current Score 11-13-17: TU: 750 EX: 801 EQ: 762
Goal Score: 740 Across the Board
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Message 2 of 26
Valued Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?

I am sure they will qualify you if you have the DTI to support the payment, the question will be terms.  Clearly your scores won't get you in their top tier.  Generally with leases if you provide them with your scores they can tell you what tier you will be in and what the money factor is for that tier without having to have them run your credit or get too deep into negotiations. 

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 3 of 26
Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?

I was thinking either an A5 or A3 cabrio. As long as they can get the payment within my price range like they did with my current car (Mini Cooper 4dr hatch) I'll be good. Hopefully by the time my lease is up next year this time I'll be able to get into a higher a tier! Income and bills have changed since I got this car.
Starting Scores:
EQ: 630
TU: 663
EX: 618

Goal Scores: 700 ATB
Message 4 of 26
Valued Member

Re: Anyone have any experience with an Audi Financial Svc's lease?

I leased an 2016 Audi Q5 in May of 2016.  I got tier 2 credit with an 680 TU score, with 1 unpaid collection, lots of inq, 100k income.  No income verification required. 

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Message 5 of 26
Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?


dbenzy wrote:

I leased an 2016 Audi Q5 in May of 2016.  I got tier 2 credit with an 680 TU score, with 1 unpaid collection, lots of inq, 100k income.  No income verification required. 


Nice. Generally when I fill out a credit app, I put my husband and I's income combined, even though I'm the only account holder. If they asked for a income verification would it have to be only my income?

Starting Scores:
EQ: 630
TU: 663
EX: 618

Goal Scores: 700 ATB
Message 6 of 26
Valued Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?

Yes, your income only for an auto loan.

 

Revolving credit like a credit card can be household income. 

Message 7 of 26
Valued Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?


spacecowboy256 wrote:

dbenzy wrote:

I leased an 2016 Audi Q5 in May of 2016.  I got tier 2 credit with an 680 TU score, with 1 unpaid collection, lots of inq, 100k income.  No income verification required. 


Nice. Generally when I fill out a credit app, I put my husband and I's income combined, even though I'm the only account holder. If they asked for a income verification would it have to be only my income?


The fine print on income for auto loans is you can only count the income of those on the loan.  CC you can count your spouse, significant other etc.  Not sure if they will ask for income verification, that seems to be score based most of the time so to be safe you might want to have him be a coapplicant.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 8 of 26
Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?

Ah okay. I should be okay, they got me into my current car with much lower credit scores and multiple collections and the price I told them I wanted to be at. May consider A Beamer with BMWFS since it'll probably be easier to coerce them into lower payments now that I have good history with em...

Starting Scores:
EQ: 630
TU: 663
EX: 618

Goal Scores: 700 ATB
Message 9 of 26
Valued Contributor

Re: Anyone have any experience with an Audi Financial Svc's lease?

If you work on your experian score it will pay off substantially with BMFS.  Their money factor (interest) is substantially lower in their preffered tiers.  All you need is a 670 and you can get their best rate.  With car loans they will pretty much always get you qualified if you have income but the interest charges can be substantially different.  Before my rebuild I had to take a 12.57% loan 6 months later I refinanced that car at 4.29% saving me almost $8,000 in interest over the life of the loan.  Well worth the work.

 

Let us know what you decide to go with and how it works out.  I am a big BMW fan, just bought my second one but Audi makes great stuff these days also.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 10 of 26