07-01-2014 12:57 AM
I'm a newbie here but I've been reading the forums for quite some time now.
I am hoping someone might be able to help with my predicament here and perhaps individuals that have tried and succeeded to do so with Audi Financial Services.
Here are some details on the vehicle I would like - Audi A3 Sedan, Premium Plus, $35,600USD. I have a previous car but I am not going to be trading it in - my father bought it in 2007 brand new and it is under his name.
My credit score is as follows: EQ 675, TU 686, EX 665.
I have a stable job that has a wonderful salary of about $96,000, I live with my significant other - so I do not have to pay any rent.
Only two charge cards, one of which has a 120 day late payment in January of 2008 (due to an illness abroad, I did not return to the states for about 4 months and I actually forgot about it). I am currently trying to send out GW letters to have them possibly remove it, but I am not having any luck.. I am currently waiting on January 2015 to roll around so my delinquencies can fall off...
Anyway, with my "past delinquency" that has happened about 6 1/2 years ago, is there any possibility that I would be approved through Audi Financial Services this year?
Many thanks in advance.
07-01-2014 03:54 AM
You'll have no issues at AFS. But are you looking to lease? If you're buying, you can arrange for backup financing just in case AFS doesn't approve at a low APR. Also I'm not entirely clear if you wanted to buy now or buy later after that 120 day late baddie fell off.
As a backup, I'd maybe apply to DCU before going to the dealer. If they pull a 675 EQ FICO, you should be able to get a loan through them at 1.24% for 65 months (with direct deposit, 1.74% without). Any down payment available?
In general, I have no doubt you'll get approved by Audi even without the down payment. But I would be careful and not accept an APR greater than ~6% at the dealer. With a 680+ FICO on one bureau a dealer should be able to get you in at lower.
08-20-2014 07:56 PM
Audi pulls TransUnion and are going to look at your TU score.
08-22-2014 12:05 PM
OP you'll be A ok. I used AFS when I purchase my 2013 Audi S4 at around $56,000. My credit scores were hovering around 690 - 720 and they approved me for the full amount at 3.4%. I probably could have got them to go lower than that if I would have acted like I was going to walk out. I was in a similar situation as you. I have two credit cards with 180+ lates that I screwed up during college and don't fall off until late 2016.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO