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