Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 3
Registered: ‎09-13-2012
0

VW Credit Lease Question

Before I go to the dealership, I was wondering if someone could tell me if I will probably get approved or not?

 

My current EX Fico score is 615 (But if I pay off $5000 in debt, the fico simulator said I would be between 685-710). When I was 18, I had a credit card get sent to collections along with my verizon phone account. I'm now 24 and since then, I have multiple credit accounts that are paid on time except for two late payments on an auto loan.

 

I have two auto loans that have been paid off, one being from VW credit. The VW credit loan does have 2 missed payments during the 5 year loan. That loan had a cosigner when I got it.

 

I make $2,500 a month, and the lease I want will be around $270 a month. I'll be putting down $2,500 tp $3,500. 

 

I'm just wondering if you guys think getting a VW lease will be possible in my situation? 

Valued Member
Posts: 55
Registered: ‎03-06-2012
0

Re: VW Credit Lease Question

I just leased a 2013 Passat SE. My payment is around $450/mo  for a 48 month term, but my Equifax score (per the dealer a week ago) was only 568. I put $3500 down--$3k trade allowance and $500 cash.  I am guessing you will be able to get better terms--they're advertising Passat leases for about the monthly payment amount you mentioned in your post.

 

Good luck!

Starting Scores: EQ 542/TU 500/EX 513
Current Scores: EQ 611/TU 611/EX 628
Goal Score: All 700+

Cap One Secured ($750/$701 'unsecured'), Cap One QS1($1000), Victoria's Secret ($250), Brylane Home ($500), Amazon Store Card ($600)
Valued Member
Posts: 55
Registered: ‎03-06-2012
0

Re: VW Credit Lease Question

I should also mention--I didn't even go in looking for a VW.  I was thinking Hyundai.  But the finance manager explained that VW checks all three bureaus so they "lease better."  Got a MUCH nicer car than I was looking for, and will have some equity at the end of the lease.

Starting Scores: EQ 542/TU 500/EX 513
Current Scores: EQ 611/TU 611/EX 628
Goal Score: All 700+

Cap One Secured ($750/$701 'unsecured'), Cap One QS1($1000), Victoria's Secret ($250), Brylane Home ($500), Amazon Store Card ($600)
Epic Contributor
Posts: 28,816
Registered: ‎10-23-2007
0

Re: VW Credit Lease Question

Maybe with that score it's great you got approved but all that cash down on a lease and still at $450 and a 48 month term on a lease is terrible, not to then mention "lease better" or "Equity at end"

I want to say I'm a littl bitter at VW because I worked with someone for a week with numbers, and credit, and model, options and I got to dealership and it was ALL fake, they had not pulled credit, gotten me approved and we were MILES from anything I wanted or would pay for...

but 2 things:

I don't want a finance manager to say things like "Lease Better" especially when it inclused that cash and term.... Now if that's a nice way of saying you are lucky I can get you a car that you don't pay cash for with a 562 I'm okay with that (Believe me, I financed my car after bk with a 556 i believe or in that range... i signed and ran before they changed mind!

2. EQUITY... This I have a HUGE HUGE problem with (unless I'm REALLY confused) How can one have equity in a car they don't own?

 

Are you saying if you look at your lease papers at the end of the 48 months, the buyout that you see is higher then what you/they are predicting the Passat to be worth?

Valued Member
Posts: 55
Registered: ‎03-06-2012
0

Re: VW Credit Lease Question

I didn't mention that this was a 2 car deal... I needed to trade in 2 cars for 2 cars, and finance both in my name. Was initially looking to maybe lease both. We owned one trade outright (which is where the majority of the "cash" down came from) but I also had about $5k in negative equity in the other trade (which I had just purchased about 6 months ago). Had to unload both with very little cash--so leasing one and financing the other was the only solution. This wasn't because we just "wanted" something new--it was a necessity for reasons I won't divulge in a public forum. While I agree that my lease terms are not ideal, I went in asking for the seemingly impossible and was able to get a workable deal done. When considering the terms/costs of both "deals" together the numbers workrd for us. My payment on "new" (used) financed vehicle is more than $115 less per month than on the one I traded in. Under almost any other circumstances I can't say I would've necessarily taken the same deal on the lease.
Starting Scores: EQ 542/TU 500/EX 513
Current Scores: EQ 611/TU 611/EX 628
Goal Score: All 700+

Cap One Secured ($750/$701 'unsecured'), Cap One QS1($1000), Victoria's Secret ($250), Brylane Home ($500), Amazon Store Card ($600)

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.