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Audi FS DENIED?!

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Creditplz
Valued Contributor

Audi FS DENIED?!

Went in today and applied through a lease through Audi Financial services for an A8, on lease 36/12k.

Came back denied?! Auto enhanced Fico pulled was 748. Currently have a DTI 18%, previously have had auto leases BMW 650I, Porsche Panamera (joint account) and a Auto loan from GMAC for 52k... the dealer asked me to put more money down on the lease, I denied.

Should I try financing the vehicle?.
Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Audi FS DENIED?!

Banks are looking for lower LTVs right now in the auto market even for people with mid-high FICO scores and relatively low DTI.

 

The Audi A8 retails for around $95k, I believe.  That's a lot of car there and if you aren't willing to put a big down payment in, don't expect easy approvals.

 

Some of the A8s near me were over $100k sticker, I believe.  $5000 on a $100k car is only 5%!  Just put $5k down and get your lease.

Message 2 of 8
Creditplz
Valued Contributor

Re: Audi FS DENIED?!

I was putting $3500 on a $89000 (talked the dealer down from 92,450). Audi denied me due to Inquries then asked me for a higher down payment... Smiley Sad I'll ask the dealer what they could do if I put 5k down.
Message 3 of 8
Anonymous
Not applicable

Re: Audi FS DENIED?!

Dealer should have offered you a down payment amount that Audi recommends for approval.

 

Message 4 of 8
CreditCuriosity
Moderator Emeritus

Re: Audi FS DENIED?!

Kinda suprised they turned you down with some higher payment auto history to be honest.  Doesn't sounds like the finance manager is really pulling for you?  Usually finance managers have a wawy of gettinng people approved especially with good credit which you have... Yes it is an expensive car, but audi being the captive lender you would think they want to make the sale of the lease.  Maybe a purchase is easier or as stated more cash down.. I have never had to put down cash on a car and my fico's are lower.  Granted most I ever leased was 60k or bought approx 68k.

 

What was your DTI going to be if you got approved for this card approx? high 30's?  or in the 20's? or ws 18 with this car considered?

Message 5 of 8
Creditplz
Valued Contributor

Re: Audi FS DENIED?!

DTI would be around 24%, brought income docs verifying 206k for 2016. I was beyond surprised, and the finance manager didn't even speak to me! The sales rep I spoke to just went to his office and came back and said "denied, want to try financing we could probably get you approved on financing"

This dealer is close to home and is very small, (new inventory is probably about 60 cars?. Most being A3, A4... only 2 A8 and 3 A7..

Message 6 of 8
CreditCuriosity
Moderator Emeritus

Re: Audi FS DENIED?!


@Creditplz wrote:
DTI would be around 24%, brought income docs verifying 206k for 2016. I was beyond surprised, and the finance manager didn't even speak to me! The sales rep I spoke to just went to his office and came back and said "denied, want to try financing we could probably get you approved on financing"

This dealer is close to home and is very small, (new inventory is probably about 60 cars?. Most being A3, A4... only 2 A8 and 3 A7..


I drove 60 miles away when i bought ny new AMG due to hating my local dealer  on ethics just refused to buy from them for various reasons.  Something to think about if they sound they are writting off a sale like meh if another dealer wants it momre and aren't hungry.   just my opinion.  Yes financing is slightly easier than leasing, but you shouldnt have an issue with leasing either I wouldnt of thought?

Message 7 of 8
Creditplz
Valued Contributor

Re: Audi FS DENIED?!

I had no issues with a 650I with just drive off and acquisition.

I might take a drive out to LA and see what other dealers can do for me this weekend
Message 8 of 8
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