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New Member
austinnt
Posts: 3
Registered: ‎09-13-2012

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? 

Established Member
RebuildingAgain14
Posts: 21
Registered: ‎03-06-2012

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 Score: EQ 542 EX 513 TU500
Current Score: EQ 640-ish EX 513 TU 641
Goal Score: All 700+


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Established Member
RebuildingAgain14
Posts: 21
Registered: ‎03-06-2012

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 Score: EQ 542 EX 513 TU500
Current Score: EQ 640-ish EX 513 TU 641
Goal Score: All 700+


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Mega Contributor
Creditaddict
Posts: 18,951
Registered: ‎10-23-2007

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?

Fico Scores: EQ 657 Cabelas, TU 653 Barclay, EX 699 Wells (07-27-14)
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Established Member
RebuildingAgain14
Posts: 21
Registered: ‎03-06-2012

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 Score: EQ 542 EX 513 TU500
Current Score: EQ 640-ish EX 513 TU 641
Goal Score: All 700+


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