Reply
Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

Re: I can help, I manage a car dealership.


UpNComing wrote:

Definitely possible!


Would that be something that needs to be negiotiated? 

 

Also, could this same program be applied to Audi? I really love the A4.

Photobucket
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.

[ Edited ]

FloridaState12 wrote:

UpNComing wrote:

Definitely possible!


Would that be something that needs to be negiotiated? 

 

Also, could this same program be applied to Audi? I really love the A4.



The only reason a down payment would be required is if the payment to income parameters aren't met.  I imagine Audi would offer the same program since VCI is also Audi Financial Services.  But then again they're Bentley's finance company as well :smileyvery-happy:

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
New Member
Prac
Posts: 4
Registered: ‎02-22-2012
0

Re: I can help, I manage a car dealership.

Hello

Been a long time forum lurker and I thought this thread is amazing for information for new car buyers. I too am young, 22, with 2 credit cards, 1 from 4 years ago and one last spring. I wanted your opinion on my chances in buying a new model car around 25k with 8000$ down payment and with a credit score of TU 711 and EX 723 . No late payments, one collection from school which was payed of 2 years ago. I will try to get a loan on my own but I can get a cosigner with 823 credit score. I don't have any other loans because I worked part time to cover school and my employer gives reimbursement on tuition. My Debt to income ratio for the past 6 months always been less than 10%.
I have driven 2 used cars to death and put too much money in repairs, I was thinking that maybe I can purchase a new one now. Any advice will be helpful.

Thanks
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: I can help, I manage a car dealership.


Prac wrote:
Hello

Been a long time forum lurker and I thought this thread is amazing for information for new car buyers. I too am young, 22, with 2 credit cards, 1 from 4 years ago and one last spring. I wanted your opinion on my chances in buying a new model car around 25k with 8000$ down payment and with a credit score of TU 711 and EX 723 . No late payments, one collection from school which was payed of 2 years ago. I will try to get a loan on my own but I can get a cosigner with 823 credit score. I don't have any other loans because I worked part time to cover school and my employer gives reimbursement on tuition. My Debt to income ratio for the past 6 months always been less than 10%.
I have driven 2 used cars to death and put too much money in repairs, I was thinking that maybe I can purchase a new one now. Any advice will be helpful.

Thanks

Congrats on your responsible use of credit :smileyhappy:   

 

By the way, I love this thread too!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


Prac wrote:
Hello

Been a long time forum lurker and I thought this thread is amazing for information for new car buyers. I too am young, 22, with 2 credit cards, 1 from 4 years ago and one last spring. I wanted your opinion on my chances in buying a new model car around 25k with 8000$ down payment and with a credit score of TU 711 and EX 723 . No late payments, one collection from school which was payed of 2 years ago. I will try to get a loan on my own but I can get a cosigner with 823 credit score. I don't have any other loans because I worked part time to cover school and my employer gives reimbursement on tuition. My Debt to income ratio for the past 6 months always been less than 10%.
I have driven 2 used cars to death and put too much money in repairs, I was thinking that maybe I can purchase a new one now. Any advice will be helpful.

Thanks

Well Prac, your collection takes you out of a lot of first time buyer programs.  VW requires no blemishes in your past.  However, with a cosigner you're in just fine.  The problem is most lenders want to see like credit before investing in you.  That's why most of us start out with cosigners.  There are some manufacturers that have some pretty lenient programs though.  Honda and Hyundai come to mind as more lenient with first time buyers.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
New Member
Prac
Posts: 4
Registered: ‎02-22-2012
0

Re: I can help, I manage a car dealership.

Thanks for the quick reply.

Another question my cosigner is in the military and suggested using PenFed for their competitive rates. I am planning to buy a car this summer. Should I sign up right away or can I just wait till I'm ready to buy a car? I don't have any hard inq so I don't know how much that will come in affect with a cosigner.
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


Prac wrote:
Thanks for the quick reply.

Another question my cosigner is in the military and suggested using PenFed for their competitive rates. I am planning to buy a car this summer. Should I sign up right away or can I just wait till I'm ready to buy a car? I don't have any hard inq so I don't know how much that will come in affect with a cosigner.


That's great advice.  Any good history with a CU can only help you.  With your scores I'm sure you could secure a credit card or maybe even a personal loan that you can pay back quickly in order to establish a quick history to fall back on when it comes time to apply for an auto loan.  Credit Unions are not governed by the same set of rules and standards that a bank are.  They have much more leeway.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
New Member
800PlusScore
Posts: 11
Registered: ‎02-07-2012
0

Re: I can help, I manage a car dealership.

Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

Re: I can help, I manage a car dealership.


UpNComing wrote:

FloridaState12 wrote:

UpNComing wrote:

Definitely possible!


Would that be something that needs to be negiotiated? 

 

Also, could this same program be applied to Audi? I really love the A4.



The only reason a down payment would be required is if the payment to income parameters aren't met.  I imagine Audi would offer the same program since VCI is also Audi Financial Services.  But then again they're Bentley's finance company as well :smileyvery-happy:


Is there like a general guideline, ratio, formula or something used to determine if payment to income parameters are met? Do you have an example or something you could use? Sorry for the barrage of questions, but I'm an eager beaver. :smileyvery-happy:

 

That would be great if Audi has the same deal. No offense, but I'd much prefer an Audi over a VW. :smileytongue: 

Photobucket
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


800PlusScore wrote:

I'd love to get some more feedback on this one please:

 

http://ficoforums.myfico.com/t5/Auto-Loans/Interesting-situation-about-first-car-loan/td-p/1210871


I'm confused.  On this thread you said you have no negative marks on your reports.  Didn't you mentioned you have a paid collection from two years ago?

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}