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

Re: I Can Help, I Run A Car Dealership.


idream4success wrote:

Ouch what a fail, yes unfortunately I have two repos with a co-signer. The last time I checked, my TU  was only a 631 (2 months old) I'm hoping to put a depo down on a Golf R and have delivery by my birthday which is the end of May. Rumors has it that the second or third allocation of orders begins early march or so. I'm on the vortex everyday :smileyfrustrated: . And thanks for responding.



March sounds about right.  If you reestablish yourself well and push the TU score up it greatly helps your chances.  But remember, there are a lot of other lending sources out there.  There really is no benefit to going with VCI.  With a good DP and well established history since the repos you should be fine.

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Member
idream4success
Posts: 18
Registered: ‎09-11-2011
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Re: I Can Help, I Run A Car Dealership.

Ok that sounds like good news. Also when a potential buyer  leaves a depo do you require a credit check or is the depo enough for you to know that the person is a serious buyer. I'm asking because I've read on here about people having credit run 3-4 months prior and coming back later just to get a denial. Hopefully I'll see you in march were evrer you are Lol.. 


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Contributor
poops
Posts: 76
Registered: ‎04-11-2007
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Re: I Can Help, I Run A Car Dealership.

UpNComing...

 

Does VCI check TU mostly? I live in NE Illinois... if that matters.

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

Re: I Can Help, I Run A Car Dealership.


poops wrote:

UpNComing...

 

Does VCI check TU mostly? I live in NE Illinois... if that matters.



TU is their preferred, however they will pull the other two if they are more comprehensive.

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
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Re: I Can Help, I Run A Car Dealership.

[ Edited ]

idream4success wrote:

Ok that sounds like good news. Also when a potential buyer  leaves a depo do you require a credit check or is the depo enough for you to know that the person is a serious buyer. I'm asking because I've read on here about people having credit run 3-4 months prior and coming back later just to get a denial. Hopefully I'll see you in march were evrer you are Lol.. 



We only require a credit check if we are locating a vehicle or ordering something we aren't willing to stock in case the buyer is not qualified.

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

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

Wow, what a great resource to have!

 

Just as a general question, how has your experience been with first-time buyers? What kind of things (scores, history, etc.) do you look for specifically, and do first time buyers generally get the top-tier rates, or stuck with the lower ones? 

 

I'm graduating in December and upon getting a job, I want to buy or lease a new vehicle. My scores right now are all high 600s/low 700s with no baddies, and about 10 revolving accounts as well as some installent (student) loans. At the time I plan to buy, most of my accounts will be at least a year old, maybe two for some. I know it's a hypothetical, but assuming I continue with no baddies, would I have a decent chance of getting favorable rates or the promotional lease rates? 

 

My income would likely be around $40-50k assuming I get in the field I want to. 

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Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
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Re: I can help, I manage a car dealership.


FloridaState12 wrote:

Wow, what a great resource to have!

 

Just as a general question, how has your experience been with first-time buyers? What kind of things (scores, history, etc.) do you look for specifically, and do first time buyers generally get the top-tier rates, or stuck with the lower ones? 

 

I'm graduating in December and upon getting a job, I want to buy or lease a new vehicle. My scores right now are all high 600s/low 700s with no baddies, and about 10 revolving accounts as well as some installent (student) loans. At the time I plan to buy, most of my accounts will be at least a year old, maybe two for some. I know it's a hypothetical, but assuming I continue with no baddies, would I have a decent chance of getting favorable rates or the promotional lease rates? 

 

My income would likely be around $40-50k assuming I get in the field I want to. 



You're in luck Florida State12!  VCI has one of the best college grad programs around.  First time buyer is not as good however.  First time buyer is a guaranteed approval at Tier D rate.  That's 8.75% over any advertised rate.  Here are the guidelines for the College Grad Program:

 

Eligible Vehicles

• Any new and Near New Volkswagens (see

Near New Vehicle Definition)

• Volkswagen Certified Pre-Owned vehicles (Retail Financing only)

Eligible Programs and Customer Bene

fits

• Leasing: Security deposit is not required (paid by Volkswagen Credit); VWoA will pay the first month’s payment (limited to $800).

• Retail Financing: VWoA will pay the first month’s payment (limited to $800).

• Driver's Option: VWoA will pay the first month’s payment (limited to $800).

Requirements

The dealer must provide the following information for each applicant prior to approval:

• Must be within six months of graduation or have graduated no more than 24 months prior

to the date of his/her credit application, from a 2- or 4-year accredited U.S. or Canadian

college or university with one of the following degrees:

- Associate's

- Bachelor's

- Master's

- Doctoral

- Nursing degree (RN or LPN)

• Written verification of graduation status is required via copy of diploma or official letter

from University Office of Records and Registration with official signatory affixed thereto

• Must provide phone number of school's Registrar's Office

• Monthly payment cannot exceed 25% of gross monthly income

• Employed full-time or have veri

fiable commitment of employment from future employer

within four months. (Pay stub or job letter).

Must provide a contact name and phone

number for someone in the Payroll or Human Resources Department of the

applicant's employer or future employer.

• No credit history required; however, established history must be in good standing and

have no previous derogatory credit

• Must provide two personal references of individuals residing in the United States who

can be contacted directly

• Signed credit application

• Qualification under this program is subject to verification prior to approval

• Advance is subject to normal A Tier Quality Advance Parameters

Retail and Driver's Option

Rates

Please refer to the current Volkswagen Credit Bulletin for retail net rates. This customer qualifies at

the “A” level for retail

financing.

If there are special programs in place at the time of contracting, the customer will qualify for subvented

rates (please refer to current rate bulletins).

Terms

All terms

12 through 60 months (up to 48 months on Driver's Option) or as specified on the

Volkswagen Credit bulletin.

Lease

Rates

Please refer to the current Volkswagen Credit Bulletin for lease rent charge factors. Dealer

participation is not available when using the College Graduate Plan. This customer qualifies at A Tier.

If there are special programs in place at the time of contracting, the customer will qualify for subvented

rates (please refer to current rate bulletins).

Terms

Terms are

12 through 48 months.

Special College Grad Lease Offer

College graduates who qualify under this program will have the

first monthly payment paid by VWoA

(limited to $800) and the security deposit paid by Volkswagen Credit. Indicate “$0” on the line next to

Refundable Security Deposit(s). If the

first month’s payment is $800 or less, it should be disclosed as

usual on the line titled First Monthly Payment. Place an asterisk next to the payment dollar amount

and in the white space in the Itemization of Amount Due at Lease Signing/Delivery section place an

asterisk with the words “Paid by Manufacturer”. If the payment amount is greater than $800, use the

wording of “$800 paid by manufacturer” after the asterisk.

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

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

Both programs require no derog credit by the way.

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

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

Oh wow, that seems like a great deal!

 

So basically if you have a degree and full-time employment, you can get your first month's payment and security deposit paid by VW? Does that mean that no down payment is necessary for a lease? Because that sounds awesome! :smileyvery-happy:

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

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

Definitely possible!

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

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